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Leading economist insists it cannot be business as usual
Article by May 8, 2021
Predicting that meaningful economic growth and business travel were highly unlikely to return to the region any time soon, one noted economist is warning of the urgent need for “disruption” of how things are done in the region in several industries.
Regional economist Marla Dukharan said most countries were unlikely to witness economic growth similar to that of 2019, while noting that in 2020 the Caribbean had weak economic performances.
She insisted that the outlook for this year looks “promising”, but nothing that would put the economies of the region “anywhere near” the levels of economic activity of 2019.
Digitisation increasing global reach
Article by May 7, 2021
Some small businesses which received government assistance over the past year have invested in basic technology in an effort to become more sustainable.
This indication has come from Minister in the Ministry of Foreign Affairs and Investment Marsha Caddle, as she highlighted on Thursday, the digitalization efforts taking place in Barbados and gave the assurance that the work being done by the Mia Mottley administration would ensure Barbadian companies have a greater ease in global reach.
“The work we are doing is not just about domestic markets, otherwise what is the point of digital if it does not serve to remove several of the barriers to regional and international trade that exist in physical brick and mortar environments?” she said.
Borrowing not to blame – minister
Article by May 7, 2021
Barbados’ current high debt level is not as a result of borrowing, says Minister in the Ministry of Economic Affairs and Investment Marsha Caddle.
In fact, the economist pointed out that Government’s borrowing only accounted for about five per cent of the current debt stock, which stands at around 152.5 per cent of gross domestic product (GDP).
Her comments came on the heels of growing concerns from political pundits and private sector officials over Government’s borrowing over the past year, which equated to just over $540 million.
In his recent economic review, Governor of the Central Bank Cleviston Haynes pointed out that at the end of March this year, the public debt stock outstanding was equivalent to $12.92 billion, compared to $12.38 billion or 117 per cent of GDP at the end of the previous fiscal year.
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