Governor Delisle Worrell Reviews Barbados’ Economy First Quarter 2011


Statement on the Review of Barbados' Economy for the First Three Months of 2011 - Click image to watch Governor Delisle Worrell

Here is the text version in PDF

0 thoughts on “Governor Delisle Worrell Reviews Barbados’ Economy First Quarter 2011

  1. I am looking for the 2.8% growth but lo and behold, the only growth I am seeing is the various increase in electricity, food and gas. All these increases coming and we salary ain’t moving. Bring the stats Mr. Governor.

  2. Why they daren’t tell us the true situation and let us deal with it as sensible people.
    ” out of the mouths of babes” bear in mind we are inextricably linked to the $US and check out this vid:

  3. If we coming out I glad because my business suffering and if this will cause people to spend again, I could catch a break. I cautiously optimistic because I hear Hilton made 5m loss, Almond 20m, taxis says people here but they not spending; and hotel operators ain’t shouting for joy. Some hotels say the spend is down. So I am not quite sure how the increase in numbers convert to spend to boost GDP and foreign reserves. But that level of increase if spending is up should move foreign reserves significantly but it does not appear so? I am always a little bit suspicious of Dr. Worrell’s pronouncements. Sorry for being a doubting Thomas I wonder if the governor would mind giving us the actual tourism earnings not the percentage.

  4. There go you DOOM and GLOOMERS again.
    The chief one Clyde Mascoll is in today’s paper trying to discredit the Governor again.
    You should get real and recognized that it is only by God’s mercy that we are not further in economic trouble when compare to what is going on in the world.
    Give a pray for your country that you want to rule in the next two years.
    What do you want to inherit? A wreck country?

  5. Clyde Mascoll asked the Governor some useful questions today. Is it conceivable that the USD for the EMERA deal did no make it into the Barbados’ foreign reserves? It seems one of the greedy banks found a way to keep those dollars inhouse.

    Why did the NIS Board sell the shares? Was it to benefit from the capital gains, the foreign exchange or both?

  6. There are two things about the Governor’s report that I am concerned about. How could he just attribute the tourism growth from England to some “marketing plan or strategy”. In the House of parliament there was a lot of talk about these “tourism” incentives to airlines; are these the same “incentives” that turn around the British market? At times the Governor comes over too political when he should speaking from an objective position. Is he afraid he may replaced or something?

    The other thing is the reference to taxes where the personal income tax or revenue from it has increased. On the other hand, the revenue from corporate tax was down . Brother Governor the poor man is carrying the strain of the economy and not the so called “saviours” of the business world.

  7. What I find extremely surprising is that despite all the ‘finger rape’ claims by Jamaica’s nationals tourism is UP from both the UK and US not to mention that it has increased economic growth by almost 3 percent compared to Jamaica’s 1.6 percent !!!!!

    I don’t think anyone should expect any sort of growth until the next 3-4 years considering the country has a deficit and a debt.Therefore,economic activity might not be apparent until bills are paid or at least seem to be on time with inflation being contained.If growth reaches ~4.5-5 percent next year then things might go back to normal.

  8. Are we going to continue listening to Clyde Mascoll, Owen Arthur, and Avinash Persuad, all of who PREDICTED disaster of varying measures to the Barbadian economy? Wasn’t Barbados to suffer immeasurably for allowing our rating to fall? Wasn’t Thompson taken to task for saying that he would not pander to economic rating agencies? Was he wrong?

    According to a Robert M. Fishman writing in the Wall Street Journal, “ Portugal third national request for a bailout is not really about debt. Portugal had strong economic performance in the 1990s and was managing its recovery from the global recession better than several other countries in Europe, but it has come under unfair and arbitrary pressure from bond traders, speculators and credit rating analysts who, for short-sighted or ideological reasons, have now managed to drive out one democratically elected administration and potentially tie the hands of the next one.
    If left unregulated, these market forces threaten to eclipse the capacity of democratic governments — perhaps even America’s — to make their own choices about taxes and spending.

    I think Barbadians had better leave Arthur and Mascol right where they are, they have been way to wrong on what needed to done, and their positions has always been political first.

  9. @Adrian Hinds: “Are we going to continue listening to Clyde Mascoll, Owen Arthur, and Avinash Persuad

    Please forgive me for this AH, but are not most Bajans intelligent?

    Should not Bajans listen to all the information available, and then make their own decisions?

    Or, should they instead simply accept what they are told?

  10. Chris Halsall
    I must say that Owen Arthur and Clyde Miscall have been trying to mislead me for the past three years. Their predictions are more scare tactics than anything else. Any intelligent Barbadian would recognize that the world economic situation is not easy.
    Only this weekend Owen Arthur said that Barbadians should never vote for this foolishness ever again.
    Now you should be castigating him for feeling that Barbadians are not intelligent enough to know why they are voting a particular way.
    Dean Crichlow reminded him last month that Barbadians are not stupid and were right to vote them out.
    From reading what Adrian Hinds said he was using his intelligence to show that Owen and Clyde had both predicted that this economy will crash and it did not?

  11. I have long lost faith in the social science professional class especially those who worshipped at the altar of Adam Smith “invisible hand” mantra. I see no difference between an Economist, Financial analyst etc and a person of the cloth. There prediction about stochastic future events is even more worse than a meteorologist or physicist trying to do the same for turbulence. I think their subject matter is not worthy to have the word science juxtaposed in the same phrase.It should be called vodooism, cultism or alchemism.

    But not only that, it is the same class of people who through there irrational exhuberance and herd mentality which then trigger speculative behaviour which causes the current price of oil
    to be going through the roof. That the price of oil can increase substantially overnight because a pipeline was sabotage in the Niger Delta or because of the political tension in Libya -which by the way-supply an insignificant supply to the US market is absurd and ludicrous. Then they turn around and talk about market forces. These people are a bunch of legal higway robbers. They and their “sciences” should be permanently locked away in the moratorium.

  12. @Charlie
    Thanks for the support. Try not to pay much attention Chris when his contribution zeroes in on the filler comments of a post. Notice the core of commentary he did not see. 🙂

    @de former zion
    Economist have been playing prophet for some time with very poor results; just more of the same from a politically partisan one? However, economics does serve a valuable purpose.

  13. Interesting to listen to the response by the Governor to Patrick Hoyos who questioned the timing of the marino project at this time. He was quite dismissive. Perhaps it was because he detected an attitude by Hoyos?

  14. DeLiar Worrell is spinning again….2.8% of nothing is still nothing…2010 was an awful year and 2011 getting worse due to higher gas prices…

    As for spending $500million on a marina!!!
    Do we really need this now? who building it…JADA? Isn’t this BOLT project just like Dodds….only we had to build a prison, we don’t need a marina in the middle of a deep recession.

    I guess as the rats sense their ship is sinking…they search for a marina to make their offshore lives so much more comfortable!

  15. @spinning top

    Don’t you agree the tourist product has to be diversified if it is we are stuck with it for the foreseeable future?


    @40 acres

    You have to admit the meteorologist through the use of modelling have ‘perfected’ their craft?

    Perhaps with the recognition that behaviour economics has to play a greater role they too will be able to ‘perfect’ their craft.

  16. Do we really need another Marina? Is there an unlimited supply of millionaires waiting to purchase these high end condos at this new marina?

    Jada is busy building their marina and as far as I can see they have some way to go. I wonder if they have their millionaires to purchase their condos. There are soo many new condos that are on sale on the island, all waiting for de millionaires to come calling.

  17. I want Hoyos to know that the people of Barbados did not elect him to do anything for them. They elected the DEMOCRATIC LABOUR PARTY to act on their behalf.

    The Govt. is moving ahead with projects that will bring wealth and prosperity to this Barbados.

    Nothing Hoyos has ever done was a success so he is in no position to question anyone, a failure like him. Even his marriages fell apart.

  18. @David. Agreed. The weatherman has more credibility than the Economist. Notwithstanding that the issue of turbulence is one of the greatest unsolved problem in the natural science.

    • @40acres and a mule.(formerly Zion)

      In Barbados many believe an economist is the only person who can effectively fill the role of Prime Minister.

      Given your perspective what does it say about Barbadians?

  19. I want t digress a little to speak about Patrick Hoyos.
    As a moderator on Down to Brass tacks he is very sarcastic and dismissive to callers.
    The BLP callers asked for the persons who were showing rational though like Mr. Marshall to be removed from the program. David Ellis is now trying to get all pro BLP moderators on the program and Patrick Hoyos is one of them.
    The excuse that Mr. Marshall asked for leave does not hold water because from David Ellis mouthing’s I knew Mr. Marshall was going to be put under pressure because he is on a government board.
    David Ellis like he does not really believe in freedom of speech because today he told a caller that he always comes in to defend the government. Mr. Ellis could you please tell me what is wrong with a caller defending the government.
    Is that not his right like the Jamaican lady who called for Mr. Marshall to be removed because he was unfair to BLP callers?

  20. @ David. I guess Owen Arthur laid the notion for that feeling. But then again, remember human affairs is a fickle business, and Bajans are no different from other societies that are caught in the dog eat dog economics of our time. Nowadays some popular writer Economists are bordering on rock star status and therefore Owen Arthur might been seen in the same light in some quarters of the Barbados electorate.Milton Freidman and Alan Greensberg once accrude divine status among some of their fanatic supporters.

    Given the adversarial nature of our political system and the inherent inequality of resource distribution in our present economic model the populace is easily manipulated to believe that modern day prophet and messiah will come and deliver them from their bondage. Even if the so called messiah is one that is schooled in the art of trial and errors and guesses. Go figure.

  21. CCC, Adrian Hinds and Charlie.
    I am fed up with bias politically blinded individuals who are blinded by partisan politics.

    I am having a fishy sense that the Governor is basing his percentage primarily on Cruise ship visitors; but we should realise that these cruise ship visitors don’t spend to create would influence GDP. We must understand these visitors are pre-packaged with a pre-arranged itinerary. Local taxis received less than 20% of these visitors who stroll through Bridgeown visiting mall after mall, jewelry store after jewelry store and even peruse the entire Cave Shepherd and scarcely spend any money. That’s a fact.

    • With all the hype about real GDP trending upwards let us not forget the Governor’s words of cautious regarding inflation expected to rise against the backdrop of rising oil/commodity prices. It will be a rough ride for Barbadian consumers in the months ahead.

  22. @David….

    Are you the official apologist for the sorry state this Government has gotten us into and for this politricking excuse for a Central bank Governor?

    Regarding the $500+ Million Marina….yes we should diversify…no we should not do it now when we have such a glaring fiscal deficit (ask Jepter to explain lol) and our foreign reserves are in a precarious state…

    And why a BOLT arrangement?…didn’t the DLP suggest that the Dodds arrangement was flawed…why are they pursuing this for this project…Sealey got to make some money to catch up with the 10 dollar man in housing before the bubble burst?

  23. Sometimes when man find himself unable to deal with rational thoughts; spite and derogatory remarks are spewed from his mouth. Unfortunate, I cannot state that this Carson C. Cadogan is a man in the first place and gutter blogging from his submissions What does a breakdown in marriage have to do with one’s ability to deal with economic matters//////////////////////////////

  24. Not an apologist at all. BU’s position is simple, the economic model we are using is broken and we appear not to have the appetite to transform it. In the meantime we have to still grade the performance.

  25. Can anyone tell me where I can purchase a copy of the “Broad Street Journal”?
    Oh, silly me, it does not exist anymore.
    Who was the publisher again?
    That Patrick Hoyos guy.
    Why is it that everything he touches turns to lead?

  26. Tell me why
    To tell the truth I was fed up with you from early 2008 when you and your power withdrawal syndrome buddies could not accept that you were in opposition and were critical of the government from day 1.
    You accuse all who do not see eye to eye with you as political blinded but you can see political clearly.
    The fact you must accept is that the government has kept the economy going and it did not collapse as you and your buddies wanted.
    Have a political clear day

  27. This governor has become so political that it is hard to believe his reports on the economy.

    I have been told by a CBB staffer that the governor does not tell Barbados the truth and that contrary to what he says about the foreign reserves, a lot of requests are hold up in Exchange Control because there is just not the FX available. I have a friend who lives aboard, wanted to sell property here and was told that they could only have US$50,000 of the money even though the FX was coming in as the purchaserlives in the US and was paying in US$.

    I am happy if as he says the economy is poised to grow 2.8% as Chris Sinckler told him to say but my problem is if the spend from tourism is so down from previous years, how could he be so optimistic? Isn’t this blatant spinning??

    And how comes he has no problem now with the BOLT arrangement for the Marina but had one with Dodds? Is it because the BLP did the Dodds’ BOLT aarrangement and the DLP is doing the Marina BOLT agreement? How much will the money borrowed cost us? Around $700,000 million to be repaid over the years??? Does he not have a problem with this as he had with Dodds?

    What about Pickerings? Is this still on stream? What about Four Seasons?

  28. Can anyone tell me where I can purchase a copy of the “Broad Street Journal”?

    Carson here you are again trying to be personal, however this time you are the joker since the Broad Street Journal in now coming electronically. Now Dumbert go to the back of the class and continue sucking your finger.

  29. Charlie.

    I am amazed by your statement. I was fearless regarding the highway spending and the lackadaisical behaviour of certain politician prior to the 2008 era. Did you quarrel? Nope! Was you angry? No way!! Was I singing your tune? Definitely!!
    Unfortunately, the country is asleep and I am trying to wake up the controllers and you are angry. Probably, you want everyone to sleep and overlook the myriad of financial problems that this country is in under the carpet. No way my friend, you will have to deal with my keyboard.

  30. OH DEAR …FOOLISH CARSON, ONCE MORE …. but this post is for CHARLIE.

    @Charlie | April 13, 2011 at 4:35 PM |
    “Chris Halsall, I must say that Owen Arthur and Clyde Miscall have been trying to mislead me for the past three years. Their predictions are more scare tactics than anything else. Any intelligent Barbadian would recognize that the world economic situation is not easy. Only this weekend Owen Arthur said that Barbadians should never vote for this foolishness ever again.
    Now you should be castigating him for feeling that Barbadians are not intelligent enough to know why they are voting a particular way. Dean Crichlow reminded him last month that Barbadians are not stupid and were right to vote them out. From reading what Adrian Hinds said he was using his intelligence to show that Owen and Clyde had both predicted that this economy will crash and it did not?”


    Hi CHARLIE, even the most intelligent person can at times be blinded by obvious foolishness, especially if they are subjected to a sustained blast of massive deception and political lies, such as what the DLP perpetrated on the Barbadian populace in 2007-2008. It was all underpinned by a highly emotive call for “CHANGE” and was designed to win the elections AT ANY COST! This is what I think Owen Arthur was speaking of. He was NOT questioning the voting intelligence of Barbadians.

    In his wide-ranging address to his party’s Annual General Conference in October 2007, Mr. Arthur included some remarks about the type of enlightened governance that would be required, as Barbados moved into the anticipated turbulent times ahead.

    And let me remind you Charlie, that even some of the top people in the DLP were wary of the type of CHANGE that Thompson would bring to the DLP itself, moreso the whole country of Barbados! One year earlier in 2006, when FREUNDEL STUART, in his quest to become PRESIDENT OF THE DLP, released a Manifesto entitled ” PUBLISHED BY THOSE DEDICATED TO THE LEGACY OF BARROW AND THE FUTURE OF THE DLP AND BARBADOS”

    The following questions were amongst those asked by FREUNDEL In his DLP Presidential Manifesto:

    “What has transpired since the resignation of David Thompson; six weeks after the 2001 Annual Conference, to encourage me or you to want the member for St.John to lead the DLP anywhere at this time?”

    “Do you want a return to the days of internal hate, infighting, blood letting, and ruling by division?”

    And In his 2007 Conference Address, as he spoke about the type of CHANGE the DLP WERE CLAMOURING FOR, Mr. Arthur asked:

    “CHANGE BACK TO WHAT? That question to this day has never been adequately answered by the DLP nor its pushers of malignant propaganda.

    MR. ARTHUR added his own justified queries to FREUNDEL’s onslaught on THOMPSON, and further asked:

    “Do you want to swap me as Minister of Finance and replace me by David Estwick? Do we want to change back, as Estwick has promised, and reverse all the income tax relief this (BLP)Government has given the people this term?” (Well we have ended up with a probationer who, after the fact, has to implement so many adjustments to, and offer lengthy explanations for the measures he introduces, that Barbadians are losing confidence in the economic management of their country)

    “With our foreign reserves and Treasury in good and ample order, do we want somebody like Hartley Henry, with his reputation for claiming finders’ fees, close to the Prime Minister of Barbados and calling the shots?” (Hartley is gone(???) with the dead king, but PM FREUNDEL now has his PAY PAL BUDDY, Leroy Parris)

    “Do we want to change back to the bad old days of wage cuts, public sector layoffs and the promise of bus fare and lunch money solutions to the problemsof unemployment?”

    ‘Do we want to change back to the bad old days when the Minister of Finance of Barbados was merely a parrot for the IMF, as THOMPSON still is(was), and are you prepared to have your Minister of Finance say, “We know what the IMF wants us to do and when?”

    “Do you want to change back to the bad old days when THOMPSON as Minister of Finance promised the IMF in 1994 that the Government would increase bus fares, NHC rents, water rates and everything in sight?”

    “Do you want to change back to the good old days when the DLP promised the World Bank that it would stop the payment of tuition fees for our students at the UWI?

    “Do you want to change back to the bad old days when the country was in such a desparate position that an expatriate “Sugar Daddy” offered to bail out the Sugar Industry for a paltry sum?”

    “Do you want to change back to the bad old days when Barbadians had to suffer the indignity of having to consume contaminated Guatemalan sugar?”

    ‘Do you want to change back to the bad old days to suffer the embarrassment of having the Barbados currency rejected by Banks and business houses in the region?”

    “Do you want to change back from the good inclusive politics we are practising to THOMPSON”s politics of the FATTED CALF THAT HE HIMSELF PROCLAIMED, according to which only those who have been with him and have served him will be allowed to feast?”

    “Do you want to change back to the days when Barbados had to go cap in hand to the countries of the Eastern Caribbean to borrow money to pay?”

    “Do you want to change back to the days when the Leaders of Barbados were the laughing stock of the international community and came to be known by an “Ode”?

    ‘Must change in Barbados mean that politics must become a conjurer’s game?”


    “Will the best educated citizens of the Caribbean be taken in (DECEIVED – my emphasis) by the empty and obscene promises of a bunch of POLITICAL CHARLATANS to the effect that we can all expect duty free cars and interest free mortgages within the first 100 days of a DLP Government?” (THAT CHARLIE …. IS THE KIND OF FOOLISHNESS BARBADIANS SHOULD NOT VOTE FOR AGAIN!!)

    “Will we agree to accept this and conspire with the DLP to bankrupt the Treasury and return to the grim and dismal days of the 1990’s from which, with great effort, this Government(BLP) has had to rescue it?”

    ‘Will we not listen carefully and take to heart the words of FREUNDEL STUART, HIS VERY OWN; that DAVID THOMPSON IS NOT FIT TO LEAD?”

    CHARLIE …… what a massive irony that PM FREUNDEL now finds himself, thrust very unexpectedly into leadership of this country, and appears unable, even to a far lesser degree than the departed Thompson, to function with any semblance of effectiveness in that position.

  31. “Do you want to change back to the GOOD old days when the DLP promised the World Bank that it would stop the payment of tuition fees for our students at the UWI?”
    That GOOD above should have been BAD. Apologies for typographical error.

  32. Your long drawn out comment almost put me to sleep. Not that I would have miss much anyway.

    Pure Barbados Labour Party gibberish.

  33. I am not surprised at you Carson.
    Careless and irresponsible sleeping is an exercise at which your leader Freundel is the consumate specialist. It’s all he has done since taking over a DEAD MAN’S portfolio.

    I am trying my best with you; being ignorant is not so much a shame, as being unwilling to learn.

  34. Truthman Burton

    “I am trying my best with you; being ignorant is not so much a shame, as being unwilling to learn.”

    If you expect me to learn according to Barbados Labour Party standards, then I would prefer to be “ignorant”, thank you very much.

  35. Truthman Burton,
    Did I not tell you not to engage CCC? When you ignore him, he stays off the blog. I know it is hard but try hard. Keep the faith.

  36. DON’T JUDGE Prime Minister Freundel Stuart on his silence on burning national issues to date. He is aware of what is happening and has his hands firmly on the steering wheel of state. REALLY ???

    That is the defence of his Minister of Finance and Economic Affairs Chris Sinckler to growing calls for the Prime Minister to speak out publicly on the problems facing Barbadians daily.

    But Sinckler said the Prime Minister would speak when he was ready.“Don’t take a six for a nine when it comes to Freundel Stuart.

    Don’t take him for a fool because he is studying these issues. He likes to be very deliberate, he likes to study issues, and then he intervenes at the right time to do the right thing. And we are comfortable with that,” said Sinckler in a telephone interview on Thursday.
    “Mr Stuart is extremely articulate and, of course, people know that he is a very bright individual. When Mr Stuart is ready to substantively address the public of Barbados on matters of national import, he will do so.

    “He might not do so in your timing, he might not do so in my timing, but I am sure that he will do so because I speak to him on a daily basis,” Sinckler added.

    He said a number of initiatives that had been taken came through the Prime Minister’s intervention, though he had not been credited for them.

    “He would call on the phone and say, ‘Chris, X and Y needs to be done’, or ‘I want you to look at X or Y’, and I would go and do it. It may come out that it is me that is doing it; he may not take the credit for it, but the originating call may have come from the Prime Minister, as has happened on several issues.

    “So I don’t think it is fair to just judge him on how many times he speaks or how many times he does a Press conference or something like that; he will do those things when the appointed time is right,” Sinckler stressed.

    Quizzed for a response on the public’s perception that he was the choice of late Prime Minister David Thompson to lead the Government and not Stuart, Sinckler suggested he had no time for such distractions.

    “I am a team player; it’s the Democratic Labour Party team. We have one leader at a time, not two or three . . . and that leader is Freundel Stuart. OH YEAH –A TEAM PLAYER –I FORGOT

    “And I’m more than happy to be a minister in his Cabinet. I thank him for the opportunity to serve as Minister of Finance in this period.”–


    Sinckler added: “People say all kind of things. But at the end of the day, it’s what is important, and the task at hand is to get the Barbados economy back on track [and] get Barbadians benefiting; of course to ensure the DLP Government is returned to office and that we carry out the mandate which the public has given to us.

    “That is my central focus. The other things really are not of concern to me at this time.”
    SINCKLER mekking mock sport at the man !

  37. Tina Roach
    The problem with you BLP people is that you cannot stomach the fact that the DLP is the government and you have to wait to get your hand on the money again.
    The government led by Freundel Stuart is doing a good job of running the country as against what is going on in the other parts of the world.
    There must be two or three Barbados because every place I go people are getting on with their lives. Been to PriceSmart and the checkout lines are long, Popular the same. Two young persons in my gap started building two upstairs houses with money they borrow from the credit union. Why are you trying to make it seems that the country is down in the pit because short magician is not PM.
    Now let me agree that the PM has let me down when it comes to understanding that politics is about perception. Bajans like talkative politicians and the more he does not talk the more they will say he does not know what he is doing.
    H e should have spoken out against the Jamaican onslaught by standing up for Barbados as Golding did for his people knowing that nothing will come out of the case. At least the Jamaicans feel that he cares.
    Chris Sinckler is a young man with a bright future therefore he only has to bid his time. It will come.

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