18 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Ecomonic Outlook 2023 fiscal The January-March 2024 report of the Central Bank of Barbados’ “Review of Barbados’ Economic Performance”, reported that the economy continued to grow despite global and domestic challenges such as increased interest rates on foreign debt, geopolitical frictions stemming from conflicts in the Middle East, the continued Russian-Ukrainian war along with other global external frictions that placed upward pressure on domestic prices through higher freight, import and transportation costs. Despite these challenges, Real GDP increased by 4.1 percent which was primarily driven by visitor arrivals. The other performing sectors also contributed to the economic growth recorded for 2024, and the current account surplus which increased by $178.2 million during the first quarter of 2024 compared to $71.8 million recorded for the same period in 2023. The debtto-GDP ratio fell from 119.6 percent to 114.3 percent mainly from the strengthened 2023/2024 economic activity and growth. The Way Forward Beyond 2024 As we look ahead to the financial year 2024-2025, our vision for the future of the Group remains cautiously optimistic as the landscape of the financial services sector continues to rapidly evolve. We however remain steadfastly committed to positioning the Group at the forefront of these changes, ensuring that we continue to deliver value to our members. Our foundation of member ownership and focus on member financial well-being remain our strongest assets and driver for change. Here is what we envision for the coming year: Embracing Technological Innovation One of the key areas of focus for the coming year will Management Discussion & Analysis (MD&A) (Continued) be the continued focus on our digital transformation initiative to facilitate the integration of advanced technology into our future service offerings. We recognise that our members expect and deserve seamless, secure, and convenient digital solutions, and to meet these expectations we plan to enhance our current mobile and online banking platforms and introduce new features that improve user experience, increase transaction security, and provide more personalised financial tools. Strengthening Financial Health and Inclusion Our commitment to financial inclusion remains our bedrock and cornerstone. In the upcoming year, we will expand our financial literacy initiatives, and will offer more educational content, workshops and webinars to help our members make informed financial decisions. We will also continue to review our savings and loan products to ensure that wherever possible we meet the diverse needs of our membership through products designed to provide support at every stage of our members’ financial journey. Sustainable Growth and Community Engagement Sustainable growth is essential for the long-term success of the Group. In 2024-2025, through targeted outreach and partnerships, we aim to continue to seek out those who can benefit from membership so we can seek to introduce them to the Credit Union and welcome them into our Credit Union family. Additionally, as our contribution and to play our part in ensuring Barbados delivers on the Sustainable Development Goals (SDGs) 2030 Agenda we will explore opportunities to support environmentally sustainable projects and offer green finance options to our members. SAVE TIME ! Apply Online Save time with our hassle-free online loan application. Apply now and enjoy the convenience of a streamlined process from the comfort of your own home. Don’t waste precious time waiting in line or dealing with paperwork. Experience the power of technology and apply online today!
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