[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111497-en":3,"doc-seo-111497-105":29,"detail-sidebar-cat-0-en-105":83},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111497,8796095462418,"Noah","https://ap-avatar.wpscdn.com/avatar/80000253c1241d02b47?x-image-process=image/resize,m_fixed,w_180,h_180&k=1778826106357471780",8,"Research & Report","Barbados: Resuming IBRD Lending - May 2024","Barbados seeks to rejoin the pool of IBRD borrowers as shocks are becoming more frequent and more severe, undermining the country’s capacity to sustain long-term development. The note reviews the country context, eligibility for de-graduation, and the key vulnerabilities amplified by climate-related disasters and limited access to external capital on reasonable terms. It assesses implications beyond Barbados and outlines considerations for loan pricing and future country engagement.","Public Disclosure Authorized Public Disclosure Authorized  \nMay 2024  \nBarbados: Resuming IBRD Lending  \nA. Introduction  \n1. The Government of Barbados has requested to rejoin the pool of IBRD borrowers, due to the growing frequency and intensity of shocks and other related factors, and the country’s challenges in sustaining a long-term development program. Senior Management has approved this request considering the country’s vulnerabilities, which are exacerbated by the increasing frequency of climate-related natural disasters and global shocks; its lack of access to external capital markets on reasonable terms; and the need to strengthen key institutions for economic and social development. This note provides details on the: (i) country context; (ii) eligibility for de-graduation; (iii) assessment of Barbados’s situation and challenges; (iv) potential implications of de-graduating beyond Barbados; (v) loan pricing; and (vi) country engagement.  \nB. Country context  \n1. Barbados, a small island state with a population of less than 300,000, reached the income threshold and graduated from IBRD lending in 1994 (see Section 3), but experienced high economic volatility stalling development since then. For more than a decade after its graduation, the gross domestic product (GDP) of Barbados grew by 2.5 percent annually on average between 1994 and 2007. The 2008-09 global financial crisis, through its impact on tourism, led to a prolonged recession in Barbados, with GDP growth averaging -0.4 percent between 2008 and 2018. Fiscal and external imbalances widened, with a fiscal deficit at about 8 percent of GDP between FY2007/08 and FY2017/18 . During this period, public and publicly guaranteed debt increased from 77 to 158 percent of GDP. At the same time, the country was increasingly affected by climate change.  \n2. The period after the Global Financial Crisis saw a structural shift in the country’s economy. Barbados' journey to high-income status was a complex interplay of economic, institutional, and policy factors. The nation’s prudent economic policies and a stable political environment were instrumental in fostering sustained economic growth. A robust legal system anda transparent regulatory framework helped to attract foreign investment and facilitated development of the tourism sector. Additionally, a relatively high share of skilled workforce anda focus on education have enhanced productivity, contributing to economic prosperity. However, since the Global Financial Crisis, Barbados has experienced a significant structural shift in its economy. The tight fiscal constraint imposed by the mounting public debt levels has forced the government to implement austerity measures, affecting public services and social programs. Moreover, the increasing intensity and frequency of external shocks, including natural disastersand global economic volatility, have compounded the challenges faced by Barbados in ensuring continued growth and stability.  \n3. The tourism-dependent economy of Barbados has been significantly impacted by the COVID pandemic and natural disasters. The country is classified as a high-income economy, with per capita gross national income (GNI) (Atlas method) of $19,490 in 2022 but has a high level of poverty and vulnerability. In 2017, when the latest official estimates of poverty were made, 17.2 percent of households and 25.7 percent of consumers were under the country’s basic needs line. The tourism sector accounts directly for 17 percent of GDP, and its indirect contribution to  \nGDP is estimated at 40 percent. The economy contracted by 13.7 percent in 2020 and grew only by 1.1 percent in 2021, before growing 10.0 percent in 2022. The economic recovery was further hindered by two natural disaster shocks: volcanic ashfall from the neighboring St. Vincent in April 2021 and the Category 1 Hurricane Elsa in July 2021.  \n4. The government has implemented important reforms in recent years to transform Barbados’s economy a","cbCais7ltqnXwkQL","https://ap.wps.com/l/cbCais7ltqnXwkQL","pdf",712733,1,13,"English","en",105,"# A. Introduction\n# B. Country context","[{\"question\":\"What factors make Barbados especially vulnerable to ongoing risks?\",\"answer\":\"Dependence on tourism, tight fiscal constraints from rising public debt, and exposure to external shocks—particularly climate change and natural disasters—are identified as compounding challenges. Poverty and vulnerability remain high despite high-income classification.\"}]",1784490395,33,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":78,"head_meta":80,"extra_data":82,"updated_unix":27},"barbados-resuming-ibrd-lending-may-2024","",{"@graph":35,"@context":77},[36,53,68],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/barbados-resuming-ibrd-lending-may-2024/111497/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":62,"encodingFormat":60,"isAccessibleForFree":63,"interactionStatistic":64},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-20","2026-07-19",true,{"@type":65,"interactionType":66,"userInteractionCount":20},"InteractionCounter",{"@type":67},"ViewAction",{"@type":69,"mainEntity":70},"FAQPage",[71],{"name":72,"@type":73,"acceptedAnswer":74},"What factors make Barbados especially vulnerable to ongoing risks?","Question",{"text":75,"@type":76},"Dependence on tourism, tight fiscal constraints from rising public debt, and exposure to external shocks—particularly climate change and natural disasters—are identified as compounding challenges. Poverty and vulnerability remain high despite high-income classification.","Answer","https://schema.org",{"og:url":51,"og:type":79,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":81,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":84},[85,89,93,97,102,107,112,115,120,123,127],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":86,"show_sort_weight":87,"slug":88},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":90,"show_sort_weight":91,"slug":92},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":94,"show_sort_weight":95,"slug":96},"Exam",70,"exam",{"id":98,"doc_module":4,"doc_module_name":45,"category_name":99,"show_sort_weight":100,"slug":101},5,"Comic",60,"comic",{"id":103,"doc_module":4,"doc_module_name":45,"category_name":104,"show_sort_weight":105,"slug":106},6,"Technology",50,"technology",{"id":108,"doc_module":4,"doc_module_name":45,"category_name":109,"show_sort_weight":110,"slug":111},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":113,"slug":114},30,"research-report",{"id":116,"doc_module":4,"doc_module_name":45,"category_name":117,"show_sort_weight":118,"slug":119},9,"Religion & Spirituality",20,"religion-spirituality",{"id":118,"doc_module":4,"doc_module_name":45,"category_name":121,"show_sort_weight":118,"slug":122},"World Cup","world-cup",{"id":124,"doc_module":4,"doc_module_name":45,"category_name":125,"show_sort_weight":124,"slug":126},10,"Lifestyle","lifestyle",{"id":128,"doc_module":4,"doc_module_name":45,"category_name":129,"show_sort_weight":98,"slug":130},19,"General","general"]