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Acting Governor Cleviston Haynes to Deliver 2017 Six Month Economic Review

Acting Governor Cleviston Haynes is expected to share with the public this week the six month economic review of the Barbados economy. It will be his first major public outing since being elevated to the post of governor of the Central Bank of Barbados.   The controversial circumstances surrounding his appointment continues to be a…

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clevistonhaynes
Cleviston Haynes, Acting Governor of the Central Bank

Acting Governor Cleviston Haynes is expected to share with the public this week the six month economic review of the Barbados economy. It will be his first major public outing since being elevated to the post of governor of the Central Bank of Barbados.

 

The controversial circumstances surrounding his appointment continues to be a concern for right thinking Barbadians who have always been encouraged in the perception that the Central Bank of Barbados is an independent institution -until the recent stewardship under Dr. DeLisle Worrell.

Governor Haynes’ task will be to dispassionately deliver information and interpret data on the current state of the economy and in the process help to retrieve the reputation the Central Bank has earned since it was established in 1972.

The BU household continues to be somewhat cynical when we have to refer to the Central Bank of Barbados as an independent institution stoked by the knowledge that the appointment of the Governor is made by elected politicians. In this case the minister of finance.

Governor Haynes will have to demonstrate integrity and communication skills of a high order to convince the cynics among us that he is not unduly being influenced by the political headwinds gusting across the land as a general election approaches.   How will he explain the routine printing of money by the central bank against the best advice from local, regional and international financial analysts? What about the concomitant effect it continues to have on the  foreign exchange reserves? Then there is the questioning by the International Bank of the integrity of the data collection process that informs analysis and forecast. Will he be in a position to share information on the ongoing and protracted restructuring at the central bank that has dogged his predecessor?  Several other questions can be asked although BU anticipate he will plead the fifth and try to stick to a script for his first time in the spotlight.

Finally, it is being reported the acting governor will revert to the practice of allowing the media to participate in the session, what will be the makeup of the media players who attend the press briefing. Will the media houses see this as an important event and see their ‘heavy weights’ in attendance? The media is one of the key watchdogs in a democracy. On this occasion we wait to see if they squander the opportunity to represent the public it has a mandate to serve.

138 responses to “Acting Governor Cleviston Haynes to Deliver 2017 Six Month Economic Review”

  1. William Skinner Avatar
    William Skinner

    @ Gabriel
    Dr. Worrell’s prescription does not
    surprise me. I have defended Dr.Worrell’s
    Integrity , as you all know. I have always
    said he is one of our finest academics.
    I however am totally opposed to going
    to the IMF. And this is not only in our
    case but in any Caribbean island.
    Perhaps those who were so critical of
    Dr. Worrell could now read his newsletter
    and follow his Facebook page and get
    an understanding of his tremendous
    Intellect.
    I am very positive that many who were so
    critical of him were not really familiar with
    his work. They now have a chance to
    do so.

  2. fortyacresandamule Avatar
    fortyacresandamule

    The two biggest economic data I view with a lot of scepticism is:GDP and unemployment figures. Even first world countries, with the resources coupled with sophisticated techniques and methodologies, inaccurately report these figures on a regular basis.

  3. Bush Tea Avatar
    Bush Tea

    @ William Skinner
    Your friend is an academic joker.
    No matter how many Facebook pages he puts up, or websites he creates,
    …this does not change.

    Apart from claiming expertise in a mock, shiite ‘science’ called ‘economics’ (whatever the hell THAT is), he has presided over the greatest period of financial idiocy in the history of Barbados – and possibly of the region….. AND …his video-recorded take on the concept of the peg between the US dollar and the B’dos dollar was the single greatest exposition of nonsense seen by Bushie …since Carl Moore left the Nation.

    PLUS … Bushie is HIGHLY unimpressed by lackies who suddenly ‘see the light’ AFTER a falling out among thieves… when they seem to be more driven by spite than by ethics….

    @ 40acres+mule
    Absolutely true…
    GDP is a typical “economics concept” that is good mostly for idiots playing economics games in a classroom – preferably on a Hill somewhere….
    Same with ‘Per Capita Income’, which adds the incomes of Maloney, Bizzy, Cow and offshore millionaires (and Bushie’s of course) with that of ‘poor boys’ like Vincent, Caswell, angela skeete and her hoard of yardfowls and other brass bowls – to declare that we are a well-to-do country.
    So even if Stinkliar tax all the poorboys and hand the money over to the rich boys, our per capita income does not change…. which may be why he is doing it…

    Unemployment is the biggest joke of all… only counting those who are actively seeking employment as ‘unemployed’. Who the hell ‘formally seeks employment’ after 8 years of butting their heads against Froon and his demons?
    So the very best method of tackling ‘unemployment’ is to frustrate those seeking to register for work by splitting the registration offices into ridiculous locations such as Warrens and Colloden Rd….. (let’s see how long those broke BBs will be able to get to these locations by the broken bus system…or by using their last dollars to buy gas..)

    Bushie is surprised that we are above 4% unemployment right now….

  4. Tron Avatar
    Tron

    Cleviston Haynes is clueless like the masses when it comes to economics.

    The correct numbers for the shrinking FX are still missing …

    60 of the 90 days in OSA´s prediction are gone.

  5. GreenMonkey Avatar
    GreenMonkey

    David Suzuki: “Economics is a form of brain damage” (clip from the 2011 documentary “Surviving Progress”).

  6. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    That’s why the intelligent people of the world are desperately looking for viable alternatives…..instead of the centuries old “shite economics”…and economists and political scientists…..what ever the hell those mean.

  7. Pachamama Avatar
    Pachamama

    Bushie

    You are right, again

    There are some who cannot be persuaded that current economic circumstances can never be understood by those with their traditional ‘economic’ training.

    What makes all the difference is the financialization of markets. Where any business could act as a bank, for example. Where money is used to generate more money without any interaction with traditional market forces.

    What some call a science, economics, is at a disadvantage to begin with. Now having been crippled by financialization it is totally unable to help us to understand existential phenomena.

    In the Caribbean we have academicians who like to fashion themselves after a list of people.

    At Cave Hill some talk glowingly about the late Andre Gunder Frank

    Others are nostalgic about Arthur Lewis, Eric Williams and others

    The point that this hero worship cannot help us in this historical moment, with all due respect to them.

    And nothing the former or current CB governor knows can help us either.

    The sooner we reach that conclusion the better.

    It certainly makes our situation worse in this post capitalist period.

    For we are generally like blind mice.

  8. Bajan in NY Avatar
    Bajan in NY

    @William Skinner May 2, 2017 at 10:22 PM #

    What do you read into Dr. Worrell publishing his recommendations day before acting governor Cleviston Haynes’ first economic review of the economy?

  9. William Skinner Avatar
    William Skinner

    @Bajan in NY
    @William Skinner May 2, 2017 at 10:22 PM #

    What do you read into Dr. Worrell publishing his recommendations day before acting governor Cleviston Haynes’ first economic review of the economy?

    There is nothing to read, Dr. Worrell is quite competent to say what he wants to on the economy. As I said I am opposed to any IMF agreement for any economy in the Caribbean. I am quite certain that when the acting GOCB reports, he would also be competent.
    I don’t know what we are looking for. Our economy has been heading to its current destination for close to four decades and the BLPDLP have failed to be visionary, so we are just spinning top in mud right now.

  10. Bush Tea Avatar
    Bush Tea

    @ Pacha
    Bushie ….You are right, again
    ++++++++++++++++++++++++
    Offence taken Pacha….!!!
    Boss, that is like saying “Midday …. and the sun is out again”

    Are you trying to suggest that Bushie has been ‘wrong’ at some time…?

    Skippa…
    Based on the bushman’s sources, the most accurate epistemological position you can take is that you disagree – or you fail to grasp – Bushie’s stance.

    The whacker was not fabricated and presented by flawed brass bowls, but by brilliant boss engineers…

    LOL
    ha ha ha

  11. Bush Tea Avatar
    Bush Tea

    What EXACTLY are you saying then William?

    On the one hand you say that the economy has been headed to the cliff for forty years….
    On the other, you say that the last driver of 8 years (who floored the accelerator) is competent….even though he now wants to change gear to the IMF (which you think is wrong)… and only so AFTER his license get tek way….

    Boss..
    You sound like a confused friend trying to be loyal to a joker that has been exposed in nakedness…

    Face it William …. a small dick has been exposed….

  12. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    They been allowing dead people to lead them down a primrose path of thorns for decades…and the only living people benefitting are the descendants of dead slave masters, they allow these dead people to control their lives and that of their present living and future generations….with 16th-19th century legislations.

    With all Fruendel’s malicious self serving talk…, did he once say he will make changes to legislation or the constitution so he wont have to repeat his statement in another election cycle. ..no…because he likes being led around by dead people.

    Ya would think the ministers would make the necessary changes re economic, education, health, transportation, land use and distribution etc to benefit the living, their own people and bury the dead and their centuries old living fantasies…..but no, they want to be led around by the legislation of dead slavemasters so they can be recognized and believe they are being given status by a dying old hag in buckingham palace.

    Ya cant make none of this stuff up….centuries in the future, the most intelligent of authors will see and be writing about the idiots of these times.

  13. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    And to add insult to centuries of injury to the people on the islands…..

    ………the black governments want to be, desire to be, crave to be led around by the legislation of dead slavemasters so they can be recognized and believe they are being given status and shit titles, cheaper than beads and glass trinkets, by a dying old hag in buckingham palace…..THE DIRECT DESCENDANT OF SLAVE MASTERS AND THIEVES.

    This is unforgivable.

  14. Pachamama Avatar
    Pachamama

    Well Well

    You have made the broader case far better than we could

  15. Pachamama Avatar
    Pachamama

    Bushie

    Stop laughing at us

    You must know that there is only one fundamental flaw in your thinking

    And even on that, we are prepared to have you enter the inner sanctum should the albino centricities imposed be disavowed.

  16. William Skinner Avatar
    William Skinner

    @ Bush Tea
    I am simply saying that Worrell is competent to comment on the economy. I dont know if any GOCB can be directly faulted for the economic measures of the MOF. That is not the way it works. It is obvious that Worrell was fired after he no longer supported the policies of the MOF. That is quite normal. One is a politician and the other is a technocrat. I am no longer inclined to defend Worrell’s scholarship because we have those among us who will declare somebody ignorant simply because they are in disagreement on some policy.
    Should you read what Arthur says today , you would realise the professional conflict between politician and technocrat. Arthur himself had problems with Griffith for the same reasons.
    By the way I have never supported an IMF program. Those who wax so eloquently about the “collapse” of the world and our certain path to armamgeddon, should know that the IMF is one of the most potent weapons in the incoming destruction that they predict with such certainty.

  17. Vincent Haynes Avatar
    Vincent Haynes

    Bimmers enjoy the lifestyle of the developed world and in order to maintain it, as Dr.Worrell rightly posited one has to go to the IMF,no ifs or buts.

    We are who we are and that cannot be changed overnight.

  18. angela Skeete Avatar
    angela Skeete

    Say what like about the dwindling foreign reserves. The ImF sole purpose is to collect monies owed to the international banking industry leaving economies high abd drued to paddle high waters leavjng the other sinking ship call the social enviroment sooner or latter to collaspe under the strigent measures of austerity medicine
    Right now barbados social enviroment is somewhat stablise but one should not expect it to remain stablew once the IMF proceed with its rounds of austerity medicine drip by drip.

  19. millertheanunnaki Avatar
    millertheanunnaki

    @ William Skinner May 3, 2017 at 9:18 AM
    “I am simply saying that Worrell is competent to comment on the economy. I dont know if any GOCB can be directly faulted for the economic measures of the MOF.”

    The only thing competent about your man was his ability to lie, boldfaced at that, about the economy for many years.

    Until your man (undergoing a Damascene event after being kicked to the kerb by his former boss in the art of lying) confesses to his lies he will always be considered ‘persona non grata’ in the moral sphere of intellectual honesty.

    Up to now he refuses to give an account of the $300 million in foreign reserves (equivalent to almost half of your country’s last reported reserves).

    Where did those foreign reserves go? Maybe the new Guv will perform magic and do a “come back Peter, come back Paul” and by the grace of Jove Barbados will go pass the 90 days before the devaluation shit hit the IMF fan.

    Now stop protecting Deliar. You are no better than those whose harbour people who commit crimes.

    Now who are the real enemies of the State? Those who tell lies about the economy or those who exercise their Constitutional rights to curtail the excesses of an incompetent corrupt political administration whether “B” or DLP?

  20. Pachamama Avatar
    Pachamama

    @ Miller

    Maybe William Skinner does not see that any defense of Worrell is support for political duopoly.

    Let’s hope his political evolution around duopoly politics and their implicit wickedness will one day also involve personalities surrounding, under any and all guises.

    We have previously supported Worrell as well but when the chips were down we also called for his immediate firing and that of the MOF.

    You should know that Skinner is made from a type of ‘fibre’ which makes it difficult for him to severe certain ‘alliances’. To maintain such with a high level of sincerity.

    And that is not always a bad thing.

    Of course, we are firmly on your side of this issue, in the main.

  21. millertheanunnaki Avatar
    millertheanunnaki

    @ angela Skeete May 3, 2017 at 10:01 AM
    “Right now barbados social enviroment is somewhat stablise but one should not expect it to remain stablew once the IMF proceed with its rounds of austerity medicine drip by drip.”

    Can you imagine what the social environment would be like had the price of oil not dropped dramatically?

    Why are you worried? Don’t you guys have a ready-made whipping boy to blame for the upcoming social ills which will certainly wipe out the pseudo middle class that mushroomed in the last 40 years?

    Why not blame your former colonial masters and go full banana republic to eliminate all vestiges of their maladministration and the black plague brought to the social landscape?
    You shall soon see the prescient words of Lord Fumble come true as that pseudo middle class is sent packing back to the now overgrown cane rows in Marchfield.

    BTW, Angela skeete (with the missing “s” to make you a complete ‘ass’), are you still an Enemy of Privatization or are you now a zealous convert to the selling of the remaining pieces of your country’s silver just like Lord Fumble himself?

  22. William Skinner Avatar
    William Skinner

    @ Pachamama
    Now we know why it is dangerous for people such as Worrell, to find themselves accepting positions from the duopoly. I can only hope that you have not joined those calling the man a liar , a fraud and accomplice in destroying the economy. Worrell, like any other mortal, is not above criticism but some of the comments I have read on BU, showed a high level of ignorance of the man’s work which goes beyond the CB of Barbados. Of course criticism of his tenure at the CB, is understood and in some cases , it could be argued, as you have suggested, that he is in the bed and can’t escape the fleas. However, both you and I have great respect for a number of academics around here and we should not allow blatant disrespect to be seen as profound argument.
    The body of Worrell’s work has been in the interest of small economies such as those in our region. He certainly does not need and indeed would certainly not crave the validation of those whose only contribution to national discourse is a pervasive intellectual vulgarity.

  23. Hal Austin Avatar
    Hal Austin

    Angela,

    Why does Barbados central bank need foreign reserves?

  24. millertheanunnaki Avatar
    millertheanunnaki

    @ William Skinner May 3, 2017 at 11:01 AM
    “The body of Worrell’s work has been in the interest of small economies such as those in our region.”

    It would rather enlightening if you could elaborate on this body of Worrell’s work that has done wonders for the management of the Bajan economy.

    Is this the same Worrell who came to high words with Christine Lagarde over a difference in view of how to manage small-island economies?

    Why then is the same Worrell promoting an IMF programme for Barbados?

    Why are you against his IMF-managed programme for the future management of the local economy?

    What is it that you know about the Bajan economy that your economist guru is blissfully unaware?

  25. David Avatar
    David

    @Hal

    Why do you continue to harp on the obvious concern supported by former Governor Worrell in his release yesterday that the printing of money monthly serves to burn forex. Isn’t this the central point to point we should be concerned?

  26. William Skinner Avatar
    William Skinner

    @ millertheanunnaki May
    I said his work has been in the interest of small economies such as ours. I never said anything about working wonders for the Bajan economy
    Yes Worrell castigated Christine Lagarde, it does not mean he sees no benefit in an IMF program
    I am one of those who believe that the IMF medicine does more harm than good because of the austerity measures the fund demands. It does not mean that I do not understand why governments seek their assistance
    I do not think that there is anything about the Bajan economy that I know that is not common knowledge

  27. Hal Austin Avatar
    Hal Austin

    David,
    You can be concerned about what you like. My argument, and no one has challenged it yet, is that the consensus on foreign reserves is out of date. It is 1960s economics. We do not have to warehouse foreign reserves when that money could be better used. Our problem is out of date economic policy.
    Printing money is not a problem, it is printing money to pay civil servants salaries, as we have discussed before.
    In good financial journalism, whether you agree or not, the point is to have a proper debate. I am prepared to write again, against my better judgement, putting the case for playing the futures market and using the foreign reserves to establish a balance sheet bank and a sovereign wealth fund (along with ring-fencing the NIS and introducing a new compulsory saving scheme).
    Sometimes if you do not understand the argument it is better to remain silent.

  28. Artax Avatar
    Artax

    fortyacresandamule May 2, 2017 at 10:57 PM #

    “The two biggest economic data I view with a lot of scepticism is:GDP and unemployment figures.”

    @ fortyacresandamule

    Interesting comments.

  29. David Avatar
    David

    @William

    You are reminded of Worrell’s public position regarding the IMF and devaluation for Barbados. This is an integrity matter.

    http://www.thehabarinetwork.com/barbados-central-bank-governor-delisle-worrell-clashes-with-imf-head

  30. NorthernObserver Avatar
    NorthernObserver

    @WS
    the challenge for Dr.W is he was complicit.
    There were several areas as GoCB that he need not have made any comment, but he did.
    He suffered from the same arrogance as ‘tweedle dum and tweedle dee’, albeit he is far more intelligent, and that becomes his downfall. More was expected from him.
    When relative idiots like myself, could see the path Bim’s public finances were on and meanwhile he was towing a political line, then he gets tarred with the same brush.
    It is why in an earlier comment, I suggest act Gov Haynes keep his mouth out of comments on the GoB’s Fiscal Policy moves. Or even suggest ways to decrease public expenditure.
    The public do not interpret “job cuts in the public service” as reducing public expenditure, they interpret it as job loss. Cutting pay, job sharing or any other of many combinations achieve the same goal. But it is not for the GoCB to decide what needs to be cut, only that reductions must be made.

  31. angela Skeete Avatar
    angela Skeete

    Hal to pay debt and when international lending agencies see those reserves falljng nervous excitement takes over sending signals to govr and people that those reserves must not be touched or else
    The “or else” being measures would or must be taken to preserve them
    The sheeplie falls in line and sings from. The imf hyman book at their own peril

  32. David Avatar
    David

    @Hal

    Please list one country with a fixed exchange rate that manages its foreign reserves as you suggest.

  33. Artax Avatar
    Artax

    There may not be anything wrong with economic data. It is for purposes of political expediency which dictate how that data is manipulated and presented to the public.

    Recall at the end of 2015, the international reserves were recorded at $926.8M, equaling 14 weeks of imports, which exceeded the internationally accepted 12 weeks of imports benchmark.

    The CBB projected a rebound in construction activity during the ensuing 5 years, based primarily on the tourism projects often alluded to, which, as indicated by Sinckler and Worrell, would be a welcomed boost to the fx reserves.

    However, it was “QUIETLY” estimated that these projects would require $1.3B in fx.

    Economic growth was projected at 1.0% for 2015. Unfortunately, with the exception of tourism, no other sector recorded any significant levels of economic activity. For example, during the year, while no international banks were licensed, 2 closed; total exports and construction declined by 7% and 3% respectively.

    Additionally, the high levels of taxation prevented the private sector from making any significant investment in the economy, through an expansion of existing businesses or the establishment of new businesses.

    Obviously, these developments would have negatively impacted the fx reserves and economic growth.

    ++++++++++++++++++++++++++++++++++++++++

    Hal Austin May 3, 2017 at 11:31 AM #

    “I am prepared to write again, against my better judgement, putting the case for playing the futures market and using the foreign reserves to establish a balance sheet bank and a sovereign wealth fund (along with ring-fencing the NIS and introducing a new compulsory saving scheme).”

    @ Hal Austin

    Perhaps you should “write again,” as I am interested in reading and understanding how your suggestion, especially taking into consideration the risks involved in the futures market.

  34. Artax Avatar
    Artax

    @ Miller

    If one compares, for example, Dr. Worrell’s analysis in his working paper # 85: “Policies for Stabilization and Growth in Small Very Open Economies,” with many of his pronouncements as GoCBB, on issues relative to monetary policy, foreign exchange rate and debt management, two diametrically opposed viewpoints are evident.

    Hence, criticisms of his tenure as GoCBB are justified.

    +++++++++++++++++++++++++++++++++++++++++

    David May 3, 2017 at 11:43 AM #

    “Please list one country with a fixed exchange rate that manages its foreign reserves as you suggest.”

    @ David

    Excellent question!!!

  35. NorthernObserver Avatar
    NorthernObserver

    @Blogmaster
    how does that become an “integrity” matter?
    The IMF is full of EX-politicians, who forget they are no longer politicians.

  36. William Skinner Avatar
    William Skinner

    @ David
    “A transcript of the meeting, showed a vigorous debate between Worrell and Lagarde, a former French minister of finance, over the merits of devaluation, and how economic growth could be achieved.”

    You may want to point out the integrity issue. I don’t see it. Like I said, I am totally opposed to IMF programs for small economies such as ours.

  37. millertheanunnaki Avatar
    millertheanunnaki

    @ William Skinner May 3, 2017 at 11:28 AM
    “I am one of those who believe that the IMF medicine does more harm than good because of the austerity measures the fund demands. It does not mean that I do not understand why governments seek their assistance
    I do not think that there is anything about the Bajan economy that I know that is not common knowledge..”

    The problem with your position is that you oppose Worrell’s IMF proposal without proffering an alternative other than your sterile anti-IMF fervour. If not the IMF what, WS?

    Hasn’t the same administration (which Worrell once backed to the hilt) been fiddling around since 2013 with non-IMF alternatives?

    What have been the benefits of those measures other than an obvious deterioration of the social services and a crumbling infrastructure?

    Which you think is more competent to extract your bad tooth? Your mother with a pliers or a trained dentist with some painkillers called structural adjustment loans?

    It’s time Bajans bite the bullet and start living within their economic means.
    The first order of the new day is to stop the printing of money to keep unproductive people on the payroll to spend the fast dwindling forex.

    Printing money by this administration is like giving crack to an addict to cure his habit.
    Let the country go cold turkey for its own good.

  38. angela Skeete Avatar
    angela Skeete

    Let the country go cold turkey . Tell that to the unions who belivies that economic prosperity lays in the hands of govt funding every sh.it or else they the Unions would dispense their own form of austerity measures on the country

  39. David Avatar
    David

    @William

    The point is Worrell was warned months ago about the outcomes we are currently battling.

  40. William Skinner Avatar
    William Skinner

    @ David
    I find it strange that you don’t know
    the difference between what you consider
    not taking warning and integrity. That has
    always been your problem. You can’t deem
    somebody a liar or lacking integrity
    simply because you believe they screwed.
    If that were so many children teachers
    and priests would have no integrity.
    Even so if a person was following a
    a particular path and then changed after
    further analysis or experience that in
    itself does not denote integrity.

  41. William Skinner Avatar
    William Skinner

    @ Miller
    You are wrong yo say I have not offered
    alternatives. A few weeks ago I wrote
    my position right her on BU. I suggested
    putting the public servants on a four day
    week; transforming the polytechnic, Commuinty Coolegeand UWI into modern
    vocational centers, investing in fisheries,
    a road highway program stretching 15 years
    at a cost of one billion dollars etc
    Please try and read it.

  42. Hal Austin Avatar
    Hal Austin

    David,

    I am repeating myself. I have said before in BU that we should decouple from the Greenback, fix against a basket of currencies and commodities; use some of the foreign reserves to re-establish a domiciled balance sheet bank, which was destroyed by Arthur because he failed to understand the role of banks in financial intermediation.
    I would also reform the NIS, ring-fencing the current liabilities and using the rest to establish a Sovereign Wealth Fund.
    At the same time I would tightly regulate the funds of 22 existing insurance companies, including how they invest policyholders money.

    @ Artax,

    Economics have moved on since the 1960s, the period that dominated our teaching at UWI. In fact, there were significant changes in the 1970s, again in the 1980s and, as we all know, since 2008.
    In fact, fifty years ago the IMF created the SDR specifically to replace the Greenback as the global reserve currency, it is still on track. It can be used for bond issuance, trade payments and loans.
    Between 1980 and 2007, the global crash, growth in developed economies averaged 2.9 per cent, by contrast the developing and emerging worlds out paced this and are expected to grow by 4.6 per cent in 2017/8, about twice the rate of the develop economies, with China at 6.4 per cent, India at 7.5 per cent, Latin America at 1.5 per cent.
    This is not all, there has been a fundamental shift in global trade, a decoupling from the Greenback, which the decision makers in Barbados seem not to understand.
    From 1980 to 2007, advanced economies accounted for 59 per cent of global GDP in purchasing power parity; while developing and emerging economies accounted for 41 per cent.
    By 2018, this is now expected to shift, with developed economies accounting for 41 per cent and the developing and emerging economies accounting for 59 per cent.
    In short, not wanting to bore you with numbers, the world has changed over the last decade and Barbados is out of tune with what is going on.
    We have been under-performing the global, and regional economies for decades, under both BLP and DLP governments, while households rack up extraordinary and apparently uncontrollable debt.

    @ Artax,
    I am willing to debate these issues with our public intellectuals and public economists at any time. We still fail to understand that the old political certainties are over, this is a new
    ball game.

  43. Pachamama Avatar
    Pachamama

    It is hard for us to understand how a highly ‘educated’ man like Worrell could claim integrity when duopoly politics, not his training nor natural talents, guided professional actions for 8 years.

    Or others claim it in his name.

    More deeply, integrity has no such limited meaning and must come with other things, such as courage, decency, truthfulness.

    Integrity cannot live on a deserted island.

    But courage only appeared once there was a political disagreement.

  44. CUP.Violet Beckles Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZI Avatar
    CUP.Violet Beckles Plantation Deeds from 1926-2017 land tax bills and no Deeds,BLPand DLP Massive land Fruad and PONZI

    angela Skeete May 3, 2017 at 12:53 PM # @@

    Why would you want to blame the Unions when its the fault of the DLP and BLP and the DBLp government, When they lies catch up with them they want us all to pay, The Union members are still working , Who has walk out?

    We need not go near the IMF, Maybe better for the Government take the 24 Billion in the Banks and pay the people accouts back at 5% as you may get from the CB printing crooks!

  45. Well Well & Consequences Observing Blogger Avatar
    Well Well & Consequences Observing Blogger

    Barbados has way too many economists who obviously dont know what they are doing, an economy that small should have people intelligent enough to keep it on track instead of every econkmist having a different idea and none that actually works.

    I could just see the disaster all these economists would create in large economies with populations in the millions, hundreds of millions, or billions, for christ sake the island barely has 280,000 people, one hospital, one college, one university, one transportation system, no national bank, one government controlled central bank and is tiny as hell, managing such an economy should not seem or sound like rocket science,

  46. millertheanunnaki Avatar
    millertheanunnaki

    @ William Skinner May 3, 2017 at 1:58 PM

    Those are not foreign exchange earning ventures.

    And why would the Chinese sponsor any fisheries business to put at further competitive risks their own investments in fish canning businesses in South East Asia?

    It sounds like you have just made out a much stronger case than your mentor Worrell to go to the IMF for the much needed funds to undertake your proposed structural adjustment programme.

    Now from where would the current beleaguered administration get $ 1 billion unless it employs its Mickey mouse money printing press?

  47. Bush Tea Avatar
    Bush Tea

    “Now from where would the current beleaguered administration get $ 1 billion unless it employs its Mickey mouse money printing press?”
    ++++++++++++++++++++++++++++++++++++++++++
    Serious as a judge now Miller …. (a real-real judge …not like bout hay….)

    You have a way of putting these things that can only be described as….
    Sweet as shiite!!!!

    Whaloss!!!

  48. William Skinner Avatar
    William Skinner

    @ Miller
    1billion over 15 years to upgrade highways: relocation employment better highways/roads, increased productivity. Do the math/arithmetic.
    I dont see why improving our fisheries has to be financed by Chinese. I never mentioned Chinese.
    As for the IMF , I can’t convince you and you cannot convince me. We would have to leave it at that. You could be right !
    Furthermore I never said current administration. I was talking about a comprehensive road/highway improvement over fifteen years to bring our network into the 21st century. I see development beyond petty political nit picking.
    I see Barbados, not BLPDLP.

  49. Tron Avatar
    Tron

    Hall, “the world has changed over the last decade and Barbados is out of tune with what is going on”. Indeed. The same politics as in the 1960s.

  50. Vincent Haynes Avatar
    Vincent Haynes

    millertheanunnaki May 3, 2017 at 2:47 PM #

    Hmmmmm…..we could be following Trump ,he has indicated shutting down the country in September…..our govt will most likely be in that position around the same time…..must be a plan of great minds thinking alike.

    We need money in the short term to turn this country around,the sort of money only an IMF program can facilitate(I have left out China&UAE) that.

    ….can the IMF objectors state where else we can get this money from?

    …..note from june on,we have massive debts to service are we going to default on them or restructure them at absorbitant rates?

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