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World Bank: Barbados growth projections dip below 4 0 per cent

World Bank: Barbados growth projections dip below 4 0 per cent
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VAT regressive , says World Bank official

While describing the Value Added Tax (VAT) as a regressive and high tax in Latin America and the Caribbean, the World Bank has suggested that some Central American countries could increase income tax in an effort “to avoid growth rate challenges”.This was highlighted on Tuesday by the World Bank’s Chief Economist for Latin America and the Caribbean William Maloney, as he discussed aspects of the Caribbean Economic Review, New Approaches to Closing the Fiscal Gap.The literature suggests that there was room for increases in the VAT in those Latin America and Caribbean countries “with low initial VAT rates”.

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World Bank caution - Barbados Today

Barbados is expected to record the second-highest growth in Latin America and Caribbean economies this year, behind Guyana, according to the latest World Bank review.However, the Washington-based financial institution, noting that growth in the region overall is still lagging, has advised governments to eliminate wasteful spending, reduce public investment, and revise some blanket initiatives to ensure they benefit only the most vulnerable.In its Latin America and Caribbean Economic Review publication for October, New Approaches to Closing the Fiscal Gap, the World Bank is predicting a growth rate of 10.5 per cent for Barbados this year with continued although reduced growth in the next two years.It is projected growth will be around five per cent in 2023 and 3.2 per cent in 2024.During a press conference on Tuesday to discuss the report, Chief Economist for Latin America and the Caribbean William Maloney was unable to say what was the basis of the prediction for Barbados’ strong gro

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World Bank: Urgent reforms needed for post-COVID recovery

World Bank: Urgent reforms needed for post-COVID recovery
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