Governor Cleviston Haynes Delivers Q2′ 2018 Economic Review

Text file (PDF): CLICK HERE

 

 

Why You Should Watch the Quarterly Economic Review

 

Created 30 Jul, 2018

Every quarter, the Central Bank of Barbados publishes its review of Barbados’ economic performance. The video review, delivered by the Governor, is livestreamed on the Bank’s website and YouTube channel, and also posted in its entirety – about 10 minutes – on its Facebook page. These reviews provide insight into how the economy is faring, so if you haven’t been watching them, you should be. Here’s when they take place and what you should be listening out for.

 

 

 

 

The review is usually released about a month after the end of the previous quarter and covers Barbados’ economic performance so far in the calendar year. This means that while the review at the end of the first quarter will look at January to March only, the one at the end of the second quarter will cover the first six months of the year, and the one at the end of the third quarter looks at the period January to September. The year’s first review, the one that is usually held in January, actually reports on Barbados’ economic performance for the entire previous year.

 

 

In the review, the Governor shares key statistics – indicators – that reveal the health of Barbados’ economy. He usually gives an update on economic growth – the increase in GDP (Gross Domestic Product), or put another way, in how much the value of the goods and services Barbados’ produces has increased by, relative to the same time the previous year – as well as on the debt to GDP ratio, which compares how much Barbados owes to the value of what it produces.

 

 

The Governor also speaks about the fiscal deficit – how much more the Government is spending

than it is earning (If the Government is earning more than it is spending, that would be called a fiscal surplus). The fiscal deficit is tracked through the fiscal year, so if the Governor mentions “an overall reduction in the fiscal deficit from the previous year”, he is not referring to the calendar year, but rather to the 12 months starting from April and ending at the end of March, since Barbados’ fiscal year is April 1 to March 31.

 

 

The quarterly review usually includes other important indicators such as unemployment, the level of international reserves, and the retail price index – how much prices have increased over the past 12 months – as well as an overview of how tourism, one of our biggest sectors, is performing. It typically ends with a forecast for how much the economy is projected to grow as well as the Central Bank’s prescription for what action is needed to strengthen it.

 

 

The Central Bank of Barbados’ quarterly economic review provides timely, credible information, and now that you know the areas that help to tell the story of Barbados’ economy, you can keep abreast of how it is performing and of how you can to help improve it.

The next Central Bank of Barbados quarterly economic review will be published Thursday, August 2, 2018 at 11:00 a.m. Watch it live on the Central Bank of Barbados’ website, www.centralbank.org.bb

 

 

224 comments

  • Hal
    All you needed to say was that the Nation inadvertently used your photo. Regarding Google use, all I will say is that Google Scholar is used by many conducting research. As for me being idiotic and unintelligent (I am not the braggodocious type but I know you have a penchant for rankings), my transcript* from one of the best universities (and faculties for my area of study) in the world begs to differ. But if you say I igrunt, well I am thou Oracle; but I understand that though Ross University is an educational facility, it is first and foremost foreign INVESTMENT, thus the presence of the PM, who is responsible for investment.

    Not a certificate of participation.🤣🤣🖐🏾

    Like

  • David i have no problem with surveys but in these small island complex questions would attract the attention of mostly the intellects who most of the time is driven by a need of self interests
    I would bet that many of the younger generation who frequented social network would have little interest in responding ..resulting in answers that would only satisfy a few mostly the higher end of society giving them a better advantage on how govt policies should be formulated..whilst inducing a high risk of shutting out the majority and mostly vulnerable who needs govt support. David this is not good goverence
    Personnelly i think this is a dangerous trek along experimental high way called Peoples Involvement
    This is a sharped edge sword which in the long run would result with the so called intellectual mostly influential having more political power and a country leaning comfortably close to dictatorship

    ####::######eyeswideopenforlackofvisionpeoplesuffer

    Like

  • David i have no problem with surveys but in these small island complex questions would attract the attention of mostly the intellects who most of the time is driven by a need of self interests
    I would bet that many of the younger generation who frequented social network would have little interest in responding ..resulting in answers that would only satisfy a few mostly the higher end of society giving them a better advantage on how govt policies should be formulated..whilst inducing a high risk of shutting out the majority and mostly vulnerable who needs govt support. David this is not good goverence
    Personnelly i think this is a dangerous trek along experimental high way called Peoples Involvement
    This is a sharped edge sword which in the long run would result with the so called intellectual mostly influential having more political power and a country leaning comfortably close to dictatorship

    ####::######eyeswideopenforlackofvisionpeoplesuffer

    Like

  • @ac

    Will reply to see if you appreciate the point second time around. The government is of the view that by using surveys, joint committee of parliament, timely updating of BGIS and party websites, ministers operating using a cross functional approach, it will all combine to change the ethos in the country as it relates to building trust between the people and government. There are benefits to be had if successful.

    Like

  • there is nothing wrong with using an on-line survey etc. Care just has to be taken to weed out the misused or abuse of the data collected as we all know that on-line survey data has a weakness in the area of verification etc

    Another issue has to do with the conclusion(s )that are drawn from the data collected. we mus be always be aware that policy decisions may not be driven solely by the survey data collected. Some here may feel that the survey maybe be a “mechanism” to cloak decisions that has already been made on policy.

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  • Amazing that people can be so simple minded and also so completely unaware of this – to the point where they continue to flaunt their stupidity… over and over…
    In a modern world, the secret to success is to generate consensus among your various publics. Consensus is generated by communication (TWO WAY preferably – thus the surveys), by listening to alternative views, (thus the surveys), and by decisive action once consensus is arrived at.

    NCOs who operate by taking orders may not appreciate this, but it is the reality of a modern world – where almost anyone can swing public opinion and support by using social media – for example…. that consensus is CRITICAL for success.

    Cuhdear…
    If the “bull-in-a-China-shop” approach of the DLP failed so miserably over the last decade…, who but a CLOWN would now criticise the BLP for taking a different approach…?

    OH Wait…. Hal would…
    The man was slow from school days – and likely even before….

    Like

  • David,

    Investments are carried out by investors, not by government. Governments tax investments. In Keynesian terms, governments can stimulate the economy, but under our system we look to the private sector for investments. Stop Googling and think. Ministers can give themselves any title, even minister for the blue economy. Try scenario analysis rather than bluffing
    Macroeconomic decisions are based on economics, financial markets (including consumers) and politics, a fusion that we are used to, with each sector having a decided role to play. Know this is how we differentiate between financial analysts and number crunchers.
    I will end this lesson on a small note: since February the Barbados dollar (the Bajan) has risen by about 10 per cent. Given that since May 24 we have defaulted on our local and external debt, economic fundamentals say our currency should have depreciated because we are now insolvent. Yet, we have not had any press conferences, Mr Jong has not sent out any press releases, in Mandarin, Cantonese or English and our great press has not said a dickey bird.
    Yet, one of our most promising senators (one with vast financial experience, according to the Nation, and great heritage according to the chairman of BU) said in parliament that he strongly defended the fixed exchange rate. This is the kind of nonsense that passes as serious economic debate in Barbados.
    We recently had someone on BU talking about slavery being the foundation of modern capitalism; in other words, slavery was the foundations for all the forms of capitalism from the slave trade to the rise of mass production to the rise of internet capitalism. Apple is now valued at US$1trn. In elementary terms, according to this great scholar, the capitalism of the 15th, 16th and 17th centuries is the same as capitalism of the early 21st century. Plse think, use your brain.
    If David, the chairman, had made these contributions about economics and finance anonymously, I would have ignored them. But as chairman he has influence, and gives weight to silly ideas. Again, government is not the source of financial investments to make the economy grow, but it creates the environment – regulatory and fiscal. Monetary policy is the responsibility of the central bank. Governments spend tax payers money.

    Like

  • What is wrong with you dude?

    The prime minister has responsibility for facilitating investment.

    #capiche?

    Like

  • @ Bush Tea August 6, 2018 10:17 AM

    Quote ” NCOs who operate by taking orders may not appreciate this, but it is the reality of a modern world – where almost anyone can swing public opinion and support by using social media – for example…. that consensus is CRITICAL for success. ”

    Unfortunately the above is true. This also points out that the “dummying down” of the masses has been rather successful.

    A well planned and executed “social media” exercise will often get persons to vote/operate against their better long term interest.

    The “herd mentality”(if everyone else is doing it it must be …) is often used to weaken institutions that protect use against future abuses/abusers. The “fake news” industry is fully alive well and kicking.

    Like

  • Isn’t it amazing that some knowitalls are so obtuse that they end up on the wrong side of commonsense? How many people do surveys reach? What percentage of them respond to surveys? If e.g. 10,000 people respond out of a potential 150,000 what does that say except that 10,000 people cared enough but the others didn’t or couldn’t be bothered. Do you declare consensus on the results of the majority of the 10,000 and act accordingly? At least if the Gov’t commissioned a Poll it could say there is scientific evidence to back its actions.

    #flauntyourstupidity.

    Like

  • Nothing. Just surprised and disappointed at your folly. I just tried to explain and you come again stubbornly. Facilitating investment (ie creating the regulatory and fiscal environment) is not the same as responsibility for investing. Even you can understand the difference. And I am no a dude.

    Like

  • Why are you making a sound and dance about a meet and greet session with the Ross principal. Should Dominicans share your concerns because their PM held a national press conference to announce their decision to depart?

    You may have the last word, DUDE!

    Like

  • People do not understand the dangerous mine fields that are already placed in those initiatives
    It places a country democracy under a disadvantage that chips away at democratic idealogies and principles which sooner rather than later give the upperhand of policymakng to a ruling few

    Like

  • I am making a song and dance about appalling ignorance in this year, 2018. Your childish dudish behaviour says it all. Do it anonymously and I will ignore you. Do it as chairman of BU and I will condemn the nonsense.

    Like

  • @Sargeant

    You are correct in part, copies of the survey according to the BGIS notification is available in hard copy from all post offices on the island.

    Like

  • Hahahaaa Hal you soon blow a gasket trying to convince the BU household that you’re an expert in finance and economics. At least the “promising senator” has lil papers in economics and development, including a stint at that school called London School of Economics (the types you like to use to disgrace UWI) and some work experience in the area. Apart from working for the “Poisoner-in-Chief” and other UK rags, please tell us what work experience/*substantive training you have in the areas of finance and economics? Or you just “google” bookstores?🤣🤣

    Not certificates of attendance/participation.🤣🤣

    Like

  • @ August 6, 2018 10:45 AM

    David,

    I don’t know why Hal Austin is being so hard on you; but i think i see what he is saying.

    You have technically have two roles/personas . David the private citizen that can say whatever you like about anyone u like for as long as you like.

    Then u have the persona a BU Chairperson. Unfortunately in Hal’s opinion you don’t have such freedoms.

    I guess a high court judge is in a similar position. He can write a damming report/editorial as an anonymous contributor to any newspaper. However he/she dare not do the same in his/her official role as High court judge.

    I can see where he is coming from. U may not concur.

    Like

  • sirFuzzy

    It is a blog. Relax.

    Like

  • How many people do surveys reach? What percentage of them respond to surveys?

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

    I think the reason there is a survey is so it can be said that although the 41,000 were denied a voice in Parliament look what the BLP did, it still gave them an opportunity to speak!!

    Like

  • @ John August 6, 2018 11:19 AM

    If what u said turns out to be true. Then we really need to seriously rethink/calibrate this experiment we calling “democracy”.

    If i didn’t vote for the party that makes up the Govt.; the MP is still my representative just not my preferred representative. Maybe these MPs think that if you didn’t vote for me i don’t have the responsibility of representing you? The epitome of partisanship and not democracy?

    Like

  • Enuff,

    I would normally ignore your silliness. But fabricating stories is not the done thing. I have never claimed to be an expert on finance or economics. In fact, for the umpteenth time, I did not go to school. I am a dunce. I just like discussing ideas.
    The most important free market in Barbados and Barbadians is the free market of ideas. A difference of opinion should not be a capital offence – as it appears to be in Barbados. If you want to soberly discuss ideas, I am your man.
    By the way, CLR James did not go to university or have impressive CVs, (including MAs in something called Political Sociology), nor did Professor Richard Titmus and numerous others, including Andre Malraux..
    If yo do not behave yourself I will get David (BU) to give you lessons in reason. Dude.

    Like

  • Dentistry Whisperer (M. Pharm. D) LinkedIN

    Respect my confidentiality – Thanks. Keep a close tab on new Universities arriving on your Island. Elton influences his niece. He wants to increase the number of universities to about 12. Codrington College and Erdiston are spoken for. Michael Clarke is on board to have this in his legacy. (Anglican Synod dilemma). Both Elliott and Elton (Elombe) have reached out for my input. I am associated with many U.S. and U.K. tertiary levels of education. U of N. Carolina, Utah, McGill, U of T. and Dalhousie, Nova Scotia, Canada. Haynes Darlington.

    Like

  • ICB is involved.

    Like

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