The World Bank is warning that inflation in Barbados and the rest of the Latin America and Caribbean region could remain high in the coming months, requiring measures that will suppress short-term growth.The Washington-based financial institution pointed to this risk as it presented its latest Global Economic Prospects report which showed that after an estimated modest 10 per cent economic growth in 2022, the rate of growth for the Barbados economy is expected to slow to an estimated 4.8 per cent this year.It is further forecasting economic growth of 3.9 per cent for Barbados in 2024.The World Bank said in the report which was released on Tuesday that growth in the wider Latin America and Caribbean region is expected to decelerate sharply to around 1.3 per cent this year before recovering, somewhat, to 2.4 per cent in 2024.It noted that the slowdown reflects efforts by monetary authorities to tame inflation and spillovers from a weak global outlook.
