Dr. DeLisle Worrel
The following statement was made by Governor Delisle Worrell in January 2011.
.“Barbados economy predicted to grow by 2%
The Governor of the Barbados Central Bank, Dr. Delisle Worrell says the island’s economy is expected to grow by about 2% this year . Dr. Worrell says the projected economic growth will result from improvement in the performance of key sectors including tourism. Dr. Worrell’s annual economic review shows that up to November 2010, tourism improved with increased arrivals from North America and Canada. He said beyond 2011, the economy is expected to achieve a 3% rate of growth. However, he added that this depended on a number of factors including a full recovery of the tourism sector” – RJR News
Submitted by Douglas
Government a tower of strength!
In the interest of the people of Barbados, this Democratic Labour Party administration will remain committed to our goals of restructuring the economy of Barbados. We will also continue to govern by doing what is in the best interest of the people of Barbados. As we go about the process of restructuring the economy and carry out the measures in the fiscal consolidation programme, some of the medication which we have to take may be bitter but in the end it is for a good cause.
The 19-month fiscal consolidation program was introduced in August 2013, thirteen months ago. Towards the end of the presentation by the Minister of Finance, he rallied Barbadians to support the measures recognising that they would redound to the benefit of the nation. He stated, “It is crafted to protect the things we hold dear and create new platforms for future success. It will not be easy nor will it be painless, but it will be worth it in the end. For the pain we bare now, will be the gain we secure in the future.”
In dealing with the Global Economic recession from 2008, this DLP administration insisted that we must maintain the social safety-net. When we look at what we have done during the time, this administration has managed to shield Barbadian from the full blow of the economic downturn.
Submitted by Beresford
Hon. Denis Kellman M.P, Kellmoronic”, “broadcast on TV last Monday night – that temporary workers have been cut off so they can be made permanent…”
As more forceful condemnations come with greater frequency convicting Freundel Stuart and his DLP of gross negligence and persistent dereliction of duty in serving country first, the not unexpected responses of what is now widely regarded as a band of nincompoops are more fabrications, braying attempts at blaming and shifting responsibility to the BLP, and virulent attacks on our leader Mia Mottley.
Having humiliated themselves by lying and demolishing Barbados’ economy. The DLP with Stuart in the lead, as they scramble at every straw to maintain power and their pensions, are now tarnishing the image of office by becoming bottom feeders scraping up every piece of garbage and throwing it in desperate attempts to defend what cannot be defended and stick their slime (stink with incompetence) on someone else.
The DLP is so topsy-turvy and misled for so long, what was a small cut is now an affliction of festering sores. They are now asking for faith, patience and kindness – having been given all three for six years and ruthlessly destroying them.
How else can anyone on Earth or Mars explain, even by his own sublimely ignorant standards, the “Kellmoronic”, broadcast on TV last Monday night – that temporary workers have been cut off so they can be made permanent and that it is unfair to have people working temporary. Better to not have them working at all!!
This is the madness now endemic in the Barbados.
The IMF’s light-touch analysis looks as if it was not intended to cause offence, rather than to provide a roadmap to help the nation escape its present economic problems. Reference to the erosion of the tax base is one example, a situation cause by micro-managing, a lack of a broader policy agenda and political interference. The routine waivers and exemptions, along with the underwriting of debt, are the outcome of policy failure, which the report should have made clear, and the corruption of ideas. Nothing better illustrates this than the apparent secret deal the government has made with the Butch Stewart-owned Sandals. It is an agreement that should be made public as soon as possible, if only to stop rumour and suspicion. However, it has pinpointed the urgent need for improvements in the management of public revenue: “In addition to revenue losses from tax expenditures, staff analysis found gaps in revenue yield caused by weaknesses in collection, including for example a low ratio of tax collected to tax payable at the Inland Revenue administration and weak control and audit functions. “In addition, both revenue administrations lack management reports that could be used to improve performance monitoring.” In other words, gross incompetence across the revenue management section of the civil service, which comes directly under the remit of the prime minister or the minister of finance. Further, to obfuscate and fool the public, the recent change in the Auditor General’s report, from one in which departments were named and shamed to one in which the juxtaposition of accrual accounting figures has introduced an element of opacity.
The IMF’s report’s call to strengthen public finance management should lead to widespread sacking of all those accountable. This reminds me that sometime ago I asked a senior politician if newly appointed ministers were given any training about financial and personnel management, given that many of them came from backgrounds of being lawyers in small practices, and her/his reply was no. So, people without any experience of managing people or money, on being elected can often find themselves being accountable for budgets of millions of dollar s and staff of hundreds.
The Barbadian economy is small, fragile, and open. Because of its openness, it has always been, currently is, and will always be susceptible to the effects of exogenous shocks
The Barbadian society is materialistic and consumer oriented. Society is defined here as individuals, businesses, and Government combined.
The continual clash between economic capacity and societal need has naturally demanded a sensible response of balance and equilibrium from policymakers throughout the years. The administrations of those Prime Ministers (PM) and Ministers of Finance (MOF) who recklessly put the Barbadian economy into a state of disequilibrium to satisfy their general election (1981, 1991) political needs, and who ended up on the doorsteps of the IMF, were voted out of office the next election they faced.
If we adopt the government’s philosophical attitude of putting the society first, then we can attempt to trace how our current economic problems developed.
Minister David Estwick
Cabinet collective responsibility is constitutional convention in governments using the Westminster System that members of the Cabinet must publicly support all governmental decisions made in Cabinet, even if they do not privately agree with them. This support includes voting for the government in the legislature. Some Communist political parties apply a similar convention of democratic centralism to their central committee – WIKIPEDIA
The Estwick Affair has started to gather momentum contrary to what the goto political scientists of Messrs Bell and Wickham ‘originally’ predicted. Whether the DLPites like it or not Estwick now commands the attention of the country and beyond given the current state of the Barbados economy which has started to severely interact with another reality; a 2-seat majority government. While the current tension between Estwick is cause for concern for the government, of greater concern is the likely impact on the need to effuse confidence at a most challenging time in our post Independence history.
Local media has been quoting an inside source (attributed to a member of Cabinet) suggesting Estwick should adhere to the tenet of collective responsibility practiced by the Cabinet in the Westminster System. BU’s response is: do we practice a true true Westminster system of governance in Barbados respecting “codified and uncodified” procedures?
We are all agreed that the economic arguments which have engulfed Barbados for the last six years have now been fully exhausted and most people have taken sides. Those who believe that the government is on the right track are firm in their belief, and those of us, the vast majority, who believe that the government has no clear strategy for rescuing the economy are convinced we are right. But there is also another gap in our national conversation, and that in many ways is even more fundamental than the short-term one about the current account deficit or, in many ways, the debt to GDP ratio. To my mind, what is dangerously lacking is a vision: how we see ourselves in a fast-moving globalising world which, paradoxically, is also at the same time witnessing the growth of a countervailing inward-looking nationalism. Future
One of the huge failures of this national conversation are our academics at Cave Hill whose role it is to explain the nation to itself. It is almost embarrassing to witness their silence, or for the brave ones who do speak, the clipped, short, one sentence outbursts that, in real terms, mean very little. Apart from ‘Professor’ Frank Alleyne, whose views on modern economics to my mind are totally irrelevant, all we are getting are statements, such as that the Barbados dollar should not be devalued. But the advocates of this position are not saying why it should not be devalued or what benefits the nation gets from continuing to peg to the Greenback, despite the global currency volatility. Sadly, the journalists whose job it is to interrogate these people are intellectually ill-equipped to do so, or are intimidated by the reputations of these economic conservatives. However, even economic professors can be wrong, and the great defenders of the Bajan/Greenback peg in the current economic climate are dead wrong. I shall return to this argument in the near future.