BUSINESS MONDAY: Debt-to-GDP ratio back up to 131 per cent: Dr. Moore

BARBADOS’ national debt has shot back up into the air, following the net effect of COVID-19 pandemic.

So said Dr. Winston Moore, the Deputy Principal of The University of the West Indies, Cave Hill campus. He made the comments while also highlighting how this country is moving towards generating all of its energy requirements through the use of renewable energy.

Presenting remarks just before the presentation of a lecture at the campus, Dr. Moore noted that Barbados had a debt-to-GDP ratio of 151 per cent.

However, engaging in debt consolidation and other measures, the country was able to reduce that ratio to around 120 per cent by the end of 2019.

“Unfortunately, the negative effects of COVID-19 have since pushed this ratio back up to 131 per cent of GDP,” he remarked.

However, he pointed out that Barbados has set itself an aggressive target for the use of renewable energy. He pointed out that this is all part of a strategy to promote economic growth.

According to him, the national energy policy aims to have 100 per cent of energy in Barbados being generated by renewable energy by 2030.

He indicated that Barbados has for many years been a world leader in the use of solar water heaters.