0 thoughts on “Review of Barbados’ Economic Performance for the First Quarter of 2013


  1. Without ascribing political consideration how long can any economy remain in a comatose state before free fall?


  2. Long stay visitor arrivals:
    January 2013 DOWN 9 per cent
    February 2013 DOWN 9 per cent

    ‘Interest payments take up as much as 24 per cent of Government’s revenue’


  3. This is the first time the Central bank governor has given an honest presentation and has echoed what many have been saying for a long time here on BU. The most damaging things hindering Barbados competitiveness
    1. Inefficiency of government bureaucracy
    2. Insufficient financing for new ventures
    3. Poor work attitude


  4. Wonderful job Mr Sinckler, wonderful job. You must be proud of you achievements since becoming Minister of Finance.


  5. Review of Barbados’ Economic Performance for the First Quarter of 2013

    This a truly depressing video.

    Call me negative, or skeptical or cynical; but coming from the usually “The glass is half full” Dr. Worrel, I suspect the review understates the degree of problems.

    Or maybe he has suddenly become a “The glass is half empty” guy.

    New Medium Term Adjustment Strategy???????

    How about a New Short Term Adjustment Strategy???????


  6. I agree with you islandgal, this is the first time the Central Bank Governor has spoken the truth. With elections out of the way, he can now tell the truth.

    All along he and all the DLP sycophants were saying that the MTFS was working, there is no other way, there is no magic bullet, OSA and Clyde Mascoll are no great economists and if they are so great why are no persons from the other countries are asking for their services (that one was from one other that the awoken giant)………………………

    And he now has the courage to speak the truth, it is now too late. He now says the MTFS is not working and “we now have to change and make adjustments.” Now that the economic situation is dire, he now speaks the truth?

    Some questions I have to further ask and David you can help me if you have the info………………………..

    Is it true that the IMF has advised the government that the Barbados should be devalued by 30% to align it with the Eastern Caribbean dollar?

    Is it true that the MOF has moved two thirds of the money out of the Severance Fund to the tune of ONE HUNDRED MILLION dollars? When the Director pointed out to the minister that he could not do that and that it is against the laws of the NIS, the minister cussed the director black is blue and told him he had better tow the line.

    If the MOF has now gone taking money out of the Severance Fund, does it mean now that the general funds of the NIS are at an all time low?

    Just asking, David please find out for us!


  7. People getting on like it was a suprise. The DLP have constantly used the global recession as a blind to hide their incompetence, in particular the MOF, whose MTFS is really just a puff of smoke. Nothing in the last 5 yrs indicated that they had a grasp on economic issues. BARBADOS CANNOT CONTINUE LIKE THIS FOR ANOTHER 5 YRS!!!!. The DLP must stop hiding behind idiotic slogans of ” Barbados is a society and not only an economy” and handle the ECONOMY


  8. Is this why they are hiding from Parliament? If I were the BLP, I would go into Parliament yard every Tuesday get on a ‘soap box” like they do in Hyde Park, London and speak to the people! The people were warned that this mob had no clue about running a country but they went and sold their vote and now we all have to suffer longer!


  9. Today the Governor of the Central Bank says B’dos is not heading into the hands of the IMF. Where are we heading?


  10. Where is Miller…………………, just when we need to hear him he is silent……………MILLER!!!……………Oh what a tangled web we weave when first we practice to deceive.


  11. My same sentiments, Ping Pong. The Governor will wake up one morning and find out that he has no choice but to go cap in hand and it will be “wusser’ for us! Let them continue to bury their heads in the sand! They would not take advice, let them be!


  12. Well,well…………..miller had said that he was planning to go a cruise in the spring, maybe he has gone off! Hope has has a great time!


  13. Prodigal…………hope he has a great time too, his brain should be fresh upon return.


  14. FS wish and hope approach is currently in effect. I have not heard one creative idea as yet from FS and his team on how to grow or stimulate the economy without borrowing a ship load of money. Prodigal presented a bias but accurate summation. The southern end of the island rejected OSA and his team during the election else we would be having a different discussion. Within a year they’ll regret it. The bottom line is that investors will pull back even further knowing that the economy is soft. Here is the the real issue. Once the European economy comes back the lag effect will be too much for us to overcome if this borrowing to pay the salaries of the civil servants continue without real revenue coming in. Barbados’ future is bleak.


  15. We need to hear from more economists as to how they see the Barbados economy as it is and offer their opinion on the way forward.The problem however in this country is that professionals, in general, cannot offer any critique without being accused of being for or against a political Party. It is these people that we need to hear more from. Besides Ryan Straughn, where are the others?


  16. The decline in tourism appears to be a driver for the worse than expected results. Do we have a clear sense as to why the decline in tourism so that corrective actions can be focused on?


  17. …Global Recession, MTFP,IMF neva ….poorakey was always on the turntable…….viral was always on. As if they cared…..brace and hold suckers!


  18. New Short Term Adjustment Plan…..whaaaaaloss..lewe see

    0.5×1 + 1.0×2 + 1.5×3 + 0.1×4 <= 3.1 (year 1)

    0.3×1 + 0.8×2 + 1.5×3 + 0.4×4 <= 2.5 (year 2)
    0.2×1 + 0.2×2 + 0.3×3 + 0.1×4 <= 0.4 (year 3)
    Objective

    To maximise the total real GNP, factorizing touristes decline, Crime and Limes, IBCs gine crackin, employment a rackin constraints – see we have

    maximise 0.2×1 + 0.3×2 + 0.5×3 + 0.1×4

    Answer = nuff noughts e-10 and heads cuffuel…..and no real answers..man D ship fellas is back to sea…new adventures ahead

    (And that is rounded).


  19. Onions
    How you expect simple folk like me to understand all this math here.


  20. How can you hear any common sense ideas when the DLP controls EVERY talkable or communicative sector in Bim.


  21. @ Lemuel

    Dat is just d point…..Man I get wukk @ The C-tral Bank…..

    …….trust me it wood work…whalosss ! Ask Billy Preston….(DJ how you boss)


  22. Observer,

    While I cannot answer tour question from all the tourism partners point of view, I think I can give you some insight WHY we are not doing better. The unbudgeted massive increases in operational costs which have not been able to be passed on to tour operators and a lesser extent the consumer is a major factor.
    The decision to increase VAT by 16.6 per cent and Land taxes by 50 per cent was stupid during a recession and clearly has not worked for Government.

    Most of us that make a living out of tourism have almost given up trying to keep things going while the policymakers in tourism clearly have no idea what they are doing. It starts from the top and when you have a BTA Chairman that keeps bragging about the success of the Rihanna campaign, he is clearly out of touch with reality. Long stay visitor arrivals December 2012 down 6.2 per cent January 2013 down 9 per cent February 2013 down 9 per cent and these are two and half months (of four) of the most critical time of the year for economic survival.
    We are now just 4 days away from the start of the summer season, which effectively started last week, with still no marketing campaign in sight.
    DLP cronies still dominate the BTA board , rather than appoint the people who have proven they can get the job done. And before ANYONE says does that include me?
    NO! I have no faith or indeed trust in this administration. Despite being a foreigner, for twenty five years I personally have wanted nothing more than for our tourism industry to thrive and flourish, whichever political party was in power.
    I am afraid many of us are totally disillusioned and it going to take a long while to restore the enthusiasm and drive to the private sector. Currently nearly 20 hotels are up for sale. By the end of this summer, almost certainly that number will increase.


  23. @CBC (Formerly BLP TV)
    “We need to hear from more economists as to how they see the Barbados economy as it is and offer their opinion on the way forward.”

    I agree and therefore Clyde Mascoll , Pat Hoyos and Harry Russell – all admitted BLP supporters should not be the only voices on economic matters employed by the Nation newspaper.
    WE NEED SOME BALANCE but the Nation newspaper is being used as mouthpiece for the BLP.


    • In the 3rd quarter review for 2012 the Governor advised we needed a good winter tourism performance to save the day. We now know it was a dismal performance. What is the short term (counter cyclical) plan?


  24. I see Professor Michael Howard has now come on board in support of Clyde Mascoll’s views on the economy.I think the only economist standing with this duncy administration is the retired Dr Frank.


  25. @ NationNewspaper. The Nation is not the only available medium in Barbados. You can use Starcom, the Advocate, the Internet, CBC TV……(Duh i could i’ve forgotten DLP TV). Those names you have mentioned are not the only economists. Where is the Barbados Economic Society?!?. Why are so many economists silent or have an anti DLP position in terms of the economy?!! You know why? because economists are scientists and figures don’t lie. These people see past the political jingo of the DLP. Another reality is that unless you project a pro DLP analysis to economic figures CBC TV, the lone TV station, ain’t broadcasting it. The political climate in this country has become so bad that people wanting to offer analysis and advice are branded pro or anti DLP even when such people are not “political operatives”. I mean look at the Governor of the Central Bank. He had to come with a press conference to make figures “sound good” a day after releasing economic info that basically stated the DLP has failed. the DLP got the poor governor now sounding like an extension of the DLP propoganda machine.


  26. @Gabriel Tackle
    You are misreading what Dr. Howard said and misleading the public. Everyone knows that the gap between current revenue and current expenditure has to be reduced and eliminated.It will not and should not be done overnight.
    Dr. Howard agrees with the diagnosis of the problem, he never endorsed any other BLP proposal. Don’t be duncy man.
    Dr. Howard also talked about a mendicant private sector in his article.
    To close that gap, there must be growth. For the growth to be sustained there must be consistent foreign exchange inflows.
    The only place left to cut in government is wages and salaries and that is what the government is avoiding and correctly so.There is no silver bullet here. Have you not realised that for all of her criticism, Mia Mottley cannot come forward with specific spending cuts but if this administration was to ever make major expenditure cuts and reduce the size of the public service, who do you think would be the first set of people in the media and in Parlaiment keeping noise?
    Productivity and efficiency by every Barbadian is the name of the game. Public sector spending must be productive especially in our statutory corporations because the wage bill must be justified by the performance of those workers or else it could be a continual drag on our economy.


  27. @Adrian Loveridge. and others who think like him (pessimistically all the time.)
    Tourism =foreigners visiting our country. In order to get to our country they have to travel, primarily by aircraft. Long stay visitors, have to have money, unless they are filthy rich ( why the term “filthy” is usually used when speaking of the very wealthy has never been fully explained to me, any how, to continue. Economic circumstances determine the ability to become “filthy” rich. In today’s world there are less and less of these, being flught over by more and more destinations, etc. I am taking a long way around because, as usual ,I am calling on people to think logically. Case in point, headlines from The Toronto Star of April 9th. “Canadian firms scaling back investment plans.” Canadian firms have become more pessimistic about the economy and plan to ratchet down investment plans while keeping hiring modest, the newest business outlook survey by the Bank of Canada suggests.. following a recent slowing in economic activity, firms expect business conditions to remain challenging over the next 12 months.” the central bank said Monday in its analysis of the results….The results are not surprising given that the Canadian economy has struggled to maintain forward momentum for the better part of the past year. The last six months of 2012 produced an average growth rate of about 0.7percent, the worst since the 2008-2009 recession, and the first three months of 2013 has seen employment fall by about 26,000 jobs overall….The investment intentions result could represent a blow to the economy because corporate spending and exports are two areas the Bank of Canada expects to support growth this year.
    Thus it can be expected that less people would have the disposable income to put aside to undertake short vacations, far less “long Stay” visits, as hoped for in Bim. The other big story here is the news that Royal Bank of CAnada has been bringing workers here;from India who are IT knowledgeable, to be trained by Canadian employees of the Bank. The Bank employees are then laid off, and the work is then outsourced to India where the cost for the same work is less, thus increasing the Bank’s PROFITS (which by the way were over 7.5 billion dollars), but increasing the unemployment figures in Canada. More and more Canadian firms are outsourcing their work to India, especially work in Information technology. It follows therefore that there will be a decrease in the number of tourists coming from Can ada, as the tourists within the catagories of those with disposable income decreases.It makes no sense blaming the officials at the BTA, pushing more money without the hope of adequate returns at the tour operators and blaming the government, when they have no control over events such as I have just written about. We have to take other measures. Every time I go to the supremarket I bemoan the fact that we do not have more of our Barbadian products on the shelves. Our Pepper Sauce can be a big seller; especially taking into consideration the fact that it is so popular that producers in Trinidad, and Costa Rica produce and sell hot sauce labelled “Barbados Hot Pepper Sauce.” (we have no trade mark), and our locally produced pepper sauce cannot be found. The sugar we produce in Barbados is nowhere on any shelves, and it is SUPERIOR, to either the white sugar, produced outside of Canada, or even that produced here, or the Brown Sugar produced in Guyana and sold as “Old Fashioned Brown Sugar” produced in Guyana and “refined” in Canada. Our local Sweet Potatos are superior to the sweet potatos imported from Mexico or Costa Rica, and the avacados we grow are bigger and better than those imported from Mexilco and sold at the big supermarkets. Our Sweetened Condensed milk is nowhere to be found and yet condensed milk is a big seler especially to the diversified immigrant population here.
    A word to the wise is sufficient.


  28. @BU readers again.
    I went to a Wine and Food festival on Saturday( big event thousands and thousands of people, and hundreds of companies; big and small exhibiting their products. I was pleased and proud to see the Barbados Consulate representatives there manning a booth displaying Bajan products, and getting a good response.I have to commend them for their effort and this should be noted by the government, the tourist Boare, the Manufacturer’s Association, and the Ministry of Trade and Small Business. Where ere our fish Products that we sell locally, Where were our Condiments? Sugar Cakes can be packaged attractively and sold as specialist sweets, How about sugar cakes with chocolate coverings or chocolate covered nut cakes or glassies.(Just one or two suggestions) My major regret was that there were not more bajan products. Our small businesses have to be encouraged and helped to attend these shows (as many of them as possible) so that by generating orders our export industry can be built up. Maybe this is the area that should be given more money to build up this side of our revenue earning stream.Take some of the money given to Tour operators and direct it toward assisting small businesses to get export orders, and get training and experience in these areas. Bring up first and second place winners of the schools cheff contests to visit one or two of these shows and show off their expertise in using local products to produce tasty dishes, then when visitors to the show visit the island they can ask for these dishes etd and know what is being offered. Increase our presence in areas where we can compete, and we can compete because the diverse population leaves the window open for the sale of “exotic” products. The Jamaican representatives were also there pushing their Blue Mountain Coffee, in innovative and attractive packages One interesting side note…there was a distributorship based in toronto, selling spices with the label “Cool Runnings”. Everyone knows that Cool Runnings is associated with jamaica. In addition their labels carry the Jamaican flag on them. When I examined these products and read the labels, the products are from Thailand. I spoke to the Jamaican representative and he indicated to me that the Jqamaican consulate representative had passed through, and had promised to do something about it, because again there is no registered trade mark either for the “cool Runnings” label or the use of the Jamaica flag on the label. As a sales technique this attracts a large number of Jamaicans and West Indians, and even Canadians, who will seldom read the labels or pay attention to where the product is made, but wil be subliminally attracted it out of layalty. Same thing goes for bajan Hot Sauce. Some years ago when I mentioned to some friends of mine back home about exporting “Golden Apples” the reception was rather disdainful, to say the least, now Golden Apples, or June Plums as the Jamaicans caall them are big sellers in the supermarkets and West Indian shops. Our salesmen have to move out of Barbados and push our products aggressively. The sales are out there. Find the buyers.
    Later


  29. @David
    “In the 3rd quarter review for 2012 the Governor advised we needed a good winter tourism performance to save the day. We now know it was a dismal performance. What is the short term (counter cyclical) plan?”…………………………………..

    David,
    There is none. Did you not hear the Governor today, forgetting that he said the above asked why are we putting so much emphasis of what has happened in the first quarter? The man is either a jackass or a bold faced liar. He said when reviewing the third quarter that a good winter season was to be our saviour. Now he has changed his mouth, now that things are worse than he expected! Wow, we are out to sea with out a paddle.

    Captain, the ship is sinking!


  30. @!
    “Mia Mottley cannot come forward with specific spending cuts but if this administration was to ever make major expenditure cuts and reduce the size of the public service, who do you think would be the first set of people in the media and in Parlaiment keeping noise?”

    ………………………………………..

    Why should she?

    Were you not on BU after February 21, bragging that “we win, get over it”……… Well govern! You see how your DLP lies have caught up with you and you clearly do not know what to do? You won, albeit by buying votes, so come on, get on with it, govern……..and you cannot still be blaming the BLP, now can you??


  31. @Alvin Cummins
    Hi Alvin,
    I must admit I couldnt get quite thro your Monologue,
    but just a few things on your “wish list” are really off the planet.
    Have you ever lived in Bim in around the last 30 years??
    Maybe you wrote “tongue in Cheek” to provide us with some light entertainment.
    I do admit to enjoying “the flight of fantasy” so it did acheive something.
    A few “pointers” to reality.
    Peppersauce made by”our” Barbados producers.
    How does any Barbados manufacturer produce a competative product when the now Government controls the import of one of the main ingredients ;Onions ; and it pays next to nothing for them but “sells “them to the manufacturers at over 100% more than the World price and often runs out because of the totally useless running of the Government Agency appointed as “sole” importer.
    Then shuts off supplies and insists that manufacturers must buy Locally at 50 to 60$ a bag.
    Bajun Sweet Potato , Yam, Golden apple whatever.
    Have you seen the prices they sell at in Bim??
    I was was in UK recently and African products were cheaper there than we can buy them for in Bim.That was after travelling thousands of miles and been sold on thro wholesale and retail.
    Same goes for everything produced by the smaller guys.Our producers get a lot of lip service and damn all else.
    Have you any idea of the greed that plays a part in ruining our ,export chances?
    When “Bunker ” was 300$ a tonne in Trinidad it was $900″ a tonne in Bim.
    Shipping lines drop Barbados as a Port because it is too “bloody” exspensive for handling or whatever.
    Yes you are 100% right the sales and the buyers are out there.
    Just not for vastly overpriced Bajun products,made so by Government policy.
    I particularly liked your “Joke” about “Increasing our presence in areas where we can compete””.
    That would be where ?
    But “keep ‘um CUMMIN” Alvin ,life is just too serious at the moment we all need a laugh


  32. Dedicated to captain Freundel and his pirates /buccaneers:-
    BEFORE FEBRUARY 2013
    No stir in the air,no stir in the sea,
    The ship was still as she could be,
    Her sails from heaven received no motion,
    Her keel was steady in the ocean
    POST FEBRUARY 2013
    They hear no sound,the swell is strong,
    Tho’the wind hath fallen,they drift along,
    Till the vessel strikes with a shivering shock,
    Oh Chris! it is the Inchcape Rock.
    ….with apologies to R Southey….
    Sandiford took away the Waterworks money and paid the price
    Sinckler/Stuart taking away the NIS money and will pay the price
    Beware the Esses of the DLP,they bear bad tidings to bajans eventually


  33. @Alvin
    PS
    “Our” condensed milk is actually sold all over Europe.
    Because its made there.
    Now wanna talk about our evaporated milk??
    Which is made here and we had to dump 100s of thousands of $ worth cos it was Crap.
    AND we have lots lots lots more in stock we cant sell even tho the Government put 100’s of % of duty on imported to Evaporated to make it Exorbitantly exspensive and make our “crap” look so “reasonable”

    HMmm?? I wonder why Bim in such a financial disaster?
    Masterful Governance maybe??


  34. @Dr. Love.
    I abhor NEGATIVISM!!!
    Bajan Hotsauce produced in Barbados does sell here, it is however only carried by a few West Indian Stores. Right now I have a bottle of Amandas Bajan Hot Sauce in my cupboard, bought from Harry’s (jamaican) West Indian Store; and a few other such stores carry them.The problem is that our producers DO NOT PUSH THEIR OWN PRODUCTS. They wait for buyers to come to them.That will not happen.
    I know for a fact that Barbados has the capability and capacity to produce, in Barbados, ALL the onions they need so there is no need to import any; check with the Ministry of Agriculture.. Our land owners and farmers are just not prepared to do the work necessary to make this a success. I have lived back in Barbados since 1985 although I visit Canada every year, and I was there up to August last and will be returning around the end of June. I DO NOT WRITE TONGUE IN CHEEK, I am always very serious about what I write. I have investigated what I write about. We CAN export ALL the sweet potatos, Yams etc that we can produce, and there are buyers out there for them. Our sellers have to go to the buyers, find out what the requirements are, and satisfy those requirements.Fstivals and trade shows give the opportunity for net-working. What does the price in Bim have to do with the export price? If a producer can get $5.00 a pund for sweet potatoes in Bim, that is the equivalent of $2.50 per pound in Toronto. However with negotiations,price changes and deals can be struck. If a farmer or representative could meet with a buyer or distributor here and arrange with him to buy All the potatoes he can produce from one field possibly a thousand pounds I am sure that prices can be negotiated. etc.to make it profitable.The important thing is that efforts have to be made. You do not know you will fail until you have tried and failed.Prices are not too different between here and there. A tin of Hereford Corned Beef costs $2.59(Can) here. What is the equivalent in Barbados?. A tin of condensed milk costs $1.59(can) here what does it cost in Bim?
    As I said I went to that food festival on saturday and I saw many areas where we can compete, and that was NO JOKE. Jamaicans sell EVERYTHING over here; Breadfruit, Jerk Seasonings, Ackees (Bajan) Senna leaves (packaged) Sorrell (packaged), Tiger Malt as well as Vita malts sell well over here, Eclipse biscuits and SodaBix come in from Trinidad. If they can sell these things so can we. We can start small. Mauby syrup produced by Rose and La Flamme sell well. Our salesmen have to get up off their asses and SELL!!!
    CAN”t is a much longer word than CAN. We just haave to tell ourselves that WE CAN!How many other countries produce “Sugar Cakes”? No one else does; you could search the whole of toronto and you will not find any. Here is a Niche market. Here is a unique, new product for the Canadian market. Properly packaged here is an opportunity for a Bajan entrepreneur to introduce a new product to the North American market. Here I have given an idea for someone to become a millionaire. Think I am joking? The guy (from Jamaica) who brought the Jamaican Patty from Jamaica and introduced it to the market is now a multimillionaire, and jamaican Patties are bought by every ethnic group and sold all over Canada. My other word of advice would be to get a trade mark on the product or it will be stolen. Don’t laugh, this is no joke. Think of what happened with the Steel Pan, which we all know was invented in Trinidad, but a European now has the patent on it.


    • Another interesting point is the fact Minister Donville Inniss was quoted in the news last week that the government has/will be putting all the programs in place to ensure growth. We listen to the CBB Governor and one gets the impression that we need to undertake a significant change to our fiscal policy.


    • It is interesting to note that the video on the CBB website continues to be unavailable. Perhaps the following Barbados Today story clarifies it.

      Back pedalling
      Added by bteditor on April 10, 2013.
      Saved under Local News, Slider

      by Shawn Cumberbatch

      Government and the Central Bank of Barbados, one of its main monetary and fiscal policy advisors, are in talks to come up with an adapted strategy to fix a spending and revenue problem which is worse than anticipated.

      But one day after saying via a first quarter review statement that “the fiscal consolation strategy must be brought back on track, and a new medium term adjustment strategy must be implemented, using the current deficit as a point of departure”, the institution’s Governor, Dr. DeLisle Worrell, played down the assertion, saying the Freundel Stuart Administration was on the right track with its fiscal policy.

      The respected economist, while not ruling out the likelihood, also told reporters questioning him this morning at the Central Bank’s offices that it “doesn’t matter” if the local economy falls back into recession because measures were being put in place to “recession proof” the island.

      Worrell found himself in the hot seat this morning following his unexpected statement yesterday that Government needed a new fiscal adjustment strategy, comments he sought to explain today.

      The governor, speaking in the context of a higher than expected fiscal deficit in the just-ended 2012-2013 financial year, said what he was talking about was not “a new policy”, but “an adjustment of the policy that is already in place in light of what has happened in 2012-2013″.

      “We work very closely with the Ministry of Finance and Economic Affairs and in that collaboration we revise our projections as we go. So those projections are currently under revision in light of the information we now have on the fiscal performance in 2012-2013,” he said.

      “Those revisions imply that we need a new trajectory for the Medium Term Fiscal Strategy. If you thought that you were going to be at 4.6 per cent in 2013 and you are at seven per cent then obviously you have a new starting point and you have to have a new path.

      “So what we are saying is that we are committed and we are working collaboratively with the Government to the strategy of fiscal consolidation. We have reflected that in everything that we have said and everything that the minister has said but that strategy is now going to be on a new track, which will eventually lead to the same destination.

      “In life, as I am sure you appreciate, if you make a plan and circumstances turn out to be different from your plan, if you stick to your plan you are not going to reach your destination. You have to make a new plan, taking account of the new information that you have. That is what is happening, that is how we operate on an ongoing basis,” he added.

      Worrell also said the Central Bank’s economic projections, including sustaining foreign exchange reserves at the current level, were “entirely consistent” with Government’s recently approved Estimates of Revenue and Expenditure.

      He also said while his institution was advising government on the options available to it, the administration would have to determine whether it was going to seek to raise additional revenue or cut spending.

      “I am saying that what Government has done is appropriate to the circumstance at the moment so that the Estimates of Expenditure represent the adjustment that Government feels is appropriate for the current fiscal year based on the current projections,” he said.

      Worrell said Barbados was not in a “desperate” situation and urged Barbadians to see the silver lining instead of simply a dark cloud.

      As for the possibility of another domestic economic recession, the governor said he was not unduly worried about this.

      “It doesn’t matter because we have been preserving our quality of life, we have kept our reserves and we will continue to keep our reserves adequate, so it doesn’t really matters what happens in the next little while,” he said.

      “What matters is are we getting the things done that will make us immune to what happens in the rest of the world, even though we are dependent on foreign exchange because we would have laid such a foundation and developed such a reputation that … we will always be able to find the clientele that finds us irresistible.”


  35. The moment a central banker says “There is no need for an International Monetary Fund rescue mission.” it is already all over.
    Steady as she goes captain……………what I meant to say is iceberg ahead.


  36. Alvin Cummins………………..I feel your pain, However, I am too fed up to expand on what could be exported from Bim. Suffice it to say that the mentality is if broke local business people try to get funding for export, you can guarantee that others, including politicians will be saying “wha he/she would got more than me” same old bad minded, petty minded mentality and be sure if they do get the money it will not be enough to complete their plans for export…………just tired of the same old crap……….


  37. ”“What matters is are we getting the things done that will make us immune to what happens in the rest of the world, even though we are dependent on foreign exchange because we would have laid such a foundation and developed such a reputation that … we will always be able to find the clientele that finds us irresistible.””
    ———–

    ??????? ‘Immune to what happens in the rest of the world’???

    Go tell that to the numerous who have lost jobs in the last three years.


  38. “we would have laid such a foundation and developed such a reputation that … we will always be able to find the clientele that finds us irresistible.”

    Reminds me of the proverb “Pride comes before a fall” and “Self praise is no praise at all”. Why do we allow these officials to speak such self centered garbage? If this is what the people who run this country thinks then we are in for a very devastating awakening. Why not work on manufacturing, agriculture, cleaning and beautifying the island, prosecuting those who litter and dump, create incentives for the population to maintain their surroundings. Right now we are a getaway freight train heading for the mountainside.

    “What matters is are we getting the things done that will make us immune to what happens in the rest of the world”. It is very hard to believe the credibility of this Central bank governor. Which planet is he on?? What type of fool will mouth such a statement? We are in a free fall with no safety net. How can we be immune from the rest of the world when we import from and depend on the rest of the world? No man is an island and the world does not revolve around Barbados. We are the size of a fleck of dust with no manufacturing, dwindling Tourism, dwindling agriculture , no natural resources dependent on international funding and yet we want to be immune to the rest of the world? Fools tread where angels fear to go!


    • Of interest to BU is the fact that exporters normally extend 2-3 months credit to importers. Has the Central Bank done a forecast to determine impact if exporters reduced or eliminate credit to local importers? What would be the net impact of such a decision on our forex reserves?


  39. @Alvin
    You and the PM would make good Buddies.
    Could have .Should have . Maybe.
    IF.Possibly. Tomorrow.Next week. Next year.
    NEXT LIFE!!!

    I applaud your Loyalty .
    PLEASE temper it with REALITY.


  40. The governor may be ‘bright’, and he may be a good economist – whatever the hell THAT is, but he is clearly either crazy or a bowl…

    Who in their right mind makes such assertions about it being “immune to what happens in the rest of the world” or “impossible to come under IMF control” when EVERYONE can see our expenses rising (and we have a set of morons in charge without the necessary balls to control the increases) and at the same time, our income is falling (while the brass bows in charge are clearly clueless)

    MEANWHILE NO ONE IS DOING ANYTHING PROACTIVE TO ADDRESS THE SLIDE…
    …what does he expect to happen?

    …anyone who completed primary school can predict the outcome of such a scenario….

    ….besides, the governor comes across as cocky, arrogant, deceitful and untrustworthy…… Shiite man, he almost as bad as Clyde Mascot.

    There is NO HOPE for us!
    The sooner we realize that fact, the sooner we will all start to brek for we self…

    …and when we can have Ministers coming to the public with all kinds of ridiculous grandiose projects – straight from the boom years of the 1990’s – like building a new hospital; a new cruise terminal; new airports in St Lucy and massive multimillion dollar buildings to house civil servants (who everyone KNOWS don’t do one shiite and whose asses going home just now anyhow… as soon as the national savings being used to pay them for doing nothing runs out….)
    ….we must realize that the end is almost here…

    All of these people in authority smoking the same shiite or wuh?


  41. @Bush tea
    Bushie you really “Smokin” man.
    Shite,man. tell ‘um.
    Write on the end of a Sharp pointed stick and Juk it in dey Boxies.
    Moronic Jumbies, head in de butt reality.
    Hide under de bed.
    Any dam ting but de troot.

    How about we does Build de leanin Tower ah Pisa wid de Taj mahal on de top.
    Double helpin ah de pointed stick fer FUMBLE


  42. “…and when we can have Ministers coming to the public with all kinds of ridiculous grandiose projects – straight from the boom years of the 1990′s – like building a new hospital; a new cruise terminal; new airports in St Lucy and massive multimillion dollar buildings to house civil servants (who everyone KNOWS don’t do one shiite and whose asses going home just now anyhow… as soon as the national savings being used to pay them for doing nothing runs out….)”

    And you voted for these people to run the country?


  43. David those intended projects which Bush tea is speaking about was the DLP’s and they were speaking about it before elections. Bushie said that he voted for them because they were the best of the worst. He knew what they were planning long before election and yet he voted for them. It is like know that the doctor you are going to is a quack and yet you still going to him.


  44. Correction…. Knowing that the doctor you are going to is a quack and yet you are still going to him.


  45. The dancing governor of the central bank flipped yesterday and flopped today…………….i keep telling y’all economists don’t know anything about business…………let’s just call it being illiterate/ignorant business wise……….these guys are just armed with a fancy sounding degree trying to predict a future that is very unstable world wide…………..see that comment he made about being immune from world wide rot………..wait until the tax evaders/dodgers pull their billions to another location. Sick of these asses with degrees that are obviously useless to taxpayers well being.

    By the way, who does the PM thinks he is impressing, he could send his condolences to the demon Thatcher without our knowledge, we do not need to see, what we need to see his him taking some kind of positive action to get the economy right…………….after all, that is what is his being paid for monthly.


  46. @Alvin & Dr Love
    The big difference between Jamaica and Barbados when it comes to promotion of exports lies simply in the difference between JAMPRO and the BIDC. A colleague once attended a trade show in New York as an exhibitor, many years ago (that’s how long this has been going on). Across the aisle from his booth were several Jamaican companies exhibiting under the umbrella of JAMPRO. JAMPRO had set them up with TV video monitors, flowers and all the items necessary to make their exhibits attractive. Prior to the show, JAMPRO had made appointments for the exhibitors with potential clients, and the JAMPRO staff even manned the exhibits while the manufacturers met their appointments. My colleague, meanwhile, had sent a number of invitations to the New York office of the BIDC, for them to mail out to potential customers, and advised that office that he would be attending the show. The invitations were never mailed out, and for the entire show, no one from the BIDC New York office even came to see how he was getting on, never mind offer assistance. When his report was sent to the BIDC, the New York-based officer commented that “I can’t attend every trade show”.
    Need I say more? Have things changed?


  47. The BIDC is a joke……………….people who do business outside of Barbados knows this only too well…………it is definitely not designed to help business people who are starting, not with funding anyway. Sickening.


  48. All Carson & Sons jokers are wanna ready for Sandford and Sons…..”The BIG ONE Baby”…….Mr. Robot…(Ananijoh calypso)…

    I am a just a robot
    All watch me and see…
    I can move my finger
    But head can’t think fa free
    Just punch in some numbers
    And I can say relief..
    All unna can talk forever
    My mark upfront baby


  49. PLAYING POLITICS WITH ECONOMICS
    I may have missed it but I do not recall fiscal tightening, fiscal consolidation, cutting the deficit or what you wish to call it being part of the BLP’s political platform in the last general elections or in the buld up to it. If anything the BLP’s message has been to loosen the fiscal stance and “put money in peoples pockets, and it was certainly supported by Pat Hoyos and Sanka price among others.” Professor Howard is consistent, in that I understood him to have rejected the BLP’s platform because it stood for a loosening of the fiscal stance, and he is now criticising what he sees as a loosening of the stance by the DLP. Ryan Straughn has also been consistent. It seems to me that the others are using Economics to play Politics.
    I found the recent article on “fiscal sins” by the Opposition spokesperson on the economy interesting. If I understand the writer he is suggesting that governments should avoid current account deficits, and create space for capital spending.. The notion as I understand it is that expenditure on the current account side leads to “benefits” that are fully realized or utilized in one financial period, as opposed to capital expenditure where the benefits are realized over several years, and essentially enhance the capacity for growth in subsequent years. I can see the value of this approach and I generally accept it. However, the major elements in current expenditures for Barbados are on Health Care and Education. Do we really want to make the case that a capital project such as Kensington oval enhances the growth potential of Barbados more than current expenditure on Health care and Education? Are the benefits of a Tourism marketing campaign all used up in the year the expenditure is undertaken? Do we want to explore these issues or do we want to use the veil of Economics and its jargon to play Politics.
    The capital project of today may well lead to current account expenditures tomorrow and what happens if the capital project fails to generate additional revenues. The Judicial centre was a large capital project, I wonder how much operating that new larger centre adds to current expenditure in terms of operational costs and debt service, and its not clear to me where the new revenues have come from. Dodds Prison was a large capital project, I wonder how much operating that new larger facility adds to current expenditure in terms of operational costs and debt service, and its not clear to me where the new revenues have come from expenditure I could go on. How much of the increase in current expenditure is due to the debt service and increased operating costs of capital projects that have not generated new revenues? Again, do we want to explore these issues or do we want to use Economics to play Politics.
    My advice to the government, implement the things you said in your manifesto:
    1. Implement the Renewable Energy Legislation;
    2. Explore ways to merge and consolidate redundant government departments and statutory corporations. If that means job losses do it. You may have held the line as long as could reasonably be expected given the length and depth of the global recession.
    3. Implement the initiatives in the Creative Industries, Ecommerce and Digital technology


  50. I have no confidence in either the Governor of the Central Bank nor the Minister of Finance nor the Minister of National Security.They are all untruthful,
    deceitful,arrogant,self-opinionated brassbowls.I repeat:-
    OH CHRIST!!!IT IS THE INCHCAPE ROCK!!!


  51. The best of the worse are still bowls….

    Thanks for explaining that matter so well Observer. You just saved the bushman from abusing Islandgal – that gallows bait, who now seem intent on outdoing ac in rejecting any temptation to use common sense.
    Bushie thought that she was just a 2×4 welding vagabond, but it appears to be worse…. 🙂


  52. Observer
    Why do you have to write so much to say the same things that AC and CC have been saying on this blog for some time now.


  53. Loveridge can you explain for me the link between tourist arrivals and the increased costs of operating a hotel in bim, especially if as you say those costs have not been passed on to the customer?


  54. Observer,

    simply, its when your operational costs go dramatically up and you have contracted with a tour operator a fixed room rate maybe up to 18 months before the arrival date.
    Many hotels, clearly do not rely on the BTA to drive business, so if you have less or are not making any profit at all, then you do not have the marketing funds to increase occupancy. Secondly, when we loose so much airlift, as say in the case of Dallas/Fort Worth, then potential travellers look again of the time and cost it takes to reach us and as a result maybe switch to another destination.
    I also believe the dramatic fall in visitor arrivals has been caused by the lack of destination visibility in major markets, which has to be partially the result of budget restraints of the BTA.


  55. Bushie once we don’t agree with you we do not have common sense right?

    Observing both governments have their priorities screwed up. Things will not happen unless their backs are against a wall and there is no where else to go. We have bright young people who can assist the government in implementing the changes they need to make, however they are afraid or ignorant of implementation process. We have a government trying to govern using stone age tools.


  56. Islandgirl…………they are also frightfully afraid of change and how it would affect their ability to be self-serving.


  57. @islandgal,
    “What matters is are we getting the things done that will make us immune to what happens in the rest of the world”. It is very hard to believe the credibility of this Central bank governor. Which planet is he on?? What type of fool will mouth such a statement? We are in a free fall with no safety net. How can we be immune from the rest of the world when we import from and depend on the rest of the world? No man is an island and the world does not revolve around Barbados. ………………………….

    I agree with you islandgal.

    The Governor is very disingenuous with the truth. He is either a blasted liar or an idiot. What he think we for? For the last six years, all we were hearing from these Dems was that we cannot do any better. All we were hearing was ‘there is a world recession, we cannot do any better, we dont live in a world by ourselves”.

    Now all of a sudden,with the election gone, we are now immune from the rest of the world. What a darn liar!


  58. Thanks Loveridge so the impact is on your capacity to do adequate marketing.


  59. Liars don’t normally have great memories……………it takes a genius to be a great liar………………..can you call any of the present leaders geniuses??


  60. I wish comments on things like tourism would give us a bit more of the kind of details you are talking about. I can then understand the issues and where policy is affecting negatively, where there are other market trends and so on.

    What about the impact of our dependence on the UK market and decline in the value of the pound and the APD tax?


  61. Mercy ,Mercy Me…..cuddear….Respect people’s intelligence nah !……Now we immune from the rest of the World…”we luck to be independent”…..R2D2


  62. @Well Well, Dr. Love and all those naysayers, I thought this article should be published for your information and hopefully, edification. It is written by an American economist, not me, but I think it is interesting that he is referring to “niche markets”, something I postulated and was laughed to scorn by you folks. Laugh at this.
    Ed Lotterman: A Barbados vacation teaches about the wealth of nationsPublished: November 24, 2012
    2012-11-21T22:54:06Z
    By Edward Lotterman Idaho_Statesman
    Small countries and large countries face essentially the same economic challenges. What varies is their scale and proportion. Obviously, the economy of our country, with a population of 314 million living spread over 3.8 million square miles, is larger and more complex than that of Barbados, where I spent a recent vacation, with 285,000 people on a 166-square-mile Caribbean island.Yet sometimes looking at an extreme case provides insights into more general ones. A country like Barbados could choose to live in what economists call “autarky” — complete economic isolation with no trade or investment flows whatsoever. But given its extremely narrow resource base, this would mean a perpetual prehistoric standard of living. So no nation, large or small, chooses such isolated poverty, although North Korea comes close. Barbados thus has lived on trade for nearly 400 years. The necessity to trade is driven by the need to import. Without imports, Bajans, the people of Barbados, not only would be forced to live without cars and computers, they would lack anything containing iron or copper. They could not have electricity or modern medicine. If they want to consume things common in larger countries, they either must import those articles or the raw materials to make them. If they went the route of importing only raw materials and only manufacturing domestically, they still would face poverty. With only 285,000 consumers, their home market would not allow them to achieve economies of scale in producing nearly anything. Things would have to be made piecemeal in small shops as in the Middle Ages. Instead, the rational response is to import anything that you cannot make more cheaply yourself. That was the conclusion Adam Smith came to in 1776 as he refuted the mercantilist idea that exports are inherently good and imports inherently bad. But just as to consume means that one must produce, so to import means that one must export. How do you do that? Economist David Ricardo answered that in 1821 with the idea of comparative advantage. Should England produce wool, which it was good at, and wine, at which it was bad? Should Portugal produce both wine, at which it was good, and wool, at which it was bad? Or should England concentrate on producing wool and Portugal on wine? Then the two countries could trade with each other. Ricardo demonstrated that England could have more wool and more wine with trade than without. Ditto for Portugal. Both countries could be better off, because when each specialized in the area of production in which it had “comparative advantage,” resources in each would be used more efficiently. The practical problem is identifying where a nation has such comparative advantage. In the 17th and 18th centuries, it was clear that for Barbados, this was in sugar production. The profitability of sugar was so great that, for a time, Barbados’ cane fields were the most valuable real estate anywhere in the world. It exported sugar and imported nearly everything else, including food, simply because sugar was so profitable that it did not pay to grow other food for the island’s consumption. Similarly, in its early years, the United States, with abundant natural resources but scarce labor, had its comparative advantage primarily in products from agriculture, forestry and mining. Over time however, conditions shifted. Barbados continued to have good resources for sugar, but competing nations such as Cuba and Brazil had more room to expand and thus benefited from economies of scale as technology allowed for larger sugar mills. These competitors also had lower labor costs. The United States transitioned into an industrial economy. Barbados was not large enough to achieve economies of scale in any kind of manufacturing. If it adjoined other industrial nations the way Switzerland and Luxembourg do, it could have found manufacturing niches and integrated into those larger economies. But it was too geographically distant for that to occur. Luckily, it was able to transition to service industries, mostly in tourism, but also as a center of international corporations’ regional offices. Tourism not only required beautiful beaches and pleasant weather, but an educated, healthy population, good transportation, water and sewer facilities, low crime rates, stable government and an independent and efficient rule of law. And these factors are the key ones that give Barbados a comparative advantage in luring business operations. Because its options were starker, the choices were easier for Barbados than for our own country. We also have transitioned from a manufacturing to a service economy, although U.S. manufacturing remains far larger than many believe. But while the majority of Bajan workers transitioned from cutting cane to working in hotels and restaurants in the space of one generation and to white-collar jobs in the next, with significant rises in income, it has been relatively harder for former manufacturing workers in the United States. At about $20,000 per year, Bajans enjoy less than half of U.S. per-capita incomes. But that is the highest of any black-majority nation in the world and close to that of Portugal or Greece. Barbados faces many challenges, but gross domestic product and average incomes continue to grow faster than in the U.S. and the European Union. Economist Edward Lotterman teaches and writes in St. Paul, Minn. Write him at ed@edlotterman.com.

    Read more here: http://www.idahostatesman.com/2012/11/24/2355540/ed-lotterman-a-barbados-vacation.html?fb_action_ids=636292926396092&fb_action_types=og.recommends&fb_source=aggregation&fb_aggregation_id=288381481237582#storylink=cpy


  63. Alvin
    Good piece; what is needed though is for ALL members of Parliament to absorb and truly understand this piece. Then ALL bajans need to understand this piece not not the fixation on political parties that is the norm.


  64. i GUESS WE HAVE TO CUT GOVERNMENT AND HENCE WE START WITH ACTING CLERICAL OFFICERS ……SOME WHO WIL BE REPLACED BY SELECT DEM YARDFOWLS….


  65. @ Alvin
    Like all we producing is tiefin, liein oliticians….BTW where DEM 5 John Deere tractors?…..where the acres pun acres of sweet potatoes pitbulled just frm the eschlons of a recent olitician?…..the productivity duz water the eyes Alvin….think I want glasses?….or is Idaho potatoes he planting


  66. @ Prodical Son

    Surely you must forgive Governor Worrell. He has only been expressing the sentiments of his bosses, and justifiably so. However, juxtopose his outlook on the economy to the introduction of the $600M stimulus and the effects that it may have on the economy. Some may want us to beleive that the capital works program will stimulate the economy and create jobs, which will in turn increase the collection of taxes and NIS contributions. But we must also bear in mind that these jobs are short term, and self-employed persons will make up the bulk of artisans used in these construction projects. It is a well known fact that at least 80% of self-employed persons in this island do not pay income tax or contribute
    to the NIS fund. Yet they and their families will continue to enjoy FREE education, health care, summer camps, bus rides for their children, as well
    as welfare grants,subsidised bus fares, non-cotributory pensions, child maintenance, etc, to which they have never made any significant contributions,
    while the government must find the funds to continually provide these services.
    Essentially, revenue will come mainly from VAT receipts. Unfortunately, many businesses are not filing VAT returns and many others have never registered
    with the VAT office even though they are making in excess of the mandatory $60,000 per annum.
    Additionally, most of the building materials must be imported, which will require foreign exchange.


  67. Even at this stage – five years after the global economy stalled – and given our pride in education attainment, we continue to play the donkey. The time has come to stop the partisan bullshit and allow ideas from all and sundry to contend. It is very clear that the economy is in a comatose state and the time as long pass when we needed to be innovative to put a plan in place to fightback. What will it take?


  68. It is clear the ‘spirit’ or you may want to call it ‘confidence’ of many Barbadians has reached the snap-point. A necessary characteristic of a Nation and its people to overcome challenges/adversity is to be inspired by those charged with lead roles. Yes there was a general election and the DLP won but the vote was split down the middle. We remain a divided country.


  69. They did not foresee that there would be no wriggle room…………hindsight is indeed 20/20…………


  70. David
    The time has come to stop the partisan bullshit and allow ideas from all and sundry to contend. It is very clear that the economy is in a comatose state ….

    I just love the way you seems to see and hear conveniently….Did the New Leader of the Opposition not extend a freshly pruned olive branch on the first day in Parliament…..and what ?… received the usual blessings from Belly First…

    Partisan responses will forever continue regardless ….how else can we here on BU show up their double tongues and lost of ways….Did the Min of Agricul…not expound for hours on end about the coming John Deere machinery imports and his dreams of green sweet. potatoes fields carpeting our vales?…Did the gov,from CB not speak as if with an opposite and about turn since Elections?…..So what ya sayin David the now self imposes B.Master …how .can you help those who seems to have short memories and split tongues…..who on the whole refuse anything comin from the opposition as trite?……deaf ears will always remain…so will reminders.


  71. @Onion

    We ALL have to keep making the clarion call to government that a collaborative approach will send the right message to the populace. Hopefully some of them will get it through their thick skulls. Maybe they need to loosen the ties from around their thick necks and or loosen the belts to ease the strain of a burgeoning gut.

    Hal’s article is in and as usual provocative. He takes the Governor and the Central Bank to task. It is the economy stupid.


  72. By the way …I am all in…Did I not write a recent article (second last I submitted)…with a plea for all hands on deck?


  73. I am not an economist, or consultant, or financial advisor; just an interested observer from afar trying to be helpful.

    I hope I can be forgiven for my inability to comprehend the following remarks.

    “The respected economist, while not ruling out the likelihood, also told reporters questioning him this morning at the Central Bank’s offices that it “doesn’t matter” if the local economy falls back into recession because measures were being put in place to “recession proof” the island.”
    166 square miles and 280,000 people “recession proof”?

    The man has gone from “the glass is half empty” back to the “the glass is half full”; no “the glass is all full”, in one day.

    As you may know Canada weathered the 2008-09 financial crisis relatively well compared to most countries, and much of the credit has been given to the fiscal management direction from the Bank of Canada and its Governor, Mark Carney.

    The UK, in recession, was so impressed with Carney’s leadership, that they recruited Carney for the role as Governor of the Bank of England, which role he will assume in July. No doubt there was lots of “why do we need someone from the colonies” talk
    .
    This will no doubt seem pretty “out of the box”; but I would like to suggest the Barbados Government recruit one of Carney’s lieutenants at the Bank of Canada to help steer the good ship Bim through the rough waters it now finds itself.

    I am not suggesting that Government fire the respected economist (does anyone in Government get fired?); but that Government contract with a senior member of Carney’s Bank of Canada team to act as a special advisor to the COB.

    For ease of reference, below is link to the page in the Bank of Canada website with the names and profiles of the Bank of Canada Senior Management Team http://www.bankofcanada.ca/about/corporate-governance/governing-council/
    With his IMF experience, Timothy Lane looks like he could be very helpful.


  74. If the dancing governor of the central bank keeps up his flip flopping, there will indeed soon be a no confidence vote………….


  75. Onions
    I feel your pain, but people generally in elections do not listen and treat every thing as a political ploy.

    David
    We have too much ego in the House to get “collaboration”.


  76. No one is going to come over and “Fix” the situation, that is because no one would be stupid enough. Ego’s and pride have destroyed bigger countries that this one, this moron running the CB shows exactly what they would be up against.
    You going to see an IMF bailout, then a huge haircut in bajan paper (24% interest payments?????) that will obviously lead to serious loses for holders, then the share market will take a bigger tanking than previously.
    Currency could be devalued, yet I would say the possibility of the IMF pushing the Cyprus route as a way to hit the offshore “Tax Haven Status” and raise revenue is higher. I would say the possibility of that occurring is at least in the 75 percentile at this stage.
    Then govt will be looking for additional revenue and the only stable and easy one to quantify is land tax so that will go up. Additionally they may try increasing VAT and other import duties.
    There will be cutback in all govt services and the like, it is all the same. You have all seen in happen elsewhere, well the show is coming to town.

    Scream if you want to go faster.


  77. Wahloss a solution is to export golden apples, not golden apple juice (even a big test) but golden apples. PIMRP do. Wey the antiques and relics bill so we could embalmed this man?


  78. Bush tea why you don,t take that brass bowl and stick it where the sun don’t shine. it seems like the first thing you do in the morning afta you crack a yawn is to think about how much dog sh..t you can write on BU. how about coming up with some real solution . You Old Fossil! ac don’t need to have yuh kinda of commonse ac earns enough and ac head of house hold don’t depend on govt for nutting


  79. wunna fart hol….s that crticising the governor are the same people who had an administration that promise wunna from the pie in the sky to livng like the americans every man and woman owning a big car and a fourstory home.Wunna bought into it foolishly and now the hard times are rolling blaming all and every body but wunna self. Yes wunna got to tighten wunna belts the free lunch days are over.Talk to bush Tea he even starting selling Brass Bowls to fools like wunna.


  80. This Central Bank Governor is carefully choosing his words, it seems that he has been cautioned.
    Economic Independence?????? Ha just continue to fool the people Sir. He is back to his old tricks. We have a SUPERIOR infrastructure????? Superior to whom??????? Words like BOASTS, SUPERIOR makes people feel good BUT will that bring business to our shores??? In one breath he is saying we are have a superior infrastructure and in another he is saying that there are serious things that are hindering the Business sector. WHAT DO YOU MEAN GOVERNOR?????


  81. This man is trying to convince himself to believe what is coming out of his mouth.


    • The Governor’s argument is easy to discern. The strategy is for the government to protect our standard of living i.e. maintain employment in the public sector etc. Because we are located high on the HDI we have a buffer. But the elephant in the room is that the performance of the economy cannot sustain such a strategy for much longer. No wonder we are hearing from government the need to change the plan which was scoffed at during the election campaign. We predicted it wold happen didn’t we.


  82. LOL @ ac
    “….ac head of house hold don’t depend on govt for nutting”
    *********
    YOU is d head of house hold???!!
    Wha happen to the lawyer man ya had bozie…. He gone to Arizona too..? 🙂

    Bush Tea de ol’ fossil.


  83. Note ac was refering to “the HEAD of Household. the governor of the household of the family. apart from ac earning her own.


  84. i bet that all the crticise don’t even buy bajan products. but prefer to buy imported products sending much needed foreign reservers to prop up other countries economy.


  85. @ ac
    “Note ac was refering to “the HEAD of Household. the governor of the household of the family. apart from ac earning her own”
    ********
    Stop telling lies ac. The damn man gone long to Arizona and leave you to fend your ya self…. Cuh dear! No wonder you babbling so…


  86. ac I does buy Bajan products.

    Windmill and Aunt May’s pepper sauce (an green seasoning) eclipse and shirley biscuits and flying fish.
    That is all I can find from Babadus. So instead of worryin bout wha Bajans buyin in Babadus, export some mo products to Canada eh.