5 Fastest Growing Economies in the World in 2022

4. Barbados

Real GDP growth in 2022 According to IMF: 10.5%

Like other tourism destinations, Barbados’ economy is expected to benefit from the rebound in tourism in 2022. Due to the pandemic, the economy of the island, which is the largest in the Eastern Caribbean, contracted by 18%. In 2021, Barbados’ economy began to recover with 1.4% growth, and the IMF expects the island’s real GDP to expand by 10.5% in 2022. In terms of the future, the U.S. State Department describes the opportunities for Barbados,

The country’s services sector continues to hold the largest growth potential, especially in the areas of international financial services, information technology, global education services, health, and cultural services. The gradual decline of the sugar industry has opened land for other agricultural uses. Investment opportunities exist in the areas of agricultural processing and alternative and renewable energy. Uncertainty about the trajectory of economic recovery of the tourism, commercial aviation, and cruise industries impacts the potential for projects in those sectors. The government has identified renewable energy and climate resilience projects as top priorities. In 2021, Barbados joined the Organization of Economic Cooperation and Development (OECD) framework seeking to harmonize global corporate minimum tax rates at 15 percent.