Data processing is also growing in importance to the economy. Barbados has a well-educated and trainable workforce, and its legal framework is considered to be a model for offshore centres. As allowed under international trade and financial agreements, Barbados maintains ordinary exchange controls to protect its balance of payments. In 1993, the country started recovering from a deep recession. The economic revival, driven by tourism, gathered pace in 1994 thanks to spending cuts.
External debt is still manageable, and the debt service ratio remains fairly low.
Most of the debt is owned by the public sector. Language English is the official language of Barbados. An English ship returning from a trading voyage to Brazil touched at Barbados and took possession in the name of James 1 of England. 1639 Birth of Parliament. Representatives chosen from among the resident free-holders to sit with the original Council as a Legislative body.