Governor of the Central Bank Delivers 1st Quarter Review of the Economy

The first quarter review of the local economy by Governor Haynes paints a bleak picture. After almost 10 years of belt tightening Barbadians have not been given any indication by the top central banker that there is light at the end of the tunnel.  The negative report of the economy could not have been delivered at a worse time with a general election 22 days away.

The Governor’s review comes a few days after reports that the south coast sewage mess has reared its messy head once again. #sewagerush@accra.

CBB Quarterly Economic Review – Jan-March 2018.pdf (text)

127 comments

  • Small pickings when it comes to the wholesale priivatization under the IMF program .dont forget the IMf had given advice to cut ten thousand workers

    Like

  • Caswell Franklyn

    Prodigal Son

    You asked:

    “Why did she ever announce during the dying days of the last Parliament that she was leader of the UPP in the House………..just to get taxpayers’ money?”

    Every party that is represented in the House of Assembly is entitled to $150,000 of taxpayers’ money per annum. The UPP would have been represented in the House and so would qualify for that money.

    If they have accepted that money, I would be convinced that they are in cahoots with the DLP to deny Mia the prize of the Prime Ministership.

    I can foresee a situation where those third parties could become spoilers by cutting enough of the vote to deny a victory to the BLP. You should note that most of the UPP candidates have a common bond – their dislike for Mia.

    Sent from my iPad

    >

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  • So the taxpayers are actually paying these political parties to be deceptive parasites, even before they become the elected and deceptive, really.

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  • Economic slavery is coming. The CBB numbers are a sham. The reserves will be depleted at the end of the year. Don´t they know that every forex loan in the past is N O positive foreign reserve, but just another debt??? Every USD the private sector hands over to CBB is lost to nourish the many lazy lagards in the civil service. There won´t be any repayment ever.

    Capital flight is a national duty.

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  • Barbados is falling apart.

    BWA bankrupt.
    Supreme Court full of filth.
    Sewage on the streets.
    Foreign reserves depleted.
    Drug soldiers in Black Rock arming.
    Tourists leaving the island.

    Hello Zimbabwe, goodbye developed world!

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  • Ghee whiz ‘ dont you blp miscreants ever get tired of singing the Gloom and doom chorus ten long years out in the wilderness with a repeated chorus of doom and gloom.
    Meanwhile the tourist kept comimg. Schools up and running along with many other social services
    But yet the leadership still not having a clue on resolving barbados problems

    Like

  • Mariposa – go address Leroy McClean’s claim that there was “manipulation of the process by a small group of people” in the selection for a candidate for St.John; and stop making your self a nuisance on BU.

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  • Ghee whizGabriel dont be an angel of fake news shame on you
    In the meanwhile go read lodge in the court docket Payne vs Hinkson the mother of all trials ( coming to a neighbourhood. near You) where Mia is accused of voters fraud
    Now that is what you should worry about
    Afterall a PM character should be impeccable.. tailcoats free of hanging chads and suspicion.
    Dont you agree.

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  • peterlawrencethompson

    No-one has yet mentioned that according to the Central Bank, the Barbados economy is almost certainly already in recession. A recession is generally identified by a fall in GDP in two successive quarters. There’s already been a fall in the GDP in the first quarter, and Haynes outlook for the year as a whole is fall in GDP. This means that it will be very surprising if the second quarter does not see further economic contraction.

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  • @PLC

    Indeed. The present GDP is not higher than in 2008. And this is decisive, since the relative debt load is calculated in relation to GDP. No growth of GDP, no better rating, since Barbados is unable to reduce the debt load in ABSOLUTE numbers.

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  • Please explain “wholesale privatization under the IMF program……. don’t forget the IMF had given advice to cut ten thousand workers,”………

    ………..but under an IMF program Sandiford was able to “dictate his own pace?” In other words, the IMF offers advice……… which government does not have to take.

    It is clear your arguments are based primarily on emotional DLP political rhetoric and propaganda…….and not based on an understanding of economical issues.

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  • ‘and not based on an understanding of economical issues.’

    I like that, even the damn law of gravity has been suspended in that island with shit flowing uphill and some of you still want to talk mumbo jumbo

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  • “I like that, even the damn law of gravity has been suspended in that island with shit flowing uphill and some of you still want to talk mumbo jumbo..”

    You above comment and some of the other shiite you have posted in this forum recently…… clearly defines “mumbo jumbo.”

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  • Sorry kiddo, I’ll find ya some scartch grain

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  • Don’t worry… scratch grain

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  • Hmmmmmm…….Interesting……

    So……you’ll offer to find “scratch grain” for any individual you perceive as supporting the agenda of any political party…….other than Solutions Barbados…..

    In other words, as long as you don’t “sing in Grenville’s choir”……..you need “scratch grain,” hence, there is no such term as a “Solutions Barbados yard-fowl.”

    Now that’s “mumbo jumbo” thinking.

    Like

  • I’ll let you be. You tend to run when the heat gets turn on. Will let you be.

    Like

  • millertheanunnaki

    @ Peterlawrencethompson May 4, 2018 11:07 PM
    “No-one has yet mentioned that according to the Central Bank, the Barbados economy is almost certainly already in recession.”

    To describe the Barbados economy as being in a “recession” is a massive understatement of reality of euphemistic proportion.

    Barbados is not in any recession but in an Economic Depression. The present administration has taxed the economy into a quagmire of steady state depression.

    The MoF- through his politically misguided and technically misinformed policies- has effectively suffocated economic activity from which most of the government’s revenues are derived.

    The country no longer produces commodities for export and its services are woefully uncompetitive in any international market.

    The buying and selling transaction-based tax regime is no longer sustainable unless new sources of foreign exchange are urgently exploited to maintain the lavish or conspicuous consumption import-based living habits of the general populace.

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  • @ PLT
    A recession is generally identified by a fall in GDP in two successive quarters.
    +++++++++++++++
    How is ‘recession’ distinguished from ‘free-fall’….?

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  • @Miller

    “The country no longer produces commodities for export and its services are woefully uncompetitive in any international market.”

    Indeed. Barbadian agricultural products are the most expensive in the Caribbean and cannot compete anymore with products from Guyana, Jamaica, USA or EU.

    Example: 1 l chocolate milk from EU in CARICOM member state XY is 1 USD, 1 l chocolate milk from Barbados in Barbados is 3.50 USD.

    To be continued …

    Any questions?

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  • I also got word that Barbados will get a new hospital, called Frundel Memorial Clinic, that the Chinese will donate 10 bill. USD and that the civil service will shrink to normal size.

    And earth is flat like Barbadian GDP.

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  • The CBoB is an anachronism.

    It is unclear to us why it is allowed to continue this pretense of relevance.

    We would venture, that a simple cost/benefit analysis would also present us with a deficit. Another deficit!

    For certainty, Barbados cannot do any worse without an ‘institution’ run by kakistocrats and for its own sake.

    That titularly intelligent people would continue to predicate their thinking on the dated misinformation emanating from this edifice in Bridgetown beggars belief.

    We fail to see any circumstance, within the past 10 years or more, where this ‘shop’ has been able to prevent a single national economic disaster.

    We need courage more than useless information. We need to see the future, as if god, not buried, interminably, in fanciful analyses of the past.

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  • The Central Bank advises the political directorate on policy Pacha. If the politicians do not heed the advice there is only one course of action available to the CBoB staffers, resign.

    On another note, on the eve of the Governor’s economic review of the economy why would VoB interview Dr. Justin Robinson on what the public should have expected given his seat on the Board?

    Like

  • David

    Well, if that is the case we would suggest that dysfunction is even more organic than we had estimated.

    The incongruence of which you speak can only strengthen out original point. For sure, the political masters, from both sides, have a shared history of ignoring advice.

    However, we have no way to judge whether that advice would have made any differences.

    Otherwise, we fail to recognize any real or imagined differences between these sets of elites.

    On the one hand, the political elites make claim to the power of the people. On the other, the central bankers like to pretend that advice tendered is devoid of political considerations.

    Merely theoretical in both cases, we feel.

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  • David

    You must know that the intervention of Justin was political. To skew the debate towards perceived strengths, favouring the ruling regime.

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  • At least the young people who aspire to be candidates for election are hopefully following the way Robinson made a complete idiot of himself and if they are conscious and awake it will dawn on them that is what happens when you kowtow to, please, appease and end up disenfranchising your own people in favour of a minority community of corrupt business people on the island..

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  • 15,000 new jobs is easy to do
    Fire, then rehire and call them new

    Abracadabra, we fool you

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  • Run when the heat turns on???? What heat???

    What is the difference between you and Fcuktured BLP or Mariposa, for example?

    Fcuktured BLP and Mariposa cuss contributors because they oppose the DLP, while you cuss anyone that opposes Solutions Barbados.

    All of you are yard-fowls.

    Like

  • Fractured BLP

    Well Mia Mottley’s ” Lift Off ‘ really flew !

    Imagine in light of the most recent Central Bank report

    Mia Mottley was defiant in declaring the following once the BLP is elected:

    • Removal of the NSRL !
    • Increase Old Age pension to $ 225.00 !
    • Re institute free UWI tuition !
    • Fix the South Coast Sewage project – one week after being elected !
    • Give public officers a salary increase – one month after being elected !

    Well what a miraculous economic plan !!

    Like

  • “while you cuss anyone that opposes Solutions Barbados”
    They say “to a hammer, everything looks like a nail”
    Like I said yesterday… I will leave you be…
    HAGD

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  • JA

    Like

  • Get it out of your system…
    🙂 HAGD

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  • What a big political blp fiasco last night on Weymouth grounds. Mia Mottley tells the people how much she can do but the big truth which she did not reveal where are the finances coming from

    Like

  • millertheanunnaki

    @ Fractured BLP May 6, 2018 7:59 AM

    Weren’t similar promises made by your deceitful lying party in 2008 and 2013?
    Now where can we see the results of their fulfillment?

    Have those ‘special’ public sector workers received their duty-free cars yet or the country a brand new hospital (QEH) in Kingsland?

    Where are the garbage collection trucks and equipment you promised the people to buy out of the NSRL since 2016? Was it spent on the South coast sewage injection wells that the dye testing proved to be leading right into the sea?

    We will not even mention what you had to say about poor Owen Arthur and his privatization promises; not even the return of the public sector workers 8% salary cut.

    BTW, the money will be found in the same place the money was found to repay the Cabinet members their 10% savings plans (retroactively).

    Like

  • Tonight’s event at the National Stadium will be equally a “big political DLP fiasco.”

    Perhaps you may attract a larger crowd.

    Saw the “lackluster” Ronald Jones motorcade driving through Vauxhall yesterday……….a truck with 4 people at the back and 5 cars following….wearing yellow “T” shirts with “We still Jonesing.”

    ……..was that all the people Jones could muster on a Saturday evening????

    (Hope you don’t pull a Donald Trump and lie about the size of the crowd….hahahahahaha)

    The BLP & DLP spending “big money” to host these “big political fiascoes,”………..

    I wish Lynette could get that type of financial support.

    Like

  • Fractured BLP

    You are spot ac !

    Mia Mottley poor policy framework last night even caused the infamous ARTAX to declare :

    JA

    When you see ARTAX comments on BU reduced to 2 letters

    The we all know that ARTAX is truly

    a JENNY ASS !

    Like

  • Shiite, yuh mean yuh wun learn how to use punctuation marks correctly?

    Daily Nation, Friday, May 25, 2018 Headlines

    “UPP wins 2018 General Elections”

    “Suspected suicide. The body of a man, affectionately known as “Fracture BLP,” was found in 5th Avenue Belleville. Police suspect the man ingested a pesticide.”

    “Several known DLP yard-fowls found hanging”

    “Police are seeking the public’s assistance in locating two missing persons…..Angela Cox_Skeete, also known as “ac”…….. and Carson C. Cadogan. Both individuals are known to frequent George Street area…..and were last seen wondering and wandering in nearby Belleville.”

    Hahahahaha
    Wuh loss!!!!!

    Like

  • Speaking at the Weymouth pasture during the party’s campaign Lift Off,

    Mottley said the South Coast Sewerage Project problems, a shortage of Transport Board buses and Sanitation Service Authority trucks, and free tertiary education were issues that would be solved immediately should Barbadians vote the Bees back in on May 24 when they go to the polls.

    http://www.nationnews.com/nationnews/news/154689/mottley-blp-fix

    Like

  • Yes we have issues to deal with
    Issues that deal with character and integrity.
    Can any blp yardfowl say honestly that favours gained because of privilege rise to the level of good character
    Then how can any one in good conscience vote for the leadership of the blp Mia when time and time again her character and integrity has been scruntized because of gain sake due to privilege

    Like

  • Straight outta T&T


     

    "companies must agree to repatriate a suitable amount of their foreign exchange earnings" 

    Read more about suitable amount below.

    Until the people of this country throw out the UNC & PNM and the corrupt, dirty, and evil campaign financing, this nation will never recover and will sink further into poverty & hell. UNC, PNM, same thing, same people – mostly the 1% & a few contractors – giving money to both sides, no different.

    SUNDAY EXPRESS May 6th 2018

    "companies must agree to repatriate a suitable amount of their foreign exchange earnings" 

    LOL! what is "suitable amount" ? who determines that? dais how you create corruption, by being vague, no effective implementation….

    All yuh read this too, OK, see below? After you do, ask yourself if you really believe more than 95% of this money will go to the favored 1%, and if you really believe there are systems in place to ensure the forex goes to those who meet the "conditions"….. BTW, what has EXIM bank achieved ? anyone in the media has looked at and investigated their plans, reports, money spent, achievements during their existence? ditto for investtt etc and all those other parasitic companies that are merely channels to eat food….

    New source of forex for exporters

    New source of forex for exporters

    Eximbank’s Forex Facility, which was launched yesterday at the Hyatt Regency in Port-of-Spain, has been capitali…

    Like

  • Hants May 6, 2018 10:11 AM

    Mottley said the South Coast Sewerage Project problems, a shortage of Transport Board buses and Sanitation Service Authority trucks, and free tertiary education…..(Quote)

    The promise of so-called free tertiary education is wrong in principle, bad in terms of policy and suicidal in terms of economics. The principle is that we cannot continue to compel ordinary working people to provide higher education for aspiring middle class professionals who, in almost every instance, will go on to earn more than the average person. This is morally wrong.
    It is bad in terms of policy since any public spending should by definition b more focused: what is the medium and long-term vision of a state-funded higher education policy. Suh a scatter gun approach is meaningless. All it will do is fuel the brain drain.
    Our policy makers must sit down and decide what they want to achieve through public spending on education; this has never been the case in Barbados. We are still entrapped by the Barrow narrative of ‘free’ education; it was a political slogan when it was first voiced, and remains so.
    And it is economic suicide because the nation cannot afford it; a much better policy will be a loan scheme, or the imposition of a graduate tax. In that way the funding of future generations will be guaranteed.
    At the same time we need to review how we award national scholarships. Has there every been an audit of the cost/benefit of national scholarships?

    Like

  • A brilliant 3:16 pm post by Hal Austin…

    …yet another sign that the end is near….
    LOL…
    ha ha ha

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  • Listen bro loan schemes are already in place. The problem being that some who have gained from the loan scheme has refused to repay
    Over the years govt has bern calling for defaulters to repay the loans borrowed

    Like

  • ac May 6, 2018 4:01 PM

    Is this the Bajan disease? The problem is solvable. To get a loan there must be a guarantor, if borrowers default on loans then they will either be taken to court and bailiffs put on them. Borrowers will also have their passports marked and will not be able to leave the country to settle elsewhere unless adequate plans have been put in place to repay the loans. Defaulters will not get jobs in the public sector.
    There is no free lunch.

    Like

  • @BT
    Hal has moment of inspirations.
    At time he borders on brilliant and I enjoy his posts.
    At other times he is an irritant

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  • Hal Austin barbadians have a mentality of entitlement. The word free means free for life. Reason why MIa Mottley is willing to put the economic interest of the country into depression freefall to buy votes.
    In essence that is what her so call free give aways add up to

    Like

  • ac May 6, 2018 5:00 PM

    I don’t agree. Once Bajans get out of Barbados they are some of the hardest working people on the planet. At home they feel entitled. Something is wrong with the home culture. Sort it out.
    Look at the ordinary returnee: men and women without any particular qualifications, apart from their ambitions, leaving the country to work overseas and then return with decent material possessions and a different sense of self-worth.
    I have said her before, but it would be interesting for our politicians to read the governors’ reports on the Bajans who left to go to Panama at the time of the building of the Canal.
    I| was fortunate to have access to the library at the Foreign and Commonwealth office; it made for interesting reading.

    Like

  • “Issues that deal with character and integrity.”
    +++++++++++++

    I was also wondering “how can anyone in good conscience vote for” MICHAEL CARRINGTON……..when time and time again his CHARACTER and INTEGRITY has been scrutinized……..?”

    Like

  • My comment was reference to those who lived im Barbados since the politics of Mia mouthings was that of addressing free education in barbados

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  • Fractured BLP

    ARTAX

    Michael Carrington’s character & integrity is way BETTER than that of Mia Mottley !

    So go and wheel & come again !

    Like

  • Fcuktured BLP

    I’m sure John Griffiths and Ajax Construction do not share your opinion about the dishonest drunkard, Michael Carrington, who collected and converted their funds for his personal use.

    By the way……… if you were to peruse BU’s “Lawyers in the News,” you will find there are articles highlighting the deeds of four (4) other dishonest lawyers that are associated with the DLP, namely Michael Simmons, Richard Byer, David Thompson and Hal Gollop.

    Like

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