est. 2007

Barbados Underground

Bringing News and Opinions to the People

,

Review of Barbados’ Economic Performance January to June 2013

Text – Review of Barbados’ Economic Performance for the first six months of 2013

209 responses to “Review of Barbados’ Economic Performance January to June 2013”

  1. Bag Juice Avatar
    Bag Juice

    In the light of this revelation by the Governor of the Central Bank, I had no problem with the private sector calling out workers on Tuesday. The all-clear could have been given lon………g before foolish Adriel Brathwaite did at 11am. A whole day was wasted in a country where productivity is so low and the private sector is suppose to be leading the way to economic recovery. This is part of the leadership, work for every cent gained.

  2. millertheanunnaki Avatar
    millertheanunnaki

    @ GreenMonkey | July 10, 2013 at 10:54 AM |
    “The question is: are there sufficient rational and literate persons to save Earth?”

    I think this question should be phrased a bit differently as follows:
    The question is: are there sufficient rational and literate persons to save themselves and the rest of stupid humans from self-annihilation?

    It is impossible for mankind to destroy or totally lay waste Gaia (and I don’t mean Grantley Adams Int’l Airport). Gaia or Pachamama would eliminate those parasites in less than 100 solar years.

    Mother earth was here before modern self-destructive humans and it will continue after these frail beings temporarily appointed as custodians are removed one way or the other until her Creator is ready to remove this presently third rock from the Sun. Maybe by another larger Sun orbiting planet and certainly in the Omega of its parent star.

  3. millertheanunnaki Avatar
    millertheanunnaki

    @ ac | July 10, 2013 at 8:32 AM |
    “ now it is a new day and a different ball game. anyhow if it makes u feel better to say OSA was right go ahead cause that proves nothing..”
    Are we detecting a major backslide on your part, ac?
    So what do you think will happen when instead of putting more money in people’s pockets according to OSA you want to put the same money in their pockets by reducing income tax? Isn’t six the same of half-dozen?

    And you want VAT to remain? What are you going to say when it moves to 20 or 21% in a few weeks time in a futile attempt to curb consumption in order to protect foreign reserves to maintain the existing parity of the Bajan fast becoming useless dollar?

    Soon we will be hearing from you ac is how fantastic privatization is for the economy since it would stimulate activity in the private sector. And how the country needs to “rationalize’ those statutory corporations and merge some of the central government’s departments and divisions and agencies so if it means make some people redundant then that’s OK.
    Just go ahead like a true DLP weather hen posing as a yardfowl all dressed up in yellow.
    We are awaiting your wind vane to turn in the direction marked: “Way to Privatization in Barbados”.

  4. Pachamama Avatar
    Pachamama

    Seems like the antidisestablishmentarians are getting a beating.

  5. ac Avatar
    ac

    Miller not detecting any major backslide . not going to put words in my mouth for as far as of present the situation can be tweeted a bit. no miller i have not joined the “doom and gloom club” however with a drop in foreign reserves with a 3weekes defecit i belive that the time is now for more inflow to be oplaced in the economy and the tax cut might be the shortest way forward not a solution but will minimise bleeding.

  6. millertheanunnaki Avatar
    millertheanunnaki

    @ Pachamama | July 10, 2013 at 12:39 PM |
    “antidisestablishmentarians”

    Do you know, just for the record, that word is a derivative of possibly the longest word in the English dictionary?
    But it is a good word- despite its clerical relevance to Anglican apostasy from the State- to describe a modern day agent of change from capitalism to “Co-operativism” based on Eco principles. Let us call you simply an activist for the coming new world.

  7. Roverp Avatar
    Roverp

    Adrian how can you send home people without having an idea if they are working or not? Most of those who were sent home was as a result of their political affiliations.

  8. ac Avatar
    ac

    thereis nothing permanant about aeconomy . it is subjected to change and with change somtimes for the better . but the differnce comes about when necessary change occurs for the benefit of the country and people. .An economy could care less about what is happening individually but it is/incumbent on all leaders to revamp or retool if necessary when challenges arise.If only for better.

  9. millertheanunnaki Avatar
    millertheanunnaki

    @ ac | July 10, 2013 at 12:50 PM |
    “.. and the tax cut might be the shortest way forward not a solution but will minimise bleeding.”

    Are you implying that neither the Governor nor the Minister of Finance knows what they are on about and can’t tell difference between their elbow and their arse?
    How do you think the Governor intends to dampen expenditure to curb spending of forex? By putting more money in Bajans pockets? Come on ac we all know you are as thick as two planks between the ears but you can’t be so outrageously an idiot that Caswell would like us to believe.

    Read my lips: The MoF is planning to announce a range of tax increases and one of them is to increase the VAT rate to 20% or 21%, depending on the outcome of the status of the foreign reserves for July.
    Can you imagine people will be sent home from the public sector with no REDUNDANCY MONEY IN THEIR POCKETS?

    Will Stinkliar be forced to resign from the MoF after this budget? His credibility would have been shot out of the water and no one would want to deal with him after that. Totally damaged goods he will soon be just fit for dumping possibly in the MoA.

    But he can always join the priesthood to fulfill his lifelong ambition to be a man of the cloth after salting away a financial bagatelle (like his fellow garrison boy) from kickbacks while he was MoF.

  10. Carson C. Cadogan Avatar
    Carson C. Cadogan

    IMF Reduces Global Growth Outlook as U.S. Expansion Weakens

    By Jeanna Smialek

    “World economic growth will struggle to accelerate this year as a U.S. expansion weakens, China’s economy levels off and Europe’s recession deepens, the International Monetary Fund said.

    Global growth will be 3.1 percent this year, unchanged from the 2012 rate, and less than the 3.3 percent forecast in April, the Washington-based fund said today, trimming its prediction for this year a fifth consecutive time. The IMF reduced its 2013 projection for the U.S. to 1.7 percent growth from 1.9 percent in April, while next year’s outlook was trimmed to 2.7 percent from 3 percent initially reported in April.”
    http://www.businessweek.com/news/2013-07-09/imf-reduces-global-growth-projections-as-u-dot-s-dot-expansion-weakens

  11. Carson C. Cadogan Avatar
    Carson C. Cadogan

    In case any Of you blind people have not noticed, Economic forecasts WORLD WIDE are being constantly altered.

  12. Pachamama Avatar
    Pachamama

    @ David
    You know there are some people who never write any full articles to subject a large body of work rigorous scrutiny but expect that dirty pot shoot from the sidelines are able to deter others will well marshaled ideas.

  13. Pachamama Avatar
    Pachamama

    We think our fried Greenie is absolutely right. None of the economic problem can be solved or adequately addressed outside an environmental context. This is fundamental and thus must be our point of departure. Anything else is trivia.

  14. millertheanunnaki Avatar
    millertheanunnaki

    @ ac | July 10, 2013 at 8:53 AM |
    ” i dare you to state them and stop holding back the truth .the first step to good goverance is truthfulness..”

    Why don’t you stay in your own little league and stop taking pot shots at Pacha? Aren’t you scared you get trampled on inadvertently like an ant under an elephant’s foot.

    But to be truthful though, ac, we did not know you had the moral courage to make such a profound statement?
    However, you are talking to the wrong person(s). You need to aim that remark at the PM. he needs to come clean and tell the truth about the following:

    Is his administration going to layoff public sector workers as he promised will never happen?
    Is his administration going to privatize any state run functions or entities as he promised will never happen?
    Is he going to ensure as promised over his dead body and that of the DLP that tertiary education will continue to be “FREE” at point of access for all Barbadians?

    Is he going to honour his pledge and solemn commitment to the CLICO policyholders by ensuring they get back at least the principal portion of their investments and savings?

    Did he tell the little schoolboy a lie when he said he did not have in mind a date for the recent general elections?

    We will not even mention Al Barrack, the Four Seasons or even Almond far less the start of Pickerings Housing Development or even the Pierhead marina! Another $40 Million gone into Banny & Boyce pockets via an IBC in St. Lucia.

  15. Tell me Why Avatar
    Tell me Why

    In case any Of you blind people have not noticed, Economic forecasts WORLD WIDE are being constantly altered.

    Carson. Why is it that every time some one deals with an issue, you are always rushing for some sort of unnecessary extract to substantiate your lies. Even if the IMF predicts a smaller growth rate for the USA. What the hell it have to do with Barbados contraction by 0.6% and reduced foreign reserves etc, etc. It is time you and your cohorts take off your political garbs and start dealing with Barbados’ constant quarterly economic failures. Let’s get David from the east and forget MOF Sink-Less-Economic-Rhetoric

  16. Tell me Why Avatar
    Tell me Why

    BTW. What about the Dinner vouchers for visitors that the BTA stated would increase visitors arrival? Who are the food establishments benefiting from these vouchers? Are we still Wishing In Vain?

  17. millertheanunnaki Avatar
    millertheanunnaki

    @ Carson C. Cadogan | July 10, 2013 at 1:25 PM |

    But waaaaaaait! Is this the same DLP lapdog that nearly crucify the miller and cuss off the Head of the same IMF he is now so keen to refer to as a font of economic wisdom and prescription for economic survival and growth?

    Is this the same Carson Cuddear the Dogan that said the Governor of the CBB had every right to put Ms Lagarde in her ignorant place?
    Why are you quoting the IMF and its lackeys for an understanding of our economic problems?
    Why not follow Dr. Worrell’s advice and specific recommendations? Cut $400 Million and come again.
    Carson we, especially Observing(…), are still awaiting your IMF quality “advice” regarding the shaving off $64 million in public sector emoluments. The Opposition emoluments gone, now where is the rest?

  18. Weston Avatar
    Weston

    There’s only one thng worse than selling so much real estate to foreigners and that’s the mess that results when they decide to sell up and leave.

  19. CHAUCER Avatar
    CHAUCER

    Whoever is the MOF , east or west, the prescription is detemined by the IADB , IMF and Foreign Investors
    Watch Sir Kyffin and BNOCL, who will buy 40%

  20. Adrian Loveridge Avatar
    Adrian Loveridge

    Roverp,

    irrespective of their political affiliations, the BTA is not fulfilling its mandate.
    If they were sent home without a good reason, were they not members of a trade union? If so, why have the unions been so quiet then?
    Are you also saying the CEO/President contract was not renewed for political reasons?
    Who drives the new luxury Audi SUV now?

  21. millertheanunnaki Avatar
    millertheanunnaki

    @ CHAUCER | July 10, 2013 at 2:28 PM |
    “Watch Sir Kyffin and BNOCL, who will buy 40%”
    When this occurs the man would have control almost monopolistic control over the importation, storage, distribution and retailing of finished petroleum products in Barbados. With the acquisition of Exxon in the East Caribbean SOL will be able to set the price and determined the margins at each stage of the supply chain from landing to the retail pump.
    The Ministry of Energy will just be a rubber stamping body.
    What ever happen to black economic empowerment and enfranchisement under a black DLP run administration?
    Isn’t it time the SOL empire be “demutualised” from the clan and become a publicly listed and traded corporation allowing people to buy and sell shares like any other transnational corporation?

  22. june boy Avatar
    june boy

    Only today I heard a prominent DLP supporter saying the GOCB should instruct the commercial banks to freeze interest rates indefinately and force individuals and businesses to invest in Gov’t bonds so that banks and co-ops wouldn’t be able to hoard money. That would be CRAZY

  23. ac Avatar
    ac

    Miller we shall see how this all plays out. but i bet your ideas would not be part of the budget… totally overboard and recklessly off course

  24. CHAUCER Avatar
    CHAUCER

    @Miller
    White planter and merchant class prospered, will prosper under the DLP

  25. CHAUCER Avatar
    CHAUCER

    Black economic empowerment and enfranchisement?????
    Black bajans mentality is all about conspicuous consumption and a comfy civil service job

  26. NationBLPnewspaper Avatar
    NationBLPnewspaper

    You actually get more out of the views here on BU than from the biased Nation BLP newspaper. It is Wednesday and we can already forsee that Thursday- Mascoll will predictably be pursuing his poltical column dressed up as economics; Friday and the Saturday Editor Sanka Price will continue his one sided editorial presentations and on Sunday, look for BLP yardfowls Pat Hoyos and Albert Brandford to join the choir.

    Why does the Nation newspaper promote political propaganda instead of presenting both sides and letting the public decide.

  27. millertheanunnaki Avatar
    millertheanunnaki

    @ ac | July 10, 2013 at 2:49 PM | .

    “but i bet your ideas would not be part of the budget…”

    My ideas?
    According to Onions: Wuhloss!

    It is the Governor’s idea involving the slashing of $400 million from the expenditure budget that will see layoffs and initial programmes of privatization or to use a more palatable word “outsourcing” or even “rebranding”.

    The increase of VAT to 20% has been on the card since to 2010-11 as part of the MTFS but was resisted. This recommendation is not coming from the miller but the IMF in concert with the credit rating agencies and the IDB.
    Watch and see!

  28. David Avatar
    David

    What made this quarter the defining time to provoke the GOCB to call forceably for a 400 million dollar cut? Why not first quarter? Why not last year some time. We have been in steady decline for five years, joke!

    After we cut what strategies for growth have been identified which is a departure from those tried already?

  29. Observing(...) Avatar
    Observing(…)

    @miller
    Carson doesn’t have what’s needed to answer my question. 64 million in 9 months?

    If he does, I’ll ask him which 26 million of goods and services are going to be slashed and which private sector suppliers/small businesses will immediately suffer as a result.

    If he answers that then I’ll also inquire about the three stage IADB loan and the fiscal consolidation stipulations for drawing down any more of it.

    If he answers that then I’ll ask about who’s going to finance Almond as well as the “growth strategies” which apparently are supposed to run concurrently with the stabilisation strategies.

    @nationblp
    We heard the report. Why don’t you tell us your side now?

    Even at this stage all the MoF has to come and do is say…well, we tried and it didn’t work. We need all hands on deck. Both parties are to blame and all the fault isn’t his.

    Sadly though, non-partisanship, humility and forthrightness have not been any of his characteristic traits.

    Observing

  30. ac Avatar
    ac

    NO! miller it is your intrepretation of what the gov said . all this overblown talk coming from u gas bag is an attempt to cause fear and panic as if u and the other yardflows have not done enough. point me to any dialogue where the gov called for massive lay off and wholesale privitisation

  31. David Avatar
    David

    http://youtu.be/_grfzqz4ZiA

  32. Observing(...) Avatar
    Observing(…)

    @ac
    So let’s say there is “average” layoffs and “partial” privitisation after proclamations 4 months ago of none. Would this be “ok”?

    Also, the concern isn’t panic. It’s the 180 degree about turn with regards to what needs to be done and the seeming urgency from the government ..

    @david
    The frustration is understandable. Again, it’s not a lost cause but constant honest communication is key moving forward. Confidence has become an invaluable commodity. Outside of the heat, cut and thrust of elections, reality tends to lay everything bare.

    Observing

  33. DLP (formerly CBC) TV Avatar
    DLP (formerly CBC) TV

    COUGH….COUGH…COUGH!!!!!! @ miller YOU WANT TO MAKE ME CHOKE ON MY FOOD???!!?!?!?! De gov’t plan to increase VAT to 20%, dat is like throwing gasoline on a fire to out it!!!!. I don’t advocate overthrowing democratically elected gov’ts even if doan support them, but if that happens i would help bring Abu Bakr and the Jamaat al Muslimeen first class HERE first flight out of T&T!!!!. That would be utter madness??!!!! If they increase VAT then Stinkliar HAS TO GO!!! and then by extension Fumble!!!
    More and more i can see quiet little Bdos not know for civil disobedience reaching a breaking point under this gov’t. I can see after this years budget the temperature increasing in society and the calls for this gov’t to go increasing only 6 mths after it was voted back in.

    @NationBLPNewspaper your contributions are so BLASTED TIRED OUT it ain’t funny!!!. the Nation biased blah…blah…blah, the Nation pro BLP blah…blah..blah. If there is a gov’t there is an opposition, like they got DLP (CBC)TV (which is a monopoly that bajans got to suffer through if they can’t afford LIMETV, DIRECTV, MULTICHOICE) there is the Nation newspaper which is NOT a monopoly but by far the most popular paper in Bdos. Even if the Nation is “biased” then it should tell you where most readers minds are at.

  34. David Avatar
    David

    Forex reserve has dropped 200 million and if we add the EMERA and Republic inflows it gives a sense to whether the timing is right.

  35. David Avatar
    David

    The GOCB seems to be confident that 400 million can be cut in a 8.8 billion dollar without undue hardship.

  36. Gabriel Tackle Avatar
    Gabriel Tackle

    I count myself among the many on this blog that have been seeing this calamity in the making for the past 5 years of wild spending with no accountability in shoring up our vital Tourism,our IBC’s,our Manufacturing and our Agricultural sectors.The fatted calf mentality ensured jobs for de boys and the devil take the hindmost.I am beyond surprises of this unholy bunch of ne’er do gooders and pests which call themselves the DLP.If I had any influence,I would tell the BLP to let the DLP pull themselves and all who vote for them out of the mess that is the local economy.It is going to be hellfire and damnation if the IMF choose to medicate the Bay Street patient starting with reducing THE NUMBER OF MINISTERS,THEIR SALARIES ,PERKS AND PENSIONS.The difference with the likes of Stuart is that it would not have come to this if he was a true leader with his hand on the pulse of the economy.He is not a leader full stop.Dumb A…sss.All of us are now in a pickle because of one man’s procrastination and lack of vision.

  37. obeah woman Avatar
    obeah woman

    Soothsayer Ac-Carson…..beware 2 fowl foot mixing with 11 lavender candles ,heart of a owlet 4 salmonella tail of Ertw..ac and Carson ….feet swelling BIG BIG tomorrow …..wanna tell the people too many lie to get back in ..dat is what

  38. David Avatar
    David

    The unfortunate thing about the press conference is that the Governor was unable to speak to Four Seasons, Marina project, Almond and others which are significant expenditure projects in queue.

  39. Bag Juice Avatar
    Bag Juice

    Oh, how the mighty is about to fall. The best economy in the English-speaking Caribbean.

  40. Bag Juice Avatar
    Bag Juice

    @BU. The poor governor is looking so bewildered. Everybody jumping ship and leaving him in charge. Having lived, studied and worked in Jamaica for a while, I think I will be able to survive what is to come with this budget when it is announced. Bajans are not accustom to any shortage of items, or inability to live a decent life.

  41. Can't wait Avatar
    Can’t wait

    @Gabriele Tackle
    Endorse all what you have said. All those dumb head consultants like the Holder man that ran against Dale Marshall in the February 2013 elections being placed in the Ministry of Education getting the equivalent of a Deputy Principal in a secondary school salary. This man do not even have a degree. When those idiots are sent back to their original jobs, then I will consider taking a pay cut.

  42. Observing(...) Avatar
    Observing(…)

    @david
    What’s unfortunate is that if it’s “comfortable” to cut now, then it “was” comfortable to cut before…yet none were made.

    Observing

  43. TruthSerum Avatar
    TruthSerum

    From examining the CB report:

    1. It’s clear that government is borrowing to pay ordinary bills. The jump in T-bills by $433 million in 6 months is unprecedented
    2. 36.8 cents out of every dollar of revenue is going towards paying off interest. Debt is just already too high and is growing considerably every month.
    3. Foreign reserves import cover decreased from 19 weeks cover to roughly 16 weeks over the space of 3 months. The acceptable import cover is 12 weeks. At this rate of decline; we would breach that limit in just over 3 months if something isn’t done.
    4. Net capital inflows are anemic at 21.7 million, down from 266.6 million as at June.
    5. Can anyone explain to me why on pg11 of the report, the NIS section has been kept at a constant level from 2009 onwards? The note at the bottom is that data is unavailable .. .. what’s going on there?

    there are several more things of note in the report but to sum it up, it’s not a good picture. the government must act now as swiftly as possible to at least safeguard our dollar. If this means cutting expenditure; do it quickly.

  44. ac Avatar
    ac

    obeah woman | July 10, 2013 at 5:33 PM |

    Soothsayer Ac-Carson…..beware 2 fowl foot mixing with 11 lavender candles ,heart of a owlet 4 salmonella tail of Ertw..ac and Carson ….feet swelling BIG BIG tomorrow …..wanna tell the people too many lie to get back in ..dat is what

    and I bet u a devout Christian.

  45. David Avatar
    David

    The government advised the media people today repeatedly that the government has engaged the social partnership on the matter of cuts even as he was speaking. We are awaiting NIS audits promised by former chairman Tony Marshall.

  46. ac Avatar
    ac

    Observing(…) | July 10, 2013 at 4:56 PM

    @ac
    let’s say there is “average” layoffs and “partial” privitisation after proclamations 4 months ago of none. Would this be “ok”?
    |

    look nothing in the world of economics is written in stone. fluctuations occur daily,markets go up and markets go down and govt s are not immune to instability , but if needed adjustments are necessary so what. !
    however such adjustments should be done as to not hurt the most vulnerable, these are people lives which the govt is responsible for and such responsibility carries a lot of hard decision making and is not as easy to make as miller and others would want to believe. most of the time the measures which miller and other BLP yardflows are gloating and waiting and wishing to happen are measures of last resort and if and when implemented are done in phases expanding over a long period of time and not like what most expect to or should happen immediately.so the answer to your question is no cause quick austerity measures not going to take us any where especially when it affects the livelihood of people.

  47. TruthSerum Avatar
    TruthSerum

    http://www.nationnews.com/articles/view/sinckler-eyes-august-budget-with-new-mtfs/ was published in early April and talked about social partnership talks from then

    fast forward 3 months; social partnership talks are continuing; while Barbados’ economic indicators have worsened.

    talks can only go on for so long….action must be taken soon.

  48. Hants Avatar
    Hants

    millertheanunnaki wrote “layoffs and initial programmes of privatization or to use a more palatable word “outsourcing” or even “rebranding”.”

    Sounds like the Canadians advising wunna. Canada outsource entire industries to China.

  49. millertheanunnaki Avatar
    millertheanunnaki

    @ ac | July 10, 2013 at 4:39 PM |
    “point me to any dialogue where the gov called for massive lay off and wholesale privitisation”

    Honey chile , that’s the $400 MILLION DOLLAR QUESTION!
    You should ask the bewildered totally lost Governor and his sidekick buffoon of a MoF where that massive cutback in expenditure is going to come from.
    Where is the axe going to fall if not on personal emoluments aka people being sent home since there is no money to pay them.

    It is happening in the Private Sector so who the hell are public sector workers that they can’t be sent packing just like the people who really pay their salaries at the end of the day? Are there super citizens? Don’t the private sector people have families to feed to?

    Look ac, the government has cut every thing to the expenditure bone as reflected in the recently approved Estimates. Not even the new St. John polyclinic has been budgeted for.
    You cannot cut debt servicing commitments so what else to cut but basic supplies and emoluments.
    No supplies means no materials to work with. People just turning up for a pay packet idling all day, nothing to work with but twiddling their thumbs.

    What about cutting the size of the Cabinet as a gesture of commitment to the immediately required sacrifice?
    After all, there is more than enough fat there to trim. Just look at the size of the ministers like Sealy, Inniss, Estwick, and the lying Gorilla lookalike primarily responsible for the shit you guys are in.

    You should have heeded the miller’s warnings early last year when the fiscal patient was bleeding and all vital signs were sounding alarms. Now it is seriously haemorrhging and needs immediate and serious invasive surgery.

  50. Carson C. Cadogan Avatar
    Carson C. Cadogan

    Rich should spend Bermuda out of trouble, says Sousa

    By Ceola Wilson
    “Jeff Sousa wants the more affluent members of Bermuda to spend the Island’s way out of trouble.

    The OBA MP for Warwick West, believes the country’s immediate economic woes could be given a boost if ‘people with means’ renovated their kitchens, added a room to their house, or helped a child buy a cottage.

    Pointing to a lack of construction work on the Island, Mr Sousa believes an injection of wealth in that area could revitalise the economy in the short-term, while he, and his National Training Board colleagues, work on a national plan for Bermuda’s future workforce.

    “The construction industry is at a point where it’s going to be bottoming out real soon. It’s the worst that we’ve seen in a long time,” he said.

    “Now is the time to look at rewiring your house, redoing your kitchen, adding on a room to the house, assisting your son with buying a cottage. By doing that you will put work out there to the small contractors.

    “They in turn will be able to hire our people, Bermudians, and get them back to work. I personally feel that with that spread throughout this island, all 13,440 acres, that will revitalise and stimulate the economy in the short term right now more so than what a hotel would do.””

    http://www.royalgazette.com/article/20130710/NEWS/707109981

Older Comments
1 2 3 4 5
Newer Comments

Leave a Reply to buy instagram followersCancel reply

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading