Barbados economy gets the green light

    Barbados' economy was given the green light by the Organisation for Economic Co-operation and Development (OECD) this week.

    The OECD previously failed Barbados for not complying with international tax standards, according to Stabroek News , but a report this week gave the country the thumbs-up.

    "Given the progress made by Barbados since October 2010 to its legal and regulatory framework for transparency and exchange of information (EOI), in particular in respect of the elements that were found to be not in place, the Phase 2 review of Barbados will take place . . . during the first half of 2013," read the report.

    The country will now move on the Phrase 2 of the OECD evaluation.