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Barbados : selected issues

Author: Thomas Dowling; Nkunde Mwase; Judith Gold; International Monetary Fund.; International Monetary Fund. Western Hemisphere Department,
Publisher: Washington, D.C. : International Monetary Fund, [2016] ©2016
Series: IMF country report, no. 16/280.
Edition/Format:   eBook : Document : International government publication : English
Summary:
Measurement problems and inconsistencies in Barbados' data continue to hamper and impede understanding of economic developments since the global financial crisis. This paper examines the data issues that have arisen since the crisis and investigates significant events that affected the economy over this period to shed some light on the likely path of economic developments. The paper finds that the key critical  Read more...
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Details

Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Thomas Dowling; Nkunde Mwase; Judith Gold; International Monetary Fund.; International Monetary Fund. Western Hemisphere Department,
ISBN: 9781475530360 1475530366
OCLC Number: 959286002
Notes: "August 2016."
"July 13, 2016; approved by Western Hemisphere Department; prepared by Thomas Dowling, Nkunde Mwase, and Judith Gold, with editorial assistance from Edward Moreno"--Page 2 of pdf.
Description: 1 online resource (34 pages) : color illustrations.
Contents: Data issues and post-crisis growth in Barbados --
Understanding tourism flows in Barbados.
Series Title: IMF country report, no. 16/280.
Responsibility: prepared by Thomas Dowling, Nkunde Mwase and Judith Gold.

Abstract:

Measurement problems and inconsistencies in Barbados' data continue to hamper and impede understanding of economic developments since the global financial crisis. This paper examines the data issues that have arisen since the crisis and investigates significant events that affected the economy over this period to shed some light on the likely path of economic developments. The paper finds that the key critical measures of economic development, such as nominal and real GDP may be mismeasured and inflation also appears to be consistently overestimated. The paper undertakes some stylized experiments to analyze the possible direction and size of the errors. -- This paper investigates the factors behind the recent decline in average daily tourism spending since 2013 in Barbados. Tourism arrivals have increased sharply but the pace of spending has been much slower. A key factor that has contributed to this is the decline in room rates. This may reflect downward pressure from growing number of rooms listed with online sharing platforms (e.g., AirBnb and HomeAway) as well as a decline in "production costs" as a result of lower real wages, import prices, and taxes. Lower average length of stay of tourists could also explain some of the slower growth in overall tourism spending. The findings suggest the tourism policies could continue to focus on raising earnings, including by maintaining the high tourism product quality as well as diversifying the tourism product, to safeguard Barbados niche in the high-end market.

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