‘Use imagination, move away from tourism dependency’
Article by February 2, 2021
Dependency on tourism is an issue that must be addressed with “haste and imagination” if Barbados is to ever survive future economic shocks, caused by significant global events, the Democratic Labour Party’s (DLP) leader has said.
During her party’s virtual town hall discussion on the economy, held on Sunday, DLP president Verla DePeiza referred to the latest Central Bank report which noted a 90 per cent fall in long-stay visitor arrivals over the last three quarters of 2020, DePeiza said the time has come to move away from its overly dependent relationship on tourism, and invest in other more stable sectors.
Another economist urges that Barbados shift from tourism
BRIDGETOWN, Barbados The main task ahead for the Barbados economy is for government to build out other sectors rather than continuing to focus heavily on tourism, an economist has suggested.
But Kemar Stuart maintains doubt that the Mia Mottley administration would take the required policy direction necessary to drive the economy in the short-to-medium term as it continues to focus on managing the COVID-19 pandemic.
He was reacting to the latest Central Bank report, which recorded a cataclysmic 90 per cent fall in long-stay visitor arrivals over the last three quarters of 2020, reducing arrivals by 71 per cent over the course of the year.
Another economist urges Barbados to shift from tourism
Article by January 30, 2021
The main task ahead for the Barbados economy is for Government to build out other sectors rather than continuing to focus heavily on tourism, an economist has suggested.
But Kemar Stuart maintains doubt that the Mia Mottley administration would take the required policy direction necessary to drive the economy in the short- to medium-term as it continues to focus on managing the COVID-19 pandemic.
He was reacting to the latest Central Bank report, which recorded a cataclysmic 90 per cent fall in long-stay visitor arrivals over the last three quarters of 2020, reducing arrivals by 71 per cent over the course of the year.
by Marlon Madden
The year 2020 started out on a high for many businesses in Barbados, with soaring expectations and plans for several projects.
Despite starting the year with an economic decline, Government was also optimistic about several key development projects getting started, and favourable economic growth.
Then came the novel Coronavirus (COVID-19) pandemic, and expectations were immediately lowered, hopes dashed and new plans emerged.
Shortly after the pandemic started affecting the island, rising debt and overall decline in the economy quickly became the order of the day as the Government was forced to borrow more and spend more to implement several social protection programmes and business support schemes, even as revenues declined.
Payback time for NHC tenants under BERT
Article by December 16, 2020
All tenants of the National Housing Corporation (NHC) who have paid in full or paid deposits towards their units should have their money returned by Christmas, Minister of Housing Dr William Duguid announced in Parliament on Tuesday.
He said the more than $5 million in payments will be refunded to 576 tenants from 21 of Government’s 49 housing estates.
In keeping with the Barbados Economic Recovery and Transformation (BERT) programme, tenants who paid $5,000 or less will receive cash refunds. Those who paid more than $5,000 will receive bonds that can be cashed at any time at a discounted price.