- Text – Analysis of Barbados’ Current Economic Performance
- Audio – Analysis of Barbados’ Current Economic Performance
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110 responses to “Governor Delisle Worrell Projects Growth in 2015, International Reserves 1 Billion”
[…] Governor Delisle Worrell Projects Growth in 2015, International Reserves 1 Billion […]
Same old, same old rehashed bundle of lies. No wonder he cannot have a press conference!
The lying bastard gives a review to September………….he has figures and statistics to quote up to the end of September but conveniently quotes the unemployment figures at the end of June.What a deceitful bastard!
Where on earth is he going to be able to suck more taxes out of Barbadians? The consolidation tax and solid waste tax have wrecked havoc on peoples’ disposable income and with no salary increases in sight, how can this idiot advise the other idiot to tax us to get more revenue?
This, after the stupid government have not cut back on anything that suits their personal satisfaction. Does he think that Barbadians have forgotten that this bunch of wicked people spent $250,000 on ten people to go jolly riding? This governor himself is one of the biggest spenders of taxpayers money…………he spends more money on personal entertainment than any other governor and at a time when the bank has been making losses every year recently.
It is up to Barbadians to sit back and take this inept incompetent government for another four years! We are doomed!
@prodigal
Is this all you can offer. Can’t you discuss more objectively in light of what the governor reported, removing your political bias? Notwithstanding the current economic climate, there appears to be some improvement.
How can the 175 million deficit be plugged?
Bajans can’t take anymore. This is annihilation of a people NOW man.
Just to beat Owen Arthur, ya mean wunna had to destroy Barbados.
Listener you have to understand any easing of Barbados’ admittedly harsh economic situation is unwanted by Prodigal and his cohorts. Barbados has shown impressive resilience in this prolonged crisis its not been easy but the people and government have stood up manfully. The people who care about this country want to see it emerge from under the dark economic clouds. It isn’t Dr. Worrell’s fault we are in this position. He is reporting the facts as the Central Bank sees them. Its heartening to learn of the stabilization of the reserves and the fingers crossed projection of growth next year. If the investors on island were a bit more aggressive we may have seen some growth this year. They cant be blamed fully because the economic fundamentals suggest a shaky scenario for investors and therefore investor confidence is obviously low.
What is there to comment on? The man spews the same lies every quarter.
If there is no growth in the first quarter, it is nearly impossible to have any growth in the year. This man has been predicting growth every quarter and none has materialised….now he expects growth in 2015.
Be off listener….someone is talking to you in George Street!
Obviously more belt tightening is to come.
@Prodigal,
Not surprising of your response. Read from the script prepared in Roebuck Street!
@ Prodigal,
BTW, We are still waiting on the devaluation of the dollar that you predicted would occur by this time last year? Did you analyse the script from Roebuck street incorrectly?
@Waiting / Listener
The green monkey has more understanding of what is going on in Barbados than you two BAG BLINDED computers
There is a reality that an increasing number of Barbadians don’t have confidence in the central bank (Governor).
This recalcitrant Governor is back with his bogus figures,lies and snake oil salesman advice and prognostications giving advice on a worn and defeated economy,an economy which has had six years of stagnation. . Stuart,Sinckler,Quisling Boyce,and Physical Deficit Jepter Ince are clearly impressed having to give away a whole lot of taxation to the main driver of commerce in Barbados.It will have to be recouped and they will do so by more taxation.Make no bones about it this is a desperate cabinet and I dont see any growth prospects because no investment is coming our way despite all the grandstanding heard from the poor rakey parliament today.The cabinet must be reduced and their emoluments cut if this cabinet is to lead by example.There is a lot of institutional incompetence,a total lack of confidence in this cabinet,evidence of operational blunders and some personnel scandals.Dont expect Stuart,the Minister of Silence,to bring any stability to this ship of State.There was a time when Barbadians took for granted the ability of its parliamentary representatives to properly and adequately represent the interest of the electorate.We got only the best. Now we are getting some who are too stupid or too lazy to make a real effort at instilling investor confidence.Gaul bline all ‘o Dem.
@Gabriel
According to the Central Bank foreign capital inflows increased from 173 million last year to 399 million year to date.
According to the MoT Hyatt will be starting a 12 story twin tower hotel, Butch’s Beaches is in the pipeline with a few more projects to come in Q1, 2 next year. We wait…
The one thing I can say about the C B Governor with the help of this DLP Government,is he taking Barbados to the cleaners for the time he had to leave Barbados to find work, this man have this country up his
ass, he is going for the out house pit where he can cover with concrete, no water toilet, because it may float and he don’t want that to happen
is this android-man for real
@David
Another hotel to bail out. What tax incentives were given at the expense of the average Barbadian. Predict all you want, not everyone has money in their pockets, or a job that’ll wait until 2015.
This is starting to feel like a never-ending horror show. It is clear now why the GOCB decided against continuing to have the in-person quarterly economic reviews. It’s a bit much to ask a man to bullshit the entire country with nonsense in a live-recorded press conference.
@David | October 21, 2014 at 9:37 PM |
There is a reality that an increasing number of Barbadians don’t have confidence in the central bank (Governor).
David, while this may be true, there is another reality which I hope Barbadians are beginning to recognize and understand. This is that Barbados, as a very small island which cast itself adrift on an uncertain global tide in 1966, and called that process “independence” has not yet learned that the past is not prologue, but is a poor guide both to the present and the future. The Governor of the Central Bank of Barbados (G/CBB) is a bright individual whose ability to think counterintuitively I have always admired. However, that capability becomes a wasting asset when you are dealing with political nincompoops, whose only concern is how to retain the reins of power to extract whatever juice still remains in the mango that fell from the tree that Errol Barrow planted. If you try to eat the mango seed, rather than plant it and nurture it into another tree, you can be assured that the only thing that you will have to suck when hard times come, is salt. And we have an ocean of that around us.
We have new times confronting us, and our sole salvation will come from new thinking about how we can fashion a realistic future for Barbados. Forget the tired old attachment to political parties. While Freundel fumbles and Mia stumbles from one opportunistic position to another, poor Barbadians are hurting. WHAT A GREAT OPPORTUNITY FOR OWEN ARTHUR, NOW THAT HE HAS FREED HIMSELF FROM THE SHACKLES OF ADHERENCE TO THE TIRED IDEAS OF THE BLP TO BEHAVE LIKE A REAL STATESMAN, RATHER THAN A PETTY POLITICIAN, AND TELL IT TO US LIKE IT REALLY IS, OR AM i LOOKING FOR MORE PIE FROM THE CLOUDY SKY. MAYBE I WOULD BE WISER TO LOOK FOR PENNIES FROM HEAVEN!!
The fact remains that the doom and gloom prophesied by many has not up to now been realised by the majority and this must be food for thought.
@Lincoln Carrington Harper
If the vast number of Barbadians do not realise there is the so called normal at play then we deserve what we get.
Will they ever learn?
In all of the carping from the BLP yardfowls, the absence of Owen Arthur has left a big gaping hole in the BLP.
Mottley memorises statistics but knows nothing about economics and poor Mascoll is now relegated to the political town crier first and an economist second. This was exposed during the Chamber of Commerce session on the merits of the IMF when Ryan Straughn said to go to the IMF but despite all his criticism of the government, poor Mascoll ducked the question because he is still trying to be a politician instead of sticking to his calling – economics.
Mottley is going to regret the day she worked behind the scenes to chase Owen Arthur out of the BLP to fulfill her selfish, meglamaniac political ambition.
My take on the GCB report.
The report sounds and reads very good. We are on the mend. But why do the figures and graphs seem to be telling a different story.
The economic plot will be told by quarter 1 next year if 2% growth is possible. Quarter 1 is the jump off. If we don’t the ensuing discussion will be interesting. In the mean time expect deeper austerity measures as we try to meet the 6% target.
By the way, are we spending sinking fund money according to Mascoll?
@balance in referance to your comment.
It is called rebuilding and remodeling an economy which was stagnant and in free fall until the eventual happen,remodeling and reconstructing is going to be painful in short term but in long term be beneficial to all.
Lol ac no one is buying Delisle’s tales. We will await the Jan 2015 to March 2015 report. @David
What are these secret “rebased” GDP figures the Statistical Office are holding I am hearing about?
David; I just tried to access the pdf file “Text – Analysis of Barbados’ current economic performance” that is linked to the chapeau of this blog.
It is not there!
It might be just a temporary problem with the website but again it might not be.
Last night when I read it, but failed to copy it, The text made some startling but obfuscatory disclosures on how Government was financing the fiscal deficit.
If you copied the report could you put back up the original as a BU file?
Can someone dig up the amount of times this man has said Barbados will experience growth in this or that time. Jesus H Christ, can these people not simply come clean about the current status of an obvious sick economy – sick because you have spin-doctors who are currently only treating “empty-pocket-need-money-nitus.” Is it not obvious yet that if we continue to with this current mix that we all gine get mash-up and look like bare junk. YOU MEAN WE GOT TO FRIGGIN WELL HIT ROCK BOTTOM TO WAKE UP. Gaw Blimah how much more lies wunna gine tek?
@enuff
Jerry Stephen and others have hinted but we are waiting for an official dissemination of info.
@ enuff October 22, 2014 at 10:11 AM |
Lol ac no one is buying Delisle’s tales. We will await the Jan 2015 to March 2015 report. @David
What are these secret “rebased” GDP figures the Statistical Office are holding I am hearing about?…………………………….
I have been hearing the same. The real figures were put to the governor and he rejected them out of hand and said…..”you expect me to go to the public with these figures……….I want figures that I can work with”!
Hence the reason why the figures and graphs seem to be telling a different story.
@ Prodigal Son,
The GCB is supposed to stay “close to the truth” ever mindful that what he says could create “problems”.
Barbados does not need any more turmoil in the economy.
The governor has ceased to be credible in presenting the truth on the Barbados economy. He is just another lying DLP hack! A disgrace to the position of governor!
Prodigal the IMF in a recent reports stated projected growth for Barbados in 2015 .Am i now to belive that the imf are liars and in cohoots with the Central Bank? as u always seem to imply in reference to the gov.all it means now (is) that measures put in place to ” jump start”the economy have started to show positive signs.
@Prodigal
Mascoll needs to tell us if we should draw down from IMF loans.
Here we go again, the Private Sector Agency has come public to say its members have no confidence in the Central Bank report. How long must we continue in such an acrimonious climate?
ac | October 22, 2014 at 12:34 PM |
“Prodigal the IMF in a recent reports stated projected growth for Barbados in 2015 .Am i now to belive that the imf are liars and in cohoots with the Central Bank? as u always seem to imply in reference to the gov.all it means now (is) that measures put in place to ” jump start” the economy have started to show positive signs.”
The Governor of the Central Bank, in his report, suggests “The Barbados economy is forecasted to GROW BY 2% in 2015 and by 2.3 % in 2016.” Note, Dr. Worrell’s review is for the 9 months ending September 2014.
But according to the IMF’s bi-annual World Economic Outlook [WEO] released on October 7, 2014, the IMF forecasts a 0.6 % contraction this year in Barbados, followed by WEAK GROWTH of 0.5 % in 2015.
Perhaps you can tell BU which figure is correct, the IMF’s “weak growth” of 0.5% or Worrell’s growth of 2%? If you opt to go with Worrell, “am I now to believe the IMF are liars”?
Well, I guess you are correct AC…. growth is growth.
Meanwhile the private sector agency should be doing dilligence in getting the public,s confidence at optium level for the private sector adressing issues which have plagued and dogged the private sector years resulting in suspicion
@ Prodigal Son | October 22, 2014 at 12:15 PM |
Prodigal, what do you expect from that pathological liar?
I have been calling out the man for sometime now.
He is just a dangerous deceitful lying nasty piece of work. Even his unprofessionalism is beginning to undermine his compulsion to lie consistently.
The IMF officials for sure have no confidence in the arrogant two-bit jumped-up piece of academic shit.
Ask Owen Arthur if you have any doubts.
What is the government doing to grow the economy?
Bear in mind, it’s not only about growing the economy, but how the growth is achieved and who benefits from it.
We need to hear about the rebalance by the BSS.
In certain circles a joke is made about the fudging of numbers.
On Wednesday, 22 October 2014, Barbados Underground wrote:
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David | October 22, 2014 at 12:44 PM |
“Here we go again, the Private Sector Agency has come public to say its members have no confidence in the Central Bank report. How long must we continue in such an acrimonious climate?”
As recent as September 6, 2014, during a panel discussion “Consolidation and Growth Strategy”, Dr. Worrell defended the private sector against the criticism that they are not doing anything to revitalise the economy, saying such accusations were false. Worrell stated the PS was expected to invest $2B in the economy. He however admitted the sector is investing in the economy, despite complaining about what government is doing wrong and what they need to do, while asking the government to live up to its side of the bargain.
But we continue to hear a completely different story concerning the private sector’s role in Barbados, especially from the politicians and their yard-fowl supporters. It leaves us to ask, who is correct in this matter?
Arterexes
i probably hurt your guts to admit that there is projected growth for the barbados.ac wish she was a fly on the wall watching u squimmer in having to produce documentation showing any signs of growth.in the meanwhile something good is happening and it goes in contrary to what u yardfowls has been predicting..to borrow a phrase from BU deal with it
Yea, deal with it? There is only so long that you lying whelps can hide the truth!
All of us will deal with it then.
It is not only us who us who doubt the governor………..listen to the Private Sector who are out there daily and knows what is going on. Ryan Straughn and Dr Mascoll have rubbished the report and I find it passing strange that the President of BAS has reserved comment so far!
Agree the report is flimsy in economic feedback, if not for the data pages would have been a 2 pager.
On Wednesday, 22 October 2014, Barbados Underground wrote:
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Lincoln Carrington Harper
I love your mango seed analogy.
Elsewhere in the press (Advocate) is the following.
Several tourism projects in the line-up
MOT Sealy is quoted as saying: “We anticipate that an additional 84 000 visitors and 1 600 jobs will come from the two Sandals properties, and in fact $100 million annually on island earnings and this is foreign currency. $50 million would be spent on wages and salaries, $10 million would be spent on utilities, $20 million on local supplies and $20 million on VAT,” he said.
A year ago the MOT said the Sandals/Beaches properties would attrct an additional 130,000 visitors, so his bean counters have revisited their earlier calculations.
Given that it is at least three years before the Beaches property will welcome its first guests, it seems a bit premature to count on those visitors in projections made in 2014.
As to the Sandals property:
There are 280 rooms in this couples only property, so at full occupancy it will have 560 guests at any time.
Assuming each couple stays for one week it will attract 28,000 (560 X 50 weeks – 2 weeks closed for maintenance and repairs) per year.
But Casuarina/Couples were already attracting visitors. Assuming they had an occupancy rate of 75%, the property was already hosting 21,000 visitors.
So “an additional” 7,000 visitors per year (140 per week or less than a plane load) to Sandals (Casuarina).
Can the MOT, or MOF, or the GCBB explain how Government will recoup the revenue foregone with all the concessions given to Sandals (forgetting the recently approved concessions to the other hoteliers) from the additional 7,000 visitors per year.
And Beaches – when built?
Will have 426 rooms. At 4 guests to a room, has potential guests at 100% occupancy for 50 weeks of 85,200.
But, Bernie Weatherhead/SunGroup is operating 135 (of 395) ABV rooms, which at 75% occupancy for 50 weeks is 20,250 guests. So maximum “additional” visitors from Beaches is 64,950.
So, combined additional visitors from Sandals + Beaches = 71,950, at 100% occupancy – which is a stretch even with Butch’s “marketing might”.
Margin of error of 84,000 vs 71,950 = 17%.
PR spin, or just more LIES?
@DD
The benefit wil be in the marketing clout Butch brings which is projected to benefit the country. There a positive effect on airlift commitment by airlines.
On Wednesday, 22 October 2014, Barbados Underground wrote:
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Release of the report at this time is surely only to prep for more taxes (goodness knows form where) on the populace of the country.
Well, more going home. Because, people cant spend what they don’t have.
And when they stop spending, those places where they spent previously will have to send home staff.
Who go looking for NI unemployment…..
De whole a we going be employed by NIS time this done.
Yuh cant tax yuh way out a recession. Yuh only digging the hole deeper.
Tax me more, I gine gotta pack it in an go relax pun de beach.
Tink Gu’ment gine gi me onna dem nice new brand places NHC got?
Or dem only fuh yardfowls?
”Margin of error ”
Dog dead.
A big irony is that those Barbadians who are able to pay taxes have to stand for hours in a line to do so.
On Wednesday, 22 October 2014, Barbados Underground wrote:
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Hate to say this David, but honestly, this is to the young people.
Go West. Really. Get your exams and head West.