Barbados has a mixed economy that is driven primarily by tourism, international business, and financial services. Historically, the economy relied heavily on sugar production and agriculture, but over the years, it has diversified to reduce dependence on these sectors.
Tourism is a significant contributor to the country’s GDP, attracting visitors to its beautiful beaches and vibrant culture. The international business sector, particularly offshore banking and financial services, also plays a crucial role in the economy, benefiting from favorable tax laws and regulations.