Page "Economy of Barbados" Paragraph 9

In the early 1990s the country's economy was hid hard when real GDP per capita declined by 5. 1 % per year between 1989 and 1992 partly due to the 1990 oil price spike.

Barbados entered into an agreement with the International Monetary Fund financial assistance after a long and hard period of negotiations between the IMF, the government of Barbados, labour unions and employers.

This led to a protocol on wages and prices in 1993.

This helped prevent an inflationary spiral and restored the island's international competitiveness thereby leading to a period of long term economic growth of 2. 7 % between 1993 and 2000.