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

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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)

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127 responses to “Governor of the Central Bank Delivers 1st Quarter Review of the Economy”

  1. Caswell Franklyn Avatar
    Caswell Franklyn

    Freundel’s plan is finally coming together. He said that heads would roll if he found out that there was a plot to remove him. This news, along with all the other disasters plaguing this country, seems sure to cause a few heads to roll.

  2. Bush Tea Avatar
    Bush Tea

    Freundel’s plan…???
    Is that an oxymoron Caswell?

    Freundel is clearly a blubbering idiot – who has no idea what its happening around him….and the equally incompetent ‘Eager 11’ did not have the basic talent or balls to dump the joker as was needed at the time.

    That we have entertained such a moron for so long …and at such NATIONAL cost, only confirms everything that Bushie has been saying for years now… about Bajans.

    Bushie called for you to BUP…and to lead NEEDED change some time ago …and you did nothing…
    Similarly, every SENSIBLE Bajan that the bushman interacts with …DECLINES to contribute to national leadership..

    Only mendicant brass bowls seem to have the appetite to take on leadership in this God-forsaken-place.

    A people ALWAYS get exactly what they deserve Caswell…

    No surprise that…
    shiite flows in the street,
    the coffers are empty,
    the family silver is gone
    We have become international laughing stock
    …and that the Lashley’s are given GCM and QC respectively…

  3. Prodigal Son Avatar
    Prodigal Son

    I am sure that the Stinkliar was hoping that the election would have been called before this report had to be made public…….it could not be held back any more………it would have been too obvious……..or the Governor must have felt ….look I better do my job otherwise I may be compromised with a new administration.

    Stinkliar chickens have finally come home to roost. This report confirms that Stinkliar did not know what he was doing and has arrogantly screwed up our economy which would take a decade to rebuild………..
    .

  4. Prodigal Son Avatar
    Prodigal Son

    Look out for the IMF report next!

  5. NorthernObserver Avatar
    NorthernObserver

    I have commented many times on the private sector role in helping the Sandiford administration. What nobody asked was, the impact of the island’s current credit rating on the CBB’s “negotiations”. Plus the BS&T is gone. 60-70 million is small compared to the support in 91, hence I would surmise “negotiations have hit a few road bumps”. What Haynes did NOT say (he cannot) is he has been told ‘wait until after elections and we’ll see’. The private sector is unlikely to work with the current crew, because they are proven to be financially inept. That doesn’t imply a new administration would be any better, only, it is doubtful they can be worse.
    The rumour mill says a large private sector organization is contemplating (decided?) a Sagicor type move.

  6. David Avatar
    David

    What is scary is that the DLP will not be defending its record on the economy because it is a poor one, the economy has stalled. Look forward to mudslinging.

  7. NorthernObserver Avatar
    NorthernObserver

    You mean the Financial Economy record, because they will push their version of the Social Economy and that record all day long.

  8. DLP (formerly CBC) Radio & TV Avatar
    DLP (formerly CBC) Radio & TV

    Well…. it don’t make sense repeating the same thing that many have said of this economy for the past 5 years. The problem with this DLP govt is that they REFUSE to do what is needed to correct the economy because it was not politically expedient TO DO SO!!!!!. They are FINE jeopardizing Barbados’ economy to save their ASSES!!. But yuh know the sorry IRONY of it all!!!!!! is that what they have done will all but ensure a humbling defeat in the upcoming general elections!!!!!
    I mean what the DLP has done can literally be put on a list titled “How not to run the economy”….the credit rating has sunk so low DEM cant get barely get loans on the international market, the loans DEM do get are with onerous terms..the loans do not go to projects to contribute to economic growth, in FACT the economy shrinks and now DEM struggling to pay these loans and keep the economy afloat. Now they are so desperate they want to depend on the private sector for foreign reserve support. It is a recipe for economic implosion!!!!!
    The DLP has asked the Bees what are its plans to correct the economy….If i was Mia the first thing i would say is to first get rid of this DLP govt.I AM SERIOUS. This Govt is the single most reason why Bdos is the way it is!!!. I have continually said this “govt” is the biggest disaster to hit this country since Hurricane Janet. I cannot understand how yuh can accumulate $$22bn dollars in tax revenue 5 years and the general infrastructure in Bdos had deteriorated!!!!. I cannot understand it !!! SOMETHING WRRROOONNNGGGG!!!!!….

  9. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    I think the outgoing government has finally run out of varuations of lies to tell the people a very strong indication that they know that no one on the island except irrelevant yardfowls will cast any votes for them, making it impossible for them to be reelected, so at this stage and out of immense shame, Fruendoliitle & usless Co are just winging it, still hoping for miracles.

    They have no election date or anything else to hold hostage over the citizen’s heads anymore, so kick their mendicant asses out with a flourish.

  10. Well Well & Cut N' Paste At Your Service Avatar
    Well Well & Cut N’ Paste At Your Service

    Turning to the private sector because they have no shame, they should make sure the taxpayer’s money by the billion dollar contracts and hundreds of millions of pensioners money given freely to the few in the private sector who helped ex ministers rip off the citizens in exchange for millions in kickback bribes…that all that money is returned to the people, before they are thrown out..every dime.

    They should all go to prison for theft.

  11. Mariposa Avatar
    Mariposa

    Prodigal while you are waiting for the IMF report. The public has been waiting ten long years for Mia economic plans for the country.

  12. David Avatar
    David

    What is this Social Economy record to which you refer?

  13. Artaxerxes Avatar
    Artaxerxes

    Prodigal

    Tell Mariposa “the public has been waiting ten long years for Freundel’s economic plans for the country” as well.

    Surely…… after “10 long years” of economic policies that FAILED to ACHIEVE the desired objectives…… and the accompanying 23 consecutive credit rating downgrades as a result……

    ……….as well as the unflattering reviews of the economy by the Central Bank and IMF …….

    ……..clearly indicates that Freundel does not have any “economic plans for the country” either.

    If Stuart actually had a plan, first……he would have removed the abysmal failures Chris Sinckler and “Jester” Ince from the ministry of finance and replaced them with more competent individuals.

    (NOT Stephen Lashley…..…anyone that hopes to raise $20M by asking 250,000 people to contribute $20 each, should not be considered as minister of finance…..….or allowed anywhere near the finance ministry for that matter).

    Instead, Stuart continued with the same plan over and over again…….expecting different results……..is the definition of insanity.

    Prodigal, perhaps what Mariposa should tell us is how Freundel plans to DEFEND the “dynamic duo” Sinckler’s, Ince’s and the DLP’s RECORD of “effing up” the economy after “ten long years”……..

    ……….and convince the electorate why the DLP deserves another 5 years to “eff we up” further.

  14. Artaxerxes Avatar
    Artaxerxes

    I heard Stuart saying buses are operating; garbage is being collected; the Welfare Department is honouring its commitments; there is the provision of health services……….

    ……….perhaps this is their “social record.”

  15. David Avatar
    David

    Based on what is posted by the political parties the BLP will launch the campaign this coming Saturday and manifesto soon after. The DLP will do the same on March 6, at the dilapidated National Stadium. Very soon we will hear what the two parties are promising, emphasis on promising.

  16. DLP (formerly CBC) Radio & TV Avatar
    DLP (formerly CBC) Radio & TV

    @Maripussy, Frac-turd DLP and the rest of the DLP yardfowls and potstarvers….when yuh all as the ruling party want to know so BADLY of the oppositions’ plan to run the economy do you know it can be interpreted as an implied ADMISSION that yuh all have FAILED!!!!!. If i was Mia i would strike a deal….Admit that yuh all haved FAILED and are TOTALLY INCOMPETENT to the electorate and i would immediately release my plans…if not… SHUT TO HELL UP and wait!!!!!

  17. Pachamama Avatar
    Pachamama

    Barbados continues it distinguished history of being run by cowards.

    Certainly, FJS is first amongst equals, as measured by the level of cowardice.

    It is a critical ingredient in the make-up of a good deputy, somebody unlikely to engage in palace coups.

    These are the kinds of deputies, without exception, the culture has constantly thrown up.

    Only political cowardice could prevent a so-called prime minister from aggressively seeking public approval for dramatically changed and constantly evolving policies, as they are/were.

    Or from explaining to the public the fundamental shifting economic environment. Up to now there has not been an explanation as to why the economy is in the state it is in. Why it represents such a departure from the regular state of affairs, the relative state we were used to. Routine mismanagement alone cannot explain what’s happening today.

    But that the coward-in-chief found no refuse but to run down the clock in this manner and is still then forced to call an election without a semblance of economic support from his CB tells us about the fecklessness of a deputy in Barbadian politics.

    Indeed, one may argue that the longer the coward has waited the worse the economy has gotten.

    Look out! Another deputy is heading our way May 25.

  18. Mariposa Avatar
    Mariposa

    DLP (Cbc Tv )

    Your hooting and hollering not going to change the fact that Mottley has only provided long diatribe political spin and long winded criticism and midday marches as an alternative to the barbados economy .
    With the election mere weeks away a level of high expection should be the economic concerns of the country and its imperative that Mia comes out of hiding from behind the dark shadows who in the past ten years have influenced her political propaganda and stands solo and bold faced and tell the electorate her plans for a vibrant and thriving economy for barbados .
    After all she has not been hesitant to crticize now it is her turn to define good leadership by being open and truthful.

  19. Mariposa Avatar
    Mariposa

    Btw DLp (cbctv) the sounds of fear and desperation comes bellowing from your comments.
    Tell your leader if she wants to talk economy she must first bring her plans in hand for all to see.

    ###::transparecy

  20. Artaxerxes Avatar
    Artaxerxes

    DLP (formerly CBC) Radio & TV

    FAILED economic policies………. resulting in 23 consecutive credit rating downgrades……. is a clear indication that Freundel, Sinckler and “Jester” Ince do not deserve another 5 years to “foist” their incompetence upon Barbadians.

    After an abysmal record as PM of Barbados…..we have a shameless, arrogant Stuart who says he is confident of leading the DLP to a third election victory…….a man whose only legacy to date is imposing the 90 day period to call the elections.

  21. Redguard Avatar
    Redguard

    Add to his legacy the only action he took against his corrupt speaker was to advise him to get a lawyer

  22. Pachamama Avatar
    Pachamama

    However, let these dictatorial elections come.

    We have long forecasted that the ruling regime will retain no more than three (3) seats. Three blind mice!

    Indeed, the spectre of a constitutional crisis beckons. In a way not dissimilar to the current state of pseudo-legalism as imposed by FJS, to questionable ends.

    In the case of this extreme overreaction by voters, member of the BLP wing of the duopoly will then resign to oppose themselves. Just a matter of who will get to the GG first to so represent.

    Third party pressure groups will play no role whatsoever. It is difficult for us to see any set of circumstances where a single of these candidates could save a deposit!

  23. David Avatar
    David

    According to Marla Dukharan Barbados is third after Japan and Greece if we look at gross debt to gdp. Debt restructuring is the only answer to provide wiggle room to allow for growth.

  24. A. Dullard Avatar
    A. Dullard

    If this report is the work of the best and brightest at the CBB then our problems are more profound than we think.
    This report lacks credibility and appears highly intellectually dishonest.
    A quick perusal raised a major red flag:

    Why are the 2017 figures provisional at this time?
    Since they are provisional, can we be confident in any comparisons based thereon?

    Separately, it would be enlightening to know how the Q1 estimates are calculated but of course the CBB does not open their methodology to scrutiny.

    My suspicion is that the estimates and provisional figures are aggressive and the reality is likely (much) worse.

    A. Dullard

  25. David Avatar
    David

    Marla just stated the reserves are at 5+ weeks and not 6+ as announced by the Governor yesterday.

  26. Gabriel Avatar
    Gabriel

    I have been saying ad nauseam, my take on Barbados’s state of the economy and concomitant conditions,is the lack of confidence in this outgoing 🙏🙏🙏🙏 DLP administration.Barbados!Wake up from your slumber and kick these JA’s to the kerb.Bizzy has been making the point repeatedly….There will be no economic recovery under Fumble’s Fools.True as John 3:16

  27. DLP (formerly CBC) Radio & TV Avatar
    DLP (formerly CBC) Radio & TV

    @ Mari.poser….Sigh…. desperation? fear??!!!! i wonder what made you come to this conclusion!!!!!….Most of the time i does just be laughing at wunna DEMs…When uh think wunna hit rock bottom, wunna does dig even deeper. The amount of contortions and somersaults wunna does go through to explain the abysmal failure called this govt wunna could be gymnasts!!!!! But i know wunna DEMS frothing at the mouth wanting to hear IMF from Mia’s and the BEES…wunna so desperate for some political milage????….but so little in touch yuh all are with the electorate… that most people already EXPECT we MAY already have to go through some sort of IMF program.anyway!!!…This is not to say that the BLP will adopt ths approach!!!!…but we are at the position that we have ran out of options!!!!!..Owen Arthur, PM and Finance Minister for nearly 15 years, has stated that the “austerity program” we are going through now, is worse than if we had to gone to the IMF anyway!!!!…but yuh know what wunna problem is!!! wunna so captivated about doing things that look good politically wunna couldn’t give a rats ASS about Bdos’ future. Anybody in the know knew that the 4 or 5 plans that Stinkliar presented …were half baked..they were not deep, comprehensive or wide ranging to do anything… every year yuh all FAILED to do anything of substance…the worse things get and the more drastic any REAL plan would have been.. the so-called economic plans were made to appear that the govt was doing something but really they would have achieved little. Bajans including former PM Erskine Sandiford cannot comprehend how after 25 years we get to the position we were in 1991!!!!! How $ 2bn in foreign reserves get eroded to less than $0.5 billion in less than 10 years!!!!!….We want answers from the DEMS!!!!

  28. Mariposa Avatar
    Mariposa

    Could always tell when the bees are desperate. The ammno is to seek outside carpet baggers to corrupt the political system of barbados like marla who seems to have a vital interest in the outcome of barbados election.
    Here is this Trini who for all intents and purpose should be overall concern with Trinidad social and economic problems social problems that has trinidad murder rate at an all time high but now have enough time to stick her big ugly nose in the politics of barbados a glaring outside force hell bent with an agenda to poision the minds of the public while corrupting the election process in itself.

    witch bee gone

  29. David Avatar
    David

    Can you state anything posited by her that is not factual? Is our gross debt to gdp 160% which positions Barbados as third in the world behind Japan and Greece? It is hard for you to be rational but try.

  30. David Avatar
    David

    The minister of finance has responded to the critics by saying the government has stop the foreign exchange slide since December 2017, in fact there has been an increase. The question is increase compared to what number?

  31. Mariposa Avatar
    Mariposa

    Hope when Mia comes out with her pie in the sky proposals for the economy. Hope she tells the public how she plans to finance all of them
    Only recently she mouthed that some pain would be attached while stating that ways by which govt collects revenue to fund social services would be removed

    #####all ears

  32. Roverp Avatar
    Roverp

    Here listening to a DEM saying that we should return to agriculture…I remember OWEN Arthur being laughed at by the DEMS for suggesting such during the 2008 elections campaign

  33. Mariposa Avatar
    Mariposa

    First of all there are foreign economist who keeps a close ear and keen eye on barbados economy. Some for investment purposes and others for critical and unbiasis analysis.
    Yet Marla seems to be the one most heard from .it is so obvious what her intentions are.

  34. Roverp Avatar
    Roverp

    Here comes the DEMs again only we know how to run a country…..I guess we see they mean how to run down an economy and a country

  35. Gabriel Avatar
    Gabriel

    His eminence could have expanded on the catastrophe conveyed in the observation that the reserves only increased by 14 million in Q1 when everyone knows this is when that outturn traditionally is at its best

  36. Artaxerxes Avatar
    Artaxerxes

    David BU

    Perhaps you may want to remind the resident DLP yard-fowl that Marla Dukharan was appointed as the Chief Economist of the Barbados based FinTech company……… Bitt Inc……..

    ………..and, similarly to the St. Lucian born Mara Thompson, she has a right to comment on this island’s economy.

    That stupid yard-fowls seems to be implying that “foreign economists” from agencies such as the IMF, Moody’s Investment Services, Standard & Poor, Caribbean Development Bank and World Bank that report on the Barbados economy……….

    …………are “outside carpet baggers” sought by the BLP “to corrupt the political system of Barbados” as well.

    In other words, the 23 consecutive credit rating downgrades are a result of the rating agencies being “in bed” with the BLP.

  37. David Avatar
    David

    What Marla is saying is no different to what local economists like Delisle Worrell, Governor of the Central Bank, IMF et al. When will the government release the Article IV report?

  38. Mariposa Avatar
    Mariposa

    In any case who needs Marls input. She is not a citizen of barbados or a member of parliament or an employee of any financial instituion
    The affairs of barbados are strictly for barbadians to resolve and not a shameless carpetbbagger working as an agent for the blp.

  39. Redguard Avatar
    Redguard

    who is the DLP’s advisor on the economy since Sir Frank “retired”…………..Jepter?

  40. Roverp Avatar
    Roverp

    Just for Affa on VOB de know all DEM……..Unemployment in Jamaica at Record Low

    Caribbean360May 3, 2018

    .KINGSTON, Jamaica, Thursday May 3, 2018 – Prime Minister Andrew Holness says Jamaica’s unemployment rate declined to a record low 9.6 per cent as at the end of January.

    That is down from the 10.4 per cent out-turn for the last quarter of 2017, and dips below the 9.8 per cent recorded in the corresponding quarter back in 2007.

    Read more: http://www.caribbean360.com/business/unemployment-in-jamaica-at-record-low#ixzz5ESuqIvwe

  41. Artaxerxes Avatar
    Artaxerxes

    Marla Dukharan is “a shameless carpetbbagger working as an agent for the BLP,” because her assessment of the recent Central Bank report does not reflect a DLP perspective?

    Then……..CBG Haynes should also be viewed as “a shameless carpetbbagger working as an agent for the BLP” as well.

    I also recall in January 2016, when TRINIDADIAN and former CEO of Republic Bank Barbados, Ian De Sousa, said he saw “signs of the Barbados economy making a turn for the better”…….

    …….you were not of the view that “The affairs of Barbados are strictly for Barbadians to resolve and not a shameless carpetbagger working as an agent for the BLP,”

    …………because his comments supported your political agenda.

    Are you not tired being exposed as a shameless donkey?

  42. Gabriel Avatar
    Gabriel

    I wondered why Sanka Price gave pussy Glyne Murray full reign on Brasstacks for almost 30 minutes to talk a whole set of hogwash and drivel.As my mum would say…’he can really go and bag his head’. The fool.

  43. David Avatar
    David

    Gline embarrassed himself today. Clearly he is not a fan of Mia, this is his right of course.

  44. Gabriel Avatar
    Gabriel

    I notice while the licks sharing like peas the Quisling Darcy Boyce the economist hiding in the background.

  45. Gabriel Avatar
    Gabriel

    Of course he is a fan of OSA as is Hal the epiphanist now the campaign manager of his buddy FJ Stuart.No one will deny him his right to follow his conscience and help his long time friend and partner.What is becoming clearer now with Murray is that all of a sudden Staurt and his wild boys to quote OSA are now to be given a pass in spite of the mismanagement of the country Barbados over the last 10 years,Anything to get back at Mia even if he appears insipid,ridiculous and stupid and a pussy.If I know Mia well she would still offer him a position in her press corps as a former stalwart of the Great Party.

  46. Hal Austin Avatar
    Hal Austin

    Of course he is a fan of OSA as is Hal the epiphanist ???????????

  47. David Avatar
    David

    Do we know if Hal is his campaign manager this time around?

  48. Tron Avatar
    Tron

    DLP = Barrow = Nelson = plantation = slavery = taxpayer.

  49. Mariposa Avatar
    Mariposa

    So OSA called Stuart and his team “wild boys”. Gabriel Do you. also remember OSA calling MIA a “despot”.

  50. David Avatar
    David

    Please don’t allow this important topic to descend to nonsense or the blogmaster will exercise judgement. Of course there is latitude given for political banter but there is a limit.

The blogmaster invites you to join the discussion.

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