INTRODUCTION
The country of Barbados is a small island which is located approximately in the middle of the Caribbean sea and the Atlantic ocean. The capital of the country is called Bridgetown, it can be found near the harbour on the southern west coast of the country. It varies northwest around of Venezuela and faces eastern of the Winward island members. The approximate size of Barbados has an area of four hundred and thirty (430) square kilometers which is one hundred and sixty six (166) square miles. Studies have shown that Barbados is two times the size of the city of Washington D.C. Its coastline is ninety seven (97) kilometers (60 miles) in length. The official language of Barbados is the English language. It is used for purposes …show more content…
However the badge or emblem which is used by the bajan dollar is the exact same as the dollar of the United States of America (US). The Barbados dollar is split into 100 cents. The history of the currency of Barbados states they joined part of the British Caribbean territories. Barbados adopted the pound sterling in 1848. After the British pound sterling was adopted by Barbados, the preceding silver pieces prolonged to circulate. This had an effect in the private sector. In 1882 is where the first dollar form of banknotes was published. In the year of 1945 was the year in which the British west Indian dollar was presented. When the West Indian dollar was presented, Barbados tied with the British eastern Caribbean islands officially. In the year 1965 the country of Barbados took over in other words replaced the British West Indian Dollar with the Eastern Caribbean Dollar (EC). Then in the year 1972, the current currency was presented by the Central bank of Barbados. Then since 1975, the bajan Dollar has been fixed to the US dollar at 2BD$ equal to 1USD. The country of Barbados has a Fixed Exchange Rate system. The Fixed Exchange or sometimes called the pegged exchange rate system in relation to exchange rate system is basically the government tries to control the value of currency that is ongoing versus a specific currency. The Barbados …show more content…
Based on information gathered there are numerous Macroeconomic issues that have affected Barbados since the global economic crisis. The biggest macroeconomic issue of Barbados is the decline in competitiveness in their tourism sector. The island of Barbados also went through stints of increasing inflation caused by internal and external forces. Such internal forces have been responsible for some inflationary periods. Domestic inflation was caused by the Barbados government’s overspending. There was a high demand because of certain import restrictions and high increase of wages. Barbados has experience negative growth in 2014 which is the only CARICOM member to experience this in 2014. The government highly has to focus on growth; certain sectors have been highlighted to generate foreign exchange and growth with tourism being the main aspect along with agriculture, international business etc. There have been many contributors to the negative showing of growth which is the poor showing of Barbados’ foreign exchange sectors and weak showing of foreign investments the government responded by announcing revenue and expenditure measures. Those measures were to generate $250 US dollars in savings. Investments in the foreign markets would help economic growth in the island of Barbados. The country of Barbados has been a victim of the economic crisis which faced the
The country of Barbados is a small island which is located approximately in the middle of the Caribbean sea and the Atlantic ocean. The capital of the country is called Bridgetown, it can be found near the harbour on the southern west coast of the country. It varies northwest around of Venezuela and faces eastern of the Winward island members. The approximate size of Barbados has an area of four hundred and thirty (430) square kilometers which is one hundred and sixty six (166) square miles. Studies have shown that Barbados is two times the size of the city of Washington D.C. Its coastline is ninety seven (97) kilometers (60 miles) in length. The official language of Barbados is the English language. It is used for purposes …show more content…
However the badge or emblem which is used by the bajan dollar is the exact same as the dollar of the United States of America (US). The Barbados dollar is split into 100 cents. The history of the currency of Barbados states they joined part of the British Caribbean territories. Barbados adopted the pound sterling in 1848. After the British pound sterling was adopted by Barbados, the preceding silver pieces prolonged to circulate. This had an effect in the private sector. In 1882 is where the first dollar form of banknotes was published. In the year of 1945 was the year in which the British west Indian dollar was presented. When the West Indian dollar was presented, Barbados tied with the British eastern Caribbean islands officially. In the year 1965 the country of Barbados took over in other words replaced the British West Indian Dollar with the Eastern Caribbean Dollar (EC). Then in the year 1972, the current currency was presented by the Central bank of Barbados. Then since 1975, the bajan Dollar has been fixed to the US dollar at 2BD$ equal to 1USD. The country of Barbados has a Fixed Exchange Rate system. The Fixed Exchange or sometimes called the pegged exchange rate system in relation to exchange rate system is basically the government tries to control the value of currency that is ongoing versus a specific currency. The Barbados …show more content…
Based on information gathered there are numerous Macroeconomic issues that have affected Barbados since the global economic crisis. The biggest macroeconomic issue of Barbados is the decline in competitiveness in their tourism sector. The island of Barbados also went through stints of increasing inflation caused by internal and external forces. Such internal forces have been responsible for some inflationary periods. Domestic inflation was caused by the Barbados government’s overspending. There was a high demand because of certain import restrictions and high increase of wages. Barbados has experience negative growth in 2014 which is the only CARICOM member to experience this in 2014. The government highly has to focus on growth; certain sectors have been highlighted to generate foreign exchange and growth with tourism being the main aspect along with agriculture, international business etc. There have been many contributors to the negative showing of growth which is the poor showing of Barbados’ foreign exchange sectors and weak showing of foreign investments the government responded by announcing revenue and expenditure measures. Those measures were to generate $250 US dollars in savings. Investments in the foreign markets would help economic growth in the island of Barbados. The country of Barbados has been a victim of the economic crisis which faced the