The protracted global economic performance continues to erode the economic gains made by developing countries in the last 25 years. It is evident the capitalist system which has fuelled greed and consumption behaviour worldwide has create an insatiable monster.

The current state of play in the world economy continues to confound our best and brightest. Clearly the economic model which Barbados has developed post Independence is inadequate to sustain our standard of living now and in the future. It is no accident that service based economies continue to lag those which are commodity based.

BU accepts the view that GDP is not the most sensitive economic indicator to measure performance. The reality however is that it is the key measure which international finance companies and credit rating agencies factor to assess country performance.   The Governor of the Central Bank of Barbados recently opined that within the walls of the Central Bank and the ministry of economic affairs is where the greatest expertize and knowledge can be found about the Barbados economy. Simple logic suggests there is great merit to this position. A review however of the World’s Fastest Growing Economies – Rank by 2013 GDP Growth and  World’s Fastest Growing Economies – Rank by 2013 GDP Growth one cannot help but be perplexed.

Barbados is currently raked #19 out of 40 in the world’s slowest growing economies  with Jamaica chasing at #22. The eye-opener is that Iraq and Haiti are ranked #7 and #29 respectively. It is clear that we are well on the way to hell in a hand basket.