Submitted by Douglas
The recent report by the Governor of the Central Bank on the current economic performance indicates that the bottom has not fallen out of the economy as the leader of the opposition would have hoped. Yes, the economy did contract in 2013 by a mere 0.2%. A government which was able to control the decline in the economy after our foreign reserves dropped from an average of 19 weeks of import cover to the lowest of 13.4 weeks of import cover deserves some credit for appropriately managing the situation. At the end of the year we were able to restore the foreign reserves to 15 weeks of imports.
This DLP administration deserves credit for sound financial and economic management of the economy of Barbados during the economic recession. We have done an effective job to stabilize the economy and minimize the decline in growth. When compared to previous economic recessions which the country has faced over the years, there is no precedence for such challenges in the Barbados Economy.
We did not adopt a mentality like “Chicken Little” (we leave you to decide who is Barbados’ “Chicken Little”) preaching doom and gloom and warning friends about economic peril. Instead we moved with great haste to develop and implement measures to correct the situation and place the Barbados economy on a sustainable growth path.
We in the Democratic Labour Party firmly believe that, “Cocky Locky”, “Henny Penny” and “Turkey Lurkey” have all lost confidence and faith in “Chicken Little”as well.
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