Central Bank of Barbados

Barbados Economic Review for 2015 ( 0.5% Growth)

Dr. DeLisle Worrell, Governor of the Central Bank

Dr. DeLisle Worrell, Governor of the Central Bank

The Barbados economy is estimated to have grown by 0.5 percent in 2015, thanks mainly to a stellar tourism performance. There was a 13 percent increase in airlift from major source markets, an expansion in room stock, and refurbishment of aging hotel plant. The tourism outturn was the best on record since 2007, with activity in the sector rebounding to pre-crisis levels. Tourism receipts grew by an estimated 5 percent, with arrivals up by 14 percent, and all major markets recorded double digit increases.

Read TextPress_Release_December2015.pdf

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105 Comments on “Barbados Economic Review for 2015 ( 0.5% Growth)”

  1. Exclaimer January 20, 2016 at 11:39 PM #

    @ Bush Tea & David,

    Why has our government not done more to implement a policy to encourage the return of her Bajan diaspora? Should such a policy have existed thirty years ago I am certain that the established white elite community would have been toppled and decimated. Our economy would be in a far healthier state.

    The Bajan diaspora would not be kow-towing or showing deference to this deplorable minority group.

    Like

  2. David January 20, 2016 at 11:45 PM #

    @Exclaimer

    Members of the Bajan diaspora will not return if only because of healthcare benefits. Plus the government prefers to benefit from the remittances moreso anyway.

    Like

  3. Bush Tea January 21, 2016 at 12:20 AM #

    @ Exclaimer
    You would probably need to spend a bit more time here to see why a return by Ex-pats will not address our dilema. You see, the problem is not where you think it is located… (in toppling the ‘white elite community’)
    Brass bowlery is deeply entrenched within the very majority group that you seek to lift up. It would probably surprise you to find that you will get more resistance to a change in the status quo from piss-poor blacks ..than you will get from most of the minority community.

    @ David
    The Bajan diaspora WOULD return in large numbers…if they were welcomed with HALF the enthusiasm we reserve for our albino guests….
    Have you ANY idea of what it must be like to return here to find it exactly like the plantation society that they left 50 years ago….?

    Like

  4. balance January 21, 2016 at 4:35 AM #

    “The DLP is in election mode.”

    And the iniquitous cell phone tax will cover the costs. The promise to channel the cell phone tax money towards education is just a blind.

    Like

  5. balance January 21, 2016 at 4:51 AM #

    “The fact is the economy has been on skid row for the longest while and neither the governor or the Stinkliar has a clue of what next to do”
    Mr prodigal again I write that I have been hearing that kind of rhetoric for the past seven years and except for the decrease in the value of our money and the burdensome tax impositions I have seen nothing of which you speak. Barbados and the majority of Barbadians are still sailing merrily along.

    Like

  6. balance January 21, 2016 at 4:55 AM #

    “We need to study the works of the late Lloyd Best of Trinidad and Tobago for guidance.”
    Perhaps Trinidad needs to study his works as well given their present predicament which is different from ours. By the way Lloyd Best like George Lamming and people of their ilk were only talkers not problem solvers.

    Like

  7. balance January 21, 2016 at 5:00 AM #

    “As far as I know from reading the Nation, Ian Gooding Edghill was nominated to run in this constituency about two years now”
    Despite what you say and his party indiscretions Rommel Marshall is a more attractive candidate than the stiffnecked Ian gooding-Edghill any day. Mr Edghill does not give the appearance of one who can connect with the grass roots vote

    Like

  8. Well Well & Consequences January 21, 2016 at 6:31 AM #

    Explainer…listen to the Bushman, many Bajans have returned and had to pack up and hightail it back, they do not return to a friendly environment. ..their remittances are welcome, but not them because it has been indoctrinated into the minds of the ignorant that these returning Bajans will try to change things.

    Remember, it’s not in the best interest of the politician for things to change, neither is it in the best interest of the minorities, the majority will benefit too much, so on this they both agree and arrived at a consensus years ago…..the minorities would fund the election campaigns of both political parties with their ill gotten gains and have freedom to operate as they like on the island, while the majority are used as the vehicle to keep it all in play and around and around we go, an unbroken but not unbreakable cycle.

    Some of the more brutal people who have returned only manage to stay because they continue to display a NY mentality. The island has been sewn up tight by the most despicable of people enabled by politicians.

    Like

  9. David January 21, 2016 at 8:53 AM #

     

    Jamaica ratifies Trade Facilitation Agreement; WTO DG Visits Jamaica

    by caribbeantradelaw

    Alicia Nicholls Jamaica has become the  67th member country of the World Trade Organisation (WTO) to ratify the Trade Facilitation Agreement (TFA) on January 19th this year. Jamaica is the sixth country of the Caribbean Community (CARICOM) to have ratified the TFA. The other CARICOM countries which have already ratified are Trinidad & Tobago, Belize, Guyana, St. Lucia and […]

    Read more of this post

    Liked by 1 person

  10. Vincent Haynes January 21, 2016 at 11:03 AM #

    Chuckle……….Alvin Cummings on Brasstacks now defending the present path of Bim as shown by this review and Ellis is pelting some licks in him to no effect.

    Like

  11. Tron January 21, 2016 at 11:35 AM #

    @are-we-there-yet

    If the fine-tuning you suggest would be implemented that would help Bim a lot! Hope you get the chance to do so one day …

    I suggest restructuring and improving efficiency should be implemented at once, tax adjustments and other things potentially slowing down performance only step-by-step and NOT during recession.

    Like

  12. Well Well & Consequences January 21, 2016 at 12:46 PM #

    Lol….Alvin is hard headed and die hard…he don’t care if he’s buried with DBLP as long as he gets to represent, someone mentioned his name to me recently and I had to tell them not to let him indoctrinate them with political bullshit, it’s poison….that older generation of yardfowls would frighten serial killers.

    Like

  13. David January 21, 2016 at 1:40 PM #

    Ellis is having a good program today, probably because is is playing less of a devil’s advocate.

    Like

  14. Gabriel January 21, 2016 at 2:46 PM #

    I think Ellis is basking in the realization that it is he who provoked the Bdos Water Authority to act.I know Mia got on the bandwagon but it was Ellis who smoked out the ill-mannered,uncultured,ill-bred Minister to show his hand and his ignorance of what was happening at the Water Authority.Then yesterday he exposed Mara Thompson as another clueless member of parliament and representative for St John.And today he put some warm lashes in the Westminster system which allows a JA with a 2 seat majority and voted in to power by a minority electorate of 31%,a system that allows him to remain deaf and dumb to the suffering people of Barbados,especially those in aggravation with water woes in St Joseph,St Andrew,St Lucy,St Peter,St Thomas and St John.

    Like

  15. David January 21, 2016 at 5:53 PM #

    Who wrote this article? Was it a BLP apologist?

    http://globalriskinsights.com/2016/01/trouble-in-paradise-for-barbados/?

    Like

  16. Well Well & Consequences January 21, 2016 at 6:13 PM #

    Devesh Rasgotra

    Devesh Rasgotra holds his MSc in International Relations from the London School of Economics. He also holds a bachelors in International Relations from Richmond, the American International University in London. He has worked at the International Institute for Strategic Studies where his focus was on maritime security in South-East Asia.

    David…this dude is the author, he highlighted the stagnation that is blighting the island and noticed that if they continue on the tourist dependency path and do not allow their young bright entrepreneurs to rise, it will not bode well for the island, they need to let go the known parasites and focus solely on letting the young bright people drive the island forward….or nothing more will happen, progress will be dead.

    Like

  17. Well Well & Consequences January 21, 2016 at 7:00 PM #

    U.S. Embassy to Barbados, the Eastern Caribbean, and the OECS advises U.S. citizens that the Ministry of Health of Barbados has confirmed the presence of the mosquito-borne Zika Virus on the island. As we reported in our January 15 security message, there is a CDC Advisory regarding the Zika Virus. For the full text of the advisory, please visit the CDC website. The U.S. Embassy has advised its pregnant U.S. citizen staff members or dependents to depart Barbados. To obtain Centers for Disease Control and Prevention (CDC) travel notices, call the CDC at 1-800-CDC-INFO (1-800-232-4636) from within the United States, or 1-404-639-3534 from overseas or visit the CDC website.

    It will only take one disaster and that will be the end of tourism and the all the eggs in one basket mentality.

    Like

  18. Yatinkiteasy January 21, 2016 at 9:26 PM #

    I seem to remember the Central Bank Governor a few years ago claiming that big foreign investments such as Merricks( Harlequin Resorts) would contribute to our economic growth . Well today , not even a sign remains on the site, and the show houses have been completely stripped . The H hotel on the Hastings board walk also remains as a dangerous eyesore, harbouring rats and vagrants. It now seems that Harlequin may be on its last legs…hope Barbados reputation won’t suffer due to this financial disaster . This is the latest court news about Harlequin. http://www.professionaladviser.com/professional-adviser/news/2441773/harlequin-boss-in-high-stakes-court-showdown-with-investors

    Like

  19. Fractured BLP January 22, 2016 at 1:03 AM #

    George Payne & Noel Lynch…..looked the part…..all decked out in their blue & yellow outfit for the 50th anniversary broken Trident run !
    Skipper Barrow…..would have been smiling from on high…..to witness such a transformation!

    Like

  20. Well Well & Consequences January 22, 2016 at 7:49 AM #

    Again, the greedy governments in the Caribbean refuse to background check these white dudes and gals with Interpol, when they roll into the Caribbean with their smiles and scams. Caribbean governments should also be held accountable. This is what happens when they don’t.

    “The FCA has also begun to look more closely at advice firms recommending clients invest in risky schemes via their SIPPs.

    On 12 January it issued a warning to one CEO about the practice, and last year the regulator fined and banned the directors of TailorMade, one of the major distributors of Harlequin, for poor SIPP advice among other failings.

    Two Years Of Trouble
    Harlequin has faced a series of high-profile problems since the start of 2013 though investors have claimed it began failing to deliver on its promises years earlier.

    It been the subject of three warnings from City watchdog the Financial Conduct Authority (FCA) and is under investigation by the Serious Fraud Office (SFO) and Essex Police.

    Ames’ son Matthew was helping run Harlequin’s flagship hotel Buccament Bay in St. Vincent, before being jailed in 2014 for swindling investors in his own schemes out of £1.6m.”

    Like

  21. Artaxerxes January 22, 2016 at 8:27 AM #

    caribbeantradelaw January 20, 2016 at 5:24 PM #

    “By the way, are you following Davos? I am getting ready to binge watch some of the speeches.”

    Unfortunately, I am not. I was busy doing research for my thesis. Perhaps you could share some information.

    Like

  22. Fractured BLP January 22, 2016 at 3:15 PM #

    Is it true that Mia Mottley & Jerome Walcott have summoned George Payne, Noel Lynch, Dwight Sutherland and Gline Clarke to a meeting of the BLP National Executive Council to explain….why of all days – Errol Barrow Day…..they were all seen fraternising with the Dems…..??

    Barbadians wouls well recall the wrath Dr. Maria Agard faced for organising a football tournament with Minister, Stephen Lashley

    Mottley & Walcott….birds of a feather……!!!!

    Like

  23. Well Well & Consequences January 22, 2016 at 4:59 PM #

    I too would be concerned about what they were colluding and conspiring about, there are some underground rumblings that should concern the electorate….but time is longer than twine and it does eventually come out in the wash.

    Like

  24. Hants January 22, 2016 at 5:11 PM #

    Any Bajans immigrating to Antigua ?

    http://antiguaobserver.com/government-announces-elimination-of-income-tax/

    Like

  25. NorthernObserver January 22, 2016 at 6:54 PM #

    The “minister” giveth and he taketh away?
    Is he abolishing the entire income tax department?
    Several other geographical neighbours have zero income tax, and they collect monies in other ways.
    Fact is, income tax, both individual and corporate, have been on ‘life support’ in most places for a long time. This is just pulling the inevitable plug.
    Income taxes have proven increasingly difficult to collect. What happens if you do not file? How long do you think it takes a bureaucracy to figure that out? What is done when it is discovered a citizen owes but refuses to pay? [and they have no traceable assets]
    I am not running to Antigua. Not yet? LOL

    Like

  26. caribbeantradelaw January 23, 2016 at 8:00 AM #

    @Artaxerxes, I have been mainly focusing on the Davos sessions on global trade but from the sessions I watched on the global economy and global finance, business leaders’ confidence in the global economic and business environment is very pessimistic. The major risk raised in the sessions has been the impact of China’s economic transitioning on the global economy, as well as falling oil prices. When you get a chance, check out in particular the session “How to Reboot the Global Economy”. That was one of the most interesting sessions. Joe Stiglitz was one of the panelists.

    Like

  27. millertheanunnaki January 23, 2016 at 8:03 AM #

    @ NorthernObserver January 22, 2016 at 6:54 PM
    “Fact is, income tax, both individual and corporate, have been on ‘life support’ in most places for a long time. This is just pulling the inevitable plug.”

    I guess you are wise enough to appreciate the far reaching ramifications of any move to eliminate the income tax system (both individual and corporate).
    Many accountants and tax advisors would find themselves out of work or without large fees income to maintain their ‘specialized’ practice. This significantly influential ‘pressure’ group would not allow their source of easy income just go by the wayside.

    It would be also interesting to find out if such a proposal is recommended Only for third world or developing countries such as those found in the Caribbean region. Or do you see a wider application, especially to Western or North Atlantic capitalist economies?
    Such wider application will evidently result in the demise of the tax havens and other offshore tax planning and financial enclaves.
    What would happen to Barbados’s much promoted IBC sector and the Treasury’s dependence on this source of revenue? What would replace them for the country’s economic survival? Would this result in 100% dependence on Tourism now being threatened by the side effects of climate change (global warming) and its environmental impact?

    A compromised proposal can be put on the table for semi-socialist societies like Barbados in which the assessment, reporting and collection of taxes on income (not revenue) is significantly simplified by eliminating all ‘tax’ deductions except an across-the-board personal deduction of say $40,000 equivalent to an estimated ‘living wage’ for the average worker.
    Tax would then be levied at a standard rate of say 10% on income above that threshold up to $200,000 per annum and 12% on income in excess of that $200,000 tier or upper limit.

    Like

  28. NorthernObserver January 23, 2016 at 3:38 PM #

    @miller
    I think ALL of your points are valid.
    I could extend that to proffer what about Uber vs taxi? Public bodies everywhere charge specific fees/licenses annually upon taxis? Airports charge exorbitant fees for pick-up rights, but Uber can skirt these too.
    What about business models like travel agencies with the onset of internet agencies? Then similar but opposite; if you wish to find lower cost accommodation in Bim you go to AirBnB, now private folks renting out extra space or smaller establishments. Instead of flowing $$$ to the mass providers [Expedia etc]
    IBC was all good, and an indirect form of foreign aid by the treaty signers, until every developing nation has the same offering? And what is good for the goose is good for the gander? So as discussed on BU previously, high income individuals and corporations from Bim have been establishing themselves in neighbouring IBC’s like St.Lucia in increasing numbers.
    Specific to income tax, the same groups who stand to lose, are the ones who lobby so hard for its complication, forcing people to use their services. Yes, at some point govt’s [the tax collector] will see the benefits in simplification. Your proposal is well within the concepts of “much better”.
    The switch has already begun, meaning, a movement towards levies which are easily COLLECTIBLE. The heavily concentrated products are easiest, like cell phones, as gov’t can download this to the few providers who then re-mit to government. Easy and inexpensive. And consumption taxes, which are re-mit, only getting monies out of a wide section of collectors always has leakage issues.
    Another trick/change is when they place the levy. Items like tyres, electronics and other discarded consumables, they charge the disposal fee when you buy them? Be sure another target will be packaging in general, for in our disposable society, much of the garbage is packaging.
    Bottom line, revenue collection will be govt’s greatest challenge; for they are not known for their flexibility/creativity. On the counter side, expense control is killing many. When employment by either direct or indirect gov’t funded bodies passes 40%, their is a problem; and many societies everywhere have passed the 50% mark.

    Like

  29. Vincent Haynes January 23, 2016 at 4:24 PM #

    It boggles the mind that our only engine of growth presently ticking over is tourism and nobody is looking after it.

    The Scotland District is the most scenic part of Bim and a must see for Tourists.

    I just came back from the east coast road and as I sat with some friends outside a known watering hole,we saw tour busses passing on a regular basis and that led us to wonder how often the shocks and body parts had to be changed on the coach and if any tourist would travel that route again,after no doubt being totally traumatised when the went through Glenburnie…………our roads are simply not fit for purpose.

    Like

  30. Artaxerxes January 26, 2016 at 8:58 AM #

    I eagerly await tonight’s discussion forum with GCBB Dr. Delisle Worrell, entitled “Barbados’ Current Economic Performance,” and a select panel, which includes David Ellis as the host; Jewel Brathwaite of the Advocate Newspaper; Professor Andrew Downes; Lisa Gale, Executive Director, BCCI; and Lisa Padmore, President, ICAB.

    Like

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