information:highlighting, quality:corruption, stylistic:style_transfer, structural:summarization
Economy

Barbados is the 52nd richest country in the world in terms of GDP (Gross Domestic Product) per capita, has a well-developed mixed economy, and a moderately high standard of living. According to the World Bank, Barbados is one of 83 high income economies in the world. Despite this, a 2012 self-study in conjunction with the Caribbean Development Bank revealed 20% of Barbadians live in poverty, and nearly 10% cannot meet their basic daily food needs.

Historically, the economy of Barbados had been dependent on sugarcane cultivation and related activities, but since the late 1970s and early 1980s it has diversified into the manufacturing and tourism sectors. Offshore finance and information services have become important foreign exchange earners.

Partly due to the staging of the 2007 Cricket World Cup, the island saw a construction boom, with the development and redevelopment of hotels, office complexes, and homes. This slowed during the 2008 to 2012 world economic crisis and the recession.

There was a strong economy between 1999 and 2000 but the economy went into recession in 2001 and 2002 due to slowdowns in tourism, consumer spending and the impact of the 11 September 2001 attacks in the United States and the 7 July 2005 London bombings in the United Kingdom. The economy rebounded in 2003 and has shown growth since 2004 which continued right through to 2008. The economy went into recession again from 2008 to 2013 before showing growth from 2014 to 2017. Then it declined to another recession from 2017 to 2019 during the world economic crisis. There were 23 downgrades by both Standard & Poor's and Moody's in 2016, 2017 and 2018. The economy showed signs of recovery with 3 upgrades from Standard and Poor's and Moody's in 2019. From 1 January to 31 March 2020 the economy had started to grow, but then it experienced another decline due to the COVID-19 economic recession.

Traditional trading partners include Canada, the Caribbean Community (especially Trinidad and Tobago), the United Kingdom and the United States. Recent government administrations have continued efforts to reduce unemployment, encourage foreign direct investment, and privatise remaining state-owned enterprises. Unemployment was reduced to 10.7% in 2003. However, it has since increased to 11.9% in second quarter, 2015.

The European Union is assisting Barbados with a €10 million program of modernisation of the country's International Business and Financial Services Sector.

Barbados maintains the third largest stock exchange in the Caribbean region. As of 2009, officials at the stock exchange were investigating the possibility of augmenting the local exchange with an International Securities Market (ISM) venture.