Submitted by Kemar Stuart, Bsc Banking and Finance (undergraduate), University of the West Indies. Prepared For Presentation at the , Democratic Labour Party, Astor B. Watts, Lunch Time Lecture, May 2019
The digitization process of Government is an initiative which the Barbadian community should embrace it may provide savings from duplication of processes within the civil service however this will increase retrenchments going forward. As the paradigm shift of automation occurs.
Government has the tools to reduce spending on foreign purchases, by increasing tax rates or cutting its own spending. Given that the burden of taxation was increased in 2018, the focus in 2019 and 2020 will probably be on further expenditure reduction. In time, the inflows of foreign exchange may increase. How soon that will occur depends on the effectiveness of policies to increase Barbados’ external competitiveness. Between 2013 and 2017 Barbados fell from Number 47 in the Global Competitiveness Report’s rankings to Number 72, mainly because of weak Government institutions and deteriorating Government finances. Investor confidence can be expected to revive when there is evidence of public sector reform, improved public services, and prudent Government finances. Early resolution of Government’s default on US dollar debt is also essential to restoring investor confidence.. A makeover of the public services, to raise the delivery of services to standards comparable to those of Canada, the US, the UK and further Europe is key to the achievement of both these objectives.
he digitization process of Government is an initiative which the Barbadian community should embrace it may provide savings from duplication of processes within the civil service however this will increase retrenchments going forward. As the paradigm shift of automation occurs.
Government has the tools to reduce spending on foreign purchases, by increasing tax rates or cutting its own spending. Given that the burden of taxation was increased in 2018, the focus in 2019 and 2020 will probably be on further expenditure reduction. In time, the inflows of foreign exchange may increase. How soon that will occur depends on the effectiveness of policies to increase Barbados’ external competitiveness. Between 2013 and 2017 Barbados fell from Number 47 in the Global Competitiveness Report’s rankings to Number 72, mainly because of weak Government institutions and deteriorating Government finances. Investor confidence can be expected to revive when there is evidence of public sector reform, improved public services, and prudent Government finances. Early resolution of Government’s default on US dollar debt is also essential to restoring investor confidence.. A makeover of the public services, to raise the delivery of services to standards comparable to those of Canada, the US, the UK and further Europe is key to the achievement of both these objectives.
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