Budget overview

For the second consecutive year, the Hon. Mia Mottley, S.C., M.P. commenced the Budgetary speech with an eagerly awaited statement:  “No new taxes”.

Additionally, Barbados’ current debt trajectory was highlighted given the fact that the country moved from a Debt to GDP ratio of 178.9% in 2018, to 114.6% as of February 2024. The Government has set a target Debt to GDP ratio of 60% by 2035.

Other areas of note which the Prime Minister highlighted were the unemployment rate being at 8%, forecast growth for the economy of 4% to 5% for 2024 and existing import cover of approximately 33 weeks or 8 months.

The Prime Minister continued to outline the Budgetary Proposals under three themes:

  1. Growing the Barbados Economy
  2. Resilient Bajans and a Resilient Barbados, and
  3. A People-Centred Barbados.