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Get to Know About Barbados
Barbados is an island in the southeastern Caribbean Sea located about 160km (100miles) east of Saint Vincent and Grenadines. A nearly triangular island, Barbados has its capital and largest town in Bridgetown which also acts as the main seaport. The island is outside the principal Atlantic hurricane belt and 180km southeast of Martinique and 400km northeast of Trinidad and Tobago.
The official citizens of Barbados are known as Barbadians, and the population is estimated to be approximately 280, 000. English is the official language spoken, but frequent visitors may wonder of the Bajan dialect as a language by itself.
Barbados has been struggling to strengthen its balance of payments and fiscal status. It is through reforms under the Barbados Economic Recovery and Transformation Plan (BERT) that aims to reinstate macroeconomic steadiness and sustainable economic growth while safeguarding social and financial sectors. Doing business in Barbados may be affected by the high vulnerability of its economy due to high-debt-to-GDP ratio. According to the IMF, the economy is described to be in a “precarious” position with more action required to tame the situation. This means that the country needs to restructure its public debt, expand the tax base while checking public expenditures, and safeguarding the essential vulnerable sections of society from economic misery. Observers believe that road of recovery will take longer; however, foreigners are still open doing business in Barbados.