Review of Barbados Economy January-March 2019 : Government on Track to Meet IMF Targets

The economy continues to be the focus of the Mia Mottley administration.  Although the government should be congratulated for taking decisions unlike its predecessor  – to be expected the public has been vocal in response of the austerity measures.

A listen to Governor Haynes reminds the blogmaster of the promise made by the DLP through former Governor DeLisle Worrel regarding projects in the pipeline. It does not matter the government in office, one thing is guaranteed, we struggle to implement.

-David, Blogmaster


Governor Cleviston Haynes delivers the Central Bank of Barbados’ review of Barbados economic performance in the first three months of 2019 and takes questions from members of the media.

CBB Review of Barbados’ Economy (January – March 2019).pdf (519.63 KB)

 

106 comments

  • NorthernObserver

    @PLT
    I have no data, so beyond the personal feel good moment of uncapping tax on residential properties, have no idea the contribution this would make to the Treasury. Moving the cap UP periodically may have the same/larger fiscal effect.
    In 2015, an acquaintance who had holidayed many times in Bim, opted to buy an expensive property elsewhere. (and 2 siblings followed suit) Apart from the point-point travel time to Bim, and concerns about ‘getting money out’ based upon extrapolations of the political direction of the day, the primary $$ knock against Bim were the transactional costs versus the property tax.
    While real estate transactions in Bim tend to be a well guarded secret, you will note in the same red book, how many took in excess of 18 months to occur. Buying upper end property in many of the ‘tourist destinations’ is not for the feint of heart or those who value rapid action.
    While there was a conversation on T&CP earlier, taxing property needs similar attention, esp if the future is more multi-story buildings. I was told, a reason why so many of the ‘wall structures’ remain unpainted/unrendered is that until such occurs, the improvement is not deemed complete, and hence the tax additions do not accrue. Barbados also has a significant number of zero based buildings based on use (places of worship as an example), which are likely to change.

    Like

  • Such a long winded reply that does not address WS contribution. Instead we get a cut and paste that is not relevant. You worse than Waru….

    MAn shuddup

    Like

  • In fact you made the point for WS.
    Three years ago the man was a dog
    Today the man walks with your god

    Like

  • Theogaz
    I have seen Maloney build houses for Ross University (a private body) on land leased to him prior to 24 May 2018. The government washed its hands after taking a pay out. I have seen Maloney doing work on the Empire Theatre, leased to him prior to 24 May 2018. The land for Hyatt was also transferred to Mark Maloney prior to 24 May 2018. Kindly point out to me what projects Maloney has been granted since the 2018 election? #readingtuhrespondnottounderstand

    Like

  • Haynes: Barbados meeting its fiscal targets but economy remains in recession
    BSJ News DeskMay 4, 2019

    Barbados’ economy remains in recession, contracting by just under a quarter of a percent in the first quarter, and the central bank is only expecting marginal growth of about the same percentage for the whole of 2019.

    Governor of the Central Bank Cleviston Haynes said on Thursday, May 2 at his quarterly press conference that stabilising the economy and restoring investor confidence were the keys to achieving that growth, and the economic review released suggests that at least the first goal is being achieved.

    At the macro level, it said, the economy continued to recover during the first quarter of 2019 as Government focused on implementing the Barbados Economic Recovery and Transformation (BERT) programme.

    The bank said government was likely to meet its targets for the fiscal yearend, which was March 31, as agreed with the International Monetary Fund (IMF). In addition, the ease in external debt service payments and on-going net purchases by the Central Bank of foreign exchange from the financial system increased the international reserves during the quarter and raised the import reserve cover to almost 14 weeks of imports.

    https://www.broadstjournal.com/post/haynes-barbados-meeting-its-fiscal-targets-but-economy-remains-in-recession?fbclid=IwAR0Y6YeaD5vARhAxazKv7cidb1TP-WPpi5w0NV73ebm1ng5iT6ZUIcva9vU

    Like

  • Wunna think people foolish…
    Given the opposition to Maloney deals with the past administration one would have come to the conclusion that Maloney’s days were done.. Instead we see a lot of wishy-washy talk, smoke and mirrors and a ‘reversal’ of previously held positions. That was the point you needed to refute…

    https://barbadostoday.bb/2019/04/02/follow-the-law-on-hyatt/

    “Speaking to Barbados TODAY on Government’s new proposal, Comissiong said he would have no issue once the proper procedures were followed. He explained though, that Government would now have to make a new application as the building plans were being changed.”

    “Prime Minister Mia Mottley recently announced that Government was against the previous plan of having the Hyatt built on two spots in Bridgetown. Instead, she revealed that the US$100 million hotel would now be constructed on three lots after Government’s compulsory acquisition of nearby property.”

    I do not have the time to search for all of the discussion on Hyatt. But I remember we had a number of pit-bulls including Mia and Comissiong chewing on the past administration shorts.

    Like

Join in the discussion, you never know how expressing your view may make a difference.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s