Barbados is the wealthiest and one of the most developed countries in the Eastern Caribbean and enjoys one of the highest per capita incomes in the region. Historically, the Barbadian economy was dependent on sugarcane cultivation and related activities. However, in recent years the economy has diversified into light industry and tourism. Offshore finance and information services are important foreign exchange earners, boosted by being in the same time zone as eastern US financial centers and by a relatively highly educated workforce. Following the 2008-09 recession, external vulnerabilities such as fluctuations in international oil prices have hurt economic growth, raised Barbados’ already high public debt to GDP ratio - which stood at 105% of GDP in 2016 - and cut into its international reserves.
Barbados and Trinidad and Tobago abide by the April 2006 Permanent Court of Arbitration decision delimiting a maritime boundary and limiting catches of flying fish in Trinidad and Tobago's exclusive economic zone; joins other Caribbean states to counter Venezuela's claim that Aves Island sustains human habitation, a criterion under the UN Convention on the Law of the Sea, which permits Venezuela to extend its Economic Exclusion Zone/continental shelf over a large portion of the eastern Caribbean Sea.