Political stability and strong governance, reflecting mature political, judicial, and economic institutions. Monetary stability supported by a long-standing fixed-exchange-rate regime. Large surpluses at the National Insurance Scheme, giving the government financing flexibility while it addresses the needs of an ageing population. Somewhat limited fiscal flexibility because of a relatively high general government debt level. A small, open economy with few growth prospects outside the tourism sector and high current account deficits, which leave Barbados vulnerable to negative external factors. The ratings on Barbados reflect the country's social cohesion and political stability, as well as the fiscal flexibility provided by the National Insurance Scheme surpluses to offset the vulnerabilities posed by the narrow economic base and sizable external imbalances. Consensus policymaking
