Barbados: Economic globalization

The latest value from 2021 is 55 points, a decline from 58 points in 2020. In comparison, the world average is 58.31 points, based on data from 184 countries. Historically, the average for Barbados from 1970 to 2021 is 51.2 points. The minimum value, 43.17 points, was reached in 1992 while the maximum of 65.72 points was recorded in 2011. See the global rankings for that indicator or use the country comparator to compare trends over time.

The KOF Economic Globalization Index for Barbados and other countries has two dimensions. First, it measures the economic flows between Barbados and the rest of the world in terms of international trade and international investment. The question is whether Barbados exchanges a lot of goods, services, and investments with other countries. Second, it measures the restrictions to trade and investment such as tariffs and capital controls on international investment. Each dimension is based on several variables that are combined in one overall index that ranges from 0 to 100.

Definition: Economic globalization has two dimensions: actual economic flows and restrictions to trade and capital. The sub-index on actual economic flows includes data on trade, FDI, and portfolio investment. The sub-index on restrictions takes into account hidden import barriers, mean tariff rates, taxes on international trade (as a share of current revenue), and an index of capital controls. More information and the original data can be obtained here.