- 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”
Ironically, I realize since i posed, that the clothing is Blue and Yellow, to the White and Red (Canada) and Blue too (USA).
Life may not be peaceful, but ….
ac | October 22, 2014 at 1:53 PM |
“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…”
Watch me “squimmer”? Can you indicate in any of my contributions to BU where I stated I did not want economic growth in Barbados?
I think you are focusing on the wrong issue here. Dr. Worrell projected growth at 2% in 2015, while the IMF’s projection is 0.5%. That’s where the discussion should be focused, especially against the background the IMF also predicted growth for Haiti – 3.8%; Dominica – 1.8%; and St. Lucia – 1.4%, while the Dominican Republic’s growth is projected to expand by 4.2%, all in 2015.
So, for you to suggest Barbados’ economic growth in 2015, projected by the IMF at LESS THAN 1%, is a sign that something good is happening is LUDICROUS. This is indicative that you don’t know anything about economic issues or economic forecasting.
But as the resident DLP yard-fowl and chief spoke-person on BU, you will obviously take comfort in this. A forecast is comfort for a fool.
@ arterexes
long wind talk,, and guess what i am rolling my eyes, what nerve to be name calling just because ! what is there too know about economic forecasting ,the facts are that both imf and worrel stated expected growth in the barbados economy the only ones to be looking for a faster growth are the :real; BLP yardfowls” who are running counterclockwise to any good developing news about the Barbados economy, be that as it may speaking of forecast, the BLP had forecast that the barbados dollar would be devalued ,the BLP had forecast that 10000 workers would be laid off, the BLP had forecast that OSA was going to be the next PM of barbados in 2013 because PM stuart had run the country into the gutter none of which has happened, now u Arterxes come out her guns ablazing talking about forecast, steupse, tell ac something that ac never heard before, go deal with the facts of developing growth ,
@Artax
When will you learn?
On Wednesday, 22 October 2014, Barbados Underground wrote:
>
David | October 22, 2014 at 5:29 PM |
“@Artax: When will you learn?”
Thanks David, you are most certainly correct, it seems as though I haven’t learnt that AC cannot engage in a serious discussion without politicizing the issue. It must always be DLP versus BLP.
But, it’s my fault, trying to engage someone who knows absolutely everything about everything. There has not been one article BU presents for discussion the idiot has not expressed an uninformed opinion on.
Goodbye AC!
BTW Sugar or High Fructose Corn Syrup?
High-fructose corn syrup, which does come from corn, gets a bad rap. But your body processes it almost the same way it does “table” or “regular” sugar, which is made from cane or beets. Your best bet is to go easy on both. High amounts of any added sugar can lead to weight gain and problems like high blood pressure, type 2 diabetes, and heart disease.
no! as long as the BLP operatives can’t control the debate welll ,, they like the cricket team they pick up ball and bat and head to some where, Now what is there to debate after six long years of hearing the same doom and gloom scenario . ac sat back and listen to the ” rag me tag debates ” about the downgrades . the university fees and on and on for six years now comes along a piece of good new and right away one artexeres brings out the steel pan and plays a different tune,well ac not playing that,
@ac et al ‘piece of good news’… what, that the fiscal deficit is still not being met and thus Bradshaw is delivering the opening salvo on behalf of Sinckler, because Sinckler throws MORE taxes at the populace?
Please….we know what hymn sheet yuh singing from, but it does get tired.
”Bradshaw is delivering should be Worrell is delivering”/ apologies.
PM should have fired both Worrell and Sinckler already.
Crusoe | October 22, 2014 at 7:20 PM |
“PM should have fired both Worrell and Sinckler already.”
It seems as though when you are not singing from the same hymn sheet as the DLP, you are characterized as a BLP operative. It’s so sad to know that some people are not individualistic or have an independent thought unless it’s developed within the realms of a political party.
Only a fool would take solace in the fact that an economy is PROJECTED to grow by 0.5%, which is less than 1%, in 2015, without taking certain variables into consideration.
For example, according to the press release, Dr. Worrell stated “Further revenue enhancement and expenditure adjustment equivalent to 2.0 percent of GDP will be required in the second half of the fiscal year, to bring us to the target deficit of 6.6 percent of GDP.”
In other words, the government must implement further revenue earning policies and reduction in spending to achieve this target. Obviously, there will be an increase in taxes, which will cause consumers to spend less, thereby affecting aggregate demand and supply.
And a reduction in government spending would mean a reduction in transfers and subsidies (grants to public institutions). Therefore, it is evident that households will have to pay for some goods and services, which are currently being provided by the state “free”.
So we can see the effect on economic growth.
Listening to the Alex McDonald, Chairman of the Bdos Private Sector Assoc, press conference, it can be said this Alex is a pure contradiction; why did Lime kick is ass out
David
At a time of payment of Land Tax,the Freundel Stuart administration(this man is responsible for the Civil Service)used this time of year to 1)Open a new tax office at Warrens minus credit card terminals 2)opened an office at Weymouth Corporate Centre,Roebuck Street minus credit card terminals 3)
closed the Holetown Land Tax office(which had credit card terminals)so that those folk who prefer to pay by credit card could only do so at the Oistin office.The upshot of all this inefficiency and bureaucratic bungling,overseen by none other than the Minister of the Civil Service,one Freundel Stuart,is that the Oistin tax office is inundated with hundreds of taxpayers daily,many of them senior citizens.Wives standing in line and being relieved by husbands after a ‘vigil’of 2 hours in a snaking line of 70 or 80 people.
Can you imagine folk wanting to pay tax must like in the New Testament story of the birth of Jesus,travel from North Point St Lucy up to Oistin on the other side of the island,if you want to use your credit card.What kind of mean spirited,heartless government would expose ts citizens to this cruel hardship.Only the Democratic Labour Party.Not only do they not care,they are out of their depth.They have no kindness or consideration for the citizens of Barbados.This is a wutless,depraved,lowmind bunch ‘o bag blind hoes pretending to be educated.
What is striking is that the Stuart is no extraordinary person as was Adams senior and junior,or Barrow,or Bree St John or Owen Arthur. Stuart is a colossal misfit.A bigtime pretender and a massive failure.The sooner we are rid of him and his pissy cabinet,the better for Barbados.Sadly I have no confidence in Mottley.It seems that whereas power and nature does not tolerate a vacuum,politics in Barbados does.This is crazy.
Power and Nature do not…….
Gabriel | October 22, 2014 at 9:21 PM |
“What is striking is that the Stuart is no extraordinary person…….”
You can’t be serious with that comment. According to his PR agent “First and foremost PM Stuart is a sticker for legalities which is why so many will proffer him to be slow and indecisive…..”
@Gabriel;
Is it fair to blame the PM for or should it be the Commissioner of the BRA?
Note also BRA has flagged taxpayers due to get a tax refund of six thousand or more, so that again the middleclass who are encouraged to invest in pension plans and avail other tax breaks will have to suffer.
YES.Stuart is a “Stickler” fuh sure.
We”Stuck” with him.
Artaxerxes | October 22, 2014 at 9:15 PM |
Well said re ‘the economy is going to grow, don’t mind basic economics that will indicate that the additional taxes we are about to slap on will make it contract with MORE jobs lost….and thus further contraction’.
Ha. Double talk indeed. But they want the average man to think ‘wait, but like dem doing good, the economy going grow’.
Only way that could work, (seriously) is if the Gu’nor now acknowledging that the underground business activity is growing and of enough significant size to push the reported activity.
Well as most I know there are those who don’t declare their income but if Guv’ment says it is that large, well…..why the rest of us Shmucks paying taxes??
Stupse.
Think I am going to get a T Shirt printed for myself.
‘I Am A Shcmuck, I pay Taxes’.
Whatchya think?
When in the notorious ’90s Erskine Sandiford ran the economy to the ground,even taking away the big nest-egg Nicky Sealy had saved at Waterworks to replace rusting and aged pipelines,Barbados Shipping and Trading had threatened to stop payment of all taxes to the Treasury,later denied by the scion of commerce at that time and a known acolyte of the Democratic Labour Party,Dougie Lynch.It would appear that such a move is in the making to force the hand of the Governor General.Last count of ayes indicates the 11 is now nearer the magic number.
According to Mascoll “last week, the governor of the Central Bank told a CIBC world markets panel discussion on the Caribbean that there was no evidence of an economic recovery as yet.” Is this true?
what good news this person called ac talking bout ? Is it Transport Board Workers severed and having to make noise for their money or the continuing saga of Barack ? Over 150 million owed to UWI by Government; A silent dum dumm kind of PM; A stupid idea called Barbados Revenue Authority that has in one fell swoop destroyed Internal Revenue; Licensing Authority and Customs ; Immigration; Land Tax the Central Bank , CBC and the Transport Board -hampering Revenue collection and destroying innocent people who we call workers ?
Crusoe | October 23, 2014 at 5:31 AM |
“Only way that could work, (seriously) is if the Gu’nor now acknowledging that the underground business activity is growing and of enough significant size to push the reported activity.”
Your reference to the underground economy is a very significant point.
Illegal gambling, illegal drugs, illegal guns, prostitution and loan-sharking are all goods and services that meet the requirements for GDP. They are final products with a value determined in markets, but not reported in GDP. Tax evasion is also included in the underground economy, since those individuals involved in black market activities avoid paying taxes.
BRA = BIG ROUND ASS
BRA = BREASTS RESTRAINED ALWAYS
BRA = BARE RASHOLE ARROGANCE
David | October 22, 2014 at 2:37 PM |
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.
The only person Butch is in Barbados to benefit is Butch.
My math must be wrong, or I must be missing something; but I do not see the additional visitors to the Sandals property driving more airlift.
There are 280 rooms in the “couples only” Sandals property, so at full occupancy it will have 560 guests at any time.
Assuming each couple stays for one week Sandals will attract 28,000 (560 X 50 weeks – 2 weeks closed for maintenance and repairs) visitors 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 Sandals will attract “an additional” 7,000 visitors per year, or 140 per week, or 20 per day.
How does the need for 20 extra seats per day, to be shared by US Airways Jet Blue, American, Air Canada and Westjet, translate to greater airlift commitments from the air lines?
Greater airlift will become an issue when (if) Beaches, Four Seasons, Sir Sams, the Hyatt Twin Towers, Pure Beach, Merricks, etc. become a reality..
But it will be some years (probably after the next election) before any of those properties welcomes their first guest.
David@arterexes
When will you learn
………………………………………….
That is one yardfowl ! with not enough scratch grain to feed
@DD
We will have to wait and see but private investment is about satisfying a mutual arrangement. We operate in a free enterprise don’t we?
I am not convinced of the sincerity of David Ellis, who in my opinion no more than a news reporter but when I heard him on Brasstacks this morning I thought this was a strategic move by him to defend his friend Deelisle Worrell and the crap spewed forth by the same worrell as a true and accurate state of the performance of the economy based on statistics submitted by the Barbados Statistical Service.David Ellis fits the description provided by his friend Peter Wickham who suggested that journalism is a source of prostitution.When nobody called because nobody believes anything worrell or stuart says,Ellis brought in the controversial plain speaking,bull-in-a-china-shop approach adopted by Ryan Straughan,hoping to get the opportunity to put a positive spin on the worrell man.Barbados journalism stinks to high heaven.
Do we have any professional journalists in Barbados?Do we have any Marsha Watsons in journalism in Barbados?It seems we do not.
I’m reminded of a quotation by Ralph Waldo Emerson (1803–1882):
“A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines.”
Some people think to be consistently spewing rhetorical political diatribe that has no place in serious discussion, rather than on the political platform, is the cool thing to do. They believe this is demonstrating loyalty to their political party. However, they must recognize there will be occasions when trying to be consistent in applying the same method into different undertakings is not a wise choice.
Hence, when an individual has endeavored to be foolishly consistent, even in the face of new circumstances or facts, they are effectively giving into a bad impulse [hobgoblin], which evidently indicates they have “little minds. Essentially, they don’t have the ability to think [rationally and analytically] for themselves.
The country sick, the country ain’t well and the PM sitting back and enjoying a nice rum and coke as he ponder the next set of victims to send home. And since I do not respect the arrogant son of a silent …itch (stuupse want the call he a c….nt) I see no reason why he can’t simply fire himself and let the entire island, except his PIMPS, applaud. With the DLP you can expect change for the worse…ITS WRITTEN IN HISTORY’S PAGES
Artaxerxes | October 23, 2014 at 12:00 PM |
I’m reminded of a quotation by Ralph Waldo Emerson (1803–1882):
“A foolish consistency is the hobgoblin of little minds, adored by little statesmen and philosophers and divines.”
Good post, but to infer that the politicians in Barbados are “statesmen” is flattering in the extreme to those politicians.
DD has no party affiliation, nor does he have a vote. Just an observer from the Great White North, who finds the partisan politics played by both parties to be negative, adversarial, offensive and misleading, if not outright lies.
A perfect example of the “consistently spewing rhetorical political diatribe’ is the recent performance by Minister of Finance Christopher Sinckler in Parliament reported in the Advocate at
http://www.barbadosadvocate.com/newsitem.asp?more=local&NewsID=39537
“THE Minister of Finance Christopher Sinckler believes that the Democratic Labour Party (DLP) has revived and brought new life to the tourism industry in Barbados with each new brand name hotel brought to the island.
Lauding the present Minister of Tourism Richard Sealy for his work in the sector, Sinckler said, “We are now on a course where we have repaired the body, the middle, the gut of the tourism investment pool in Barbados.”
…………..
“So it is conceivable that in the next 18 months to two years, we can have investments from Sandals, we can have brand names like Sandals, Hyatt, Wyndhum, we have Hilton, Marriott on the island… we are talking four or five major properties on the island, and we have Radisson on board – six – and we would have done that.”
Blame all that ails the tourism industry on the previous Administration, and take all the credit for all the positive developments that are “expected” to come to fruition some day.
DD does agree with the Minister that the Americans (and Canadians) like brand names, with their marketing might.
BUT, it is also conceivable that five years from now the only brands will be Hilton, Marriott, Radisson, and “soon come” Sandals.
The Minister failed to mention the Four Seasons development, which was put together by the previous Administration and fell apart under this Administration, whose efforts to the resurrect it have so far been unsuccessful.
The Minister of Finance and the lauded Minister of Tourism talk about the $200 million dollar rebuild of Sam Lord to be operated by a major brand; but fails to mention that the property, formerly managed by Marriott, was acquired, and left to decay for years by CLICO (who I understand still owe the Grant family for the property).
He failed to mention the Merricks and Pure Beach projects, started under the current Administration; but which have failed, leaving hundreds of offshore investors who have lost all the millions of dollars they invested for a piece of de Rock to unscrupulous promoters who were allowed to set up shop in Barbados by this Administration.
Is the PM well?
Why has President of the BAS decided not not make a comment on the Central Bank’s report as is the normal practice?
Has he been silenced as a result of recent promotions elsewhere?
I am just asking!
@ Due Diligence | October 23, 2014 at 1:49 PM |
“THE Minister of Finance Christopher Sinckler believes that the Democratic Labour Party (DLP) has revived and brought new life to the tourism industry in Barbados with each new brand name hotel brought to the island.
Lauding the present Minister of Tourism Richard Sealy for his work in the sector, Sinckler said, “We are now on a course where we have repaired the body, the middle, the gut of the tourism investment pool in Barbados.”………
Some time ago, to pre-empt the bad news of a coming downgrade, this duo called a press conference and announced a kinds of lofty projects that were to come on stream in weeks……..the liar said……”the project is on my desk and will be signed off……the next project and the next project will be taken to cabinet in two weeks”……and on and on the promises went.
We are still waiting. A caller on Brasstacks asked today about the much touted marina and the Bridgetown development plan. Have you heard them spout anything of these projects since that press conference?
Does anyone believe that a brand name like Hyatt would construct a hotel on Lower Bay Street with Miss Ram junk yard below it and the junk Empire in front. Give me a break!
Prodigal
re you saying the Empire has not been restored.
This is from a January 16, 2013 story in Barbados Today
$10 m. facelift for Empire Theatre building
$10 million!
That’s how much it will take to restore the historic Empire Theatre building.
The long awaited restoration is expected to commence very soon, but cost will not be borne by the Barbados Government. Instead, a consortium of investors, led by Mark Maloney of Preconco Limited, will finance the entire project from their own coffers.
This was revealed by Minister of Culture, Stephen Lashley, this morning as he updated the media on the restoration project.
Though he was unable to definitively state when the work would begin, he assured that the company had the finances and were set to commence work as soon as the Town and Country planning approved all of the proposals.
…………….
The Empire Theatre was constructed in 1922 and was believed to be last operational in 1984. Efforts to restore the building date back to 1997.”
Must be waiting T&CPO approval.
I guess, in the words of the MOF, work will start SOON.
Once that is cleaned up, Preconco will be able to get on with building the Hyatt Twin Towers.
@ Prodigal Son | October 23, 2014 at 1:53 PM |
“Why has President of the BAS decided not not make a comment on the Central Bank’s report as is the normal practice?”
I believe you are referring to the President of the Barbados Economics Society (BES).
The man has been silenced using typical DLP torture techniques. You either stop with your criticisms of the policies of the this DLP administration or you lose your little pick on the Hill and starve.
Don’t be surprised if he has taken over from Prof. Howard.
One thing for sure about Jeremy. He will never be the Guv of the Central Bank which is in for major restructuring and downsizing.
Isn’t PM Stuart suppose to be Chair of a Cabinet sub Committee to oversee the timely implementation of government projects to drive economic recovery?
On Thursday, 23 October 2014, Barbados Underground wrote:
>
I see Wacky WORRELL is once again making HEADLINES……
—- predicting future growth– I thik I heard this one in 2011,2012 2013 and now 2014, at least he’s sticking to a constant tune, even though he’s totally out of tune.
—- quoting numerous financial facts, where are the numbers to match the quoted facts. IMF states that they do not believe the BOB facts.
—- quoting billions in future projects taht are going to save the country. Country cannot even finish what they’ve started — Four Seasons, Pierhead Development, New Port Facilities, should I go ONNNNNNNNN.
—- NIS(poor pensioners money) bailing out the TRANSPORT BOARD severance payments
AND THE LIST GOES ON AND ON AND ON, meanwhile the country falls further into recession and imminent FINANCIAL FAILURE.
DEATH, TAXES, CORRUPTION AND MIS-MANAGEMENT.
@ Gabriel | October 23, 2014 at 8:18 AM |
“………….,Barbados Shipping and Trading had threatened to stop payment of all taxes to the Treasury,later denied by the scion of commerce at that time and a known acolyte of the Democratic Labour Party,Dougie Lynch.It would appear that such a move is in the making to force the hand of the Governor General.Last count of ayes indicates the 11 is now nearer the magic number”…………………….
Gabriel,
I do not think that this will ever happen. This GG owes his position to these lying whelps called Dems. He will not rock their sinking boat.
But wait, what does his job description entail? Is it to visit a primary school every week? He does not seem to have anything much to do when the day comes!
@ David | October 23, 2014 at 4:08 PM |
There is a disease called sleeping sickness that afflicts the man that even tsetse flies refuse to pass on.
It is impossible to somnambulate while sitting in a chair wide awake in a comatose state and intoxicated with the stupefying wine of incompetence an indecision.
Why don’t you take a visit to the man’s office and observe the paperchase pile of numerous files of Mount Stinkeroo proportions marked “Urgent Action Required” and see the mountain of inefficiency and slothfulness the country’s economic fortunes are up against.
Prodigal
The man is sick.He will not be there for too long.He and Stuart are sick
pensioners who refuse to lie down.
Wily Coyote
This is a hand-to-mouth government.The money for the severance came from the millions now being paid into the treasury by the land owners of Barbados.
@ Prodigal
But wait, what does his job description entail? Is it to visit a primary school every week? He does not seem to have anything much to do when the day comes!
Don’t forget he has to visit and lift a glass of white wine, with every centenarian as the pass the 100 milestone, and every birthday thereafter.
memp from the desk of the BLP yardfowls
Compiled
A list of to do things
Retrenched Workers to be Paid………..OFF THE LIST..
Enviromental TAx;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;OFF THE LIST
Hoteliers Concessions………………………OFF THE LIST
BURSARIES……………………………………
Univesity Fees……………………………………….OFF the List
AFRICA Ban…………………………………………..OFF the list
ac here thinking that by 2018 the BLP going to looking at and handing the electorate a BLANK LISt.
The anti-government rhetoric is reminiscent of the lead in to the general election in 2007. This government has become even more unpopular than the Sandiford administration in the opinion of BU.
@ ac | October 23, 2014 at 6:05 PM |
PRIVATIZATION OF STATE-OWNED COMMERCIAL ENTITIES ………………Added to the List
RETRENCHMENT OF MORE PUBLIC SECTOR WORKERS ………………still on the List
ADDITIONAL TAXATION ON POOR PEOPLE ……… …… …still on the List
DEVALUATION …still on the List
@ Wily Coyote | October 23, 2014 at 4:13 PM |
“I see Wacky WORRELL is once again making HEADLINES……
—- predicting future growth– I think I heard this one in 2011,2012 2013 and now 2014, at least he’s sticking to a constant tune, even though he’s totally out of tune.For the last six years, the Governor of the Central Bank has been telling Barbadians that the economy is on a growth path and even had the audacity to predict the level of growth”………………………………….
I quite agree with you, Wily Coyote!
None of that has ever materialized even in 2013 when he and the lying whelps blatantly lied to the electorate and said that the economy was stable and on a growth path.
Makes me think that the governor is on a growth path to Alzheimers! Not one of his predictions have come true and in fact the economy is growing worse and worse. Where is he going to find areas to advise the most inept and incompetent MOF to impose more taxes?
Chris Stinkliar should never be near any ministry dealing with finance. He is an idiot in financial matters.
Here is the big question, how is the government planning to achieve the 2% expenditure adjustment of GDP. It must be more cuts or taxes.
Is that sub committee not chaired by Estwick but who has refused to hold any meeting bacause?????????
David
It will be a lot of both
@Postage Paid
How can you tax more which leads to less discretionary income and less economic activity?
Good job miller
But no 1 on your (blp ) list should be removed forthwith ,last election it got wunna a,ss kicked,
hey DAVID now take it easy,,
the deficit has shrunk and the Govt found a way to do so,, now how so hard it is going to be to cut a measly 174 million. ,the worst is behind, as a matter of fact when it happens you might not even noticed,