est. 2007

Barbados Underground

Bringing News and Opinions to the People

, ,

Barbados Economic Recovery and the Falling Pound

Benidorm in Spain was a small fishing village, then the big boy’s moved in the Spanish Govt rubbed their hands €€€€€€€€/ now look at it. Barbados a wonderful little golden island in the sun and the big boys are wanting to move in, Gov’t is the $$$$$/ €€€€€€or ££££££so important that you become the concrete…

, ,

Benidorm in Spain was a small fishing village, then the big boy’s moved in the Spanish Govt rubbed their hands €€€€€€€€/ now look at it. Barbados a wonderful little golden island in the sun and the big boys are wanting to move in, Gov’t is the $$$$$/ €€€€€€or ££££££so important that you become the concrete Benidorm of the Caribbean, LET US HOPE NOT! – Gavin Dawson

There are significant trends unfolding in the global financial markets that will impact Barbados. The perilous condition of the local economy – vulnerable to exogenous shocks –  demands that the government and citizenry demonstrate an alertness to ensure there constructive dialogue. We allow the politicians and talking heads vested in the ‘system’ to lead a narrative that is decoupled from national imperatives.   It explains why we are in the deep hole we find ourselves.

The commitment of successive governments the Barbados dollar pegged to the US dollar  has attracted criticism and support. The decision by the Federal Reserve Chairman to reduced interest rates by 25 basis points will spur the debate.

Of greater concern is the trending of the GBP/USD currency rate.  The currency rate has experienced a 2-year low of 1.21603 as at closed of trading. The political uncertainty in the UK over BREXIT and the flavour of politics practised by new prime minister Boris Johnson could see the pound free fall to a parity with the US dollar. This is what leading market analyst Morgan Stanley and others have speculated.

Screenshot 2019-07-31 at 19.56.25
XE.com

If the forecast is proved correct the immediate concern for Barbados given how the tourism sector is positioned- it contributes the most to GDP both direct and indirect – should be a matter of concern. In simple terms the average UK tourist travelling to Barbados will see a reduced spending power in such a scenario. The statistics read that the UK tourist spends more and vacations longer than those coming from other countries. There is also the investment factor. The wealthy Brits have always targeted Barbados as a preferred country to invest in a second home especially on the West coast of the island.

Relevant links:

Why is the conversation important some will ask?

If we listen to Prime Minister Mia Mottley and members of her government, Barbados economic recovery and growth plan is being placed mainly on tourism.  Barbadians are being conditioned to expect a hotel corridor to be built along the Bay Street area. With the slide of the pound to USD and UK being our most important tourist and investment market should we have a plan B? The blogmaster recalls when the global economy went south in 2007/8 so too did Cinnamon 88 and the Four Seasons project to cite this example to expose the fickleness of a tourism investment pipeline of 1 billion dollars?

One gets the impression we have hitched our hope of recovery to an economic model whose shelf life has expired.

Thanks to John A for prompting this blog.

206 responses to “Barbados Economic Recovery and the Falling Pound”

  1. Gabriel Avatar
    Gabriel

    Ping Pong
    What Tony Blair is saying is so obvious that it escapes one that a once great country like Great Britain has almost voluntarily ceded power in trying to play one upmanship with a fringe group led by one JA joker called Farage.GB needs people like Blair.I hope this clown Boris who looks everything the deer caught in the headlights will get a strong dose of wake-up-and-smell-coffee in the result of the Radnor bye-election today which would effectively reduce his majority in the Commons to 1.

  2. Miller Avatar
    Miller

    @ John A August 1, 2019 11:35 AM
    “If you listen carefully to what Boris is saying he actually plans to hold the sterling as close to the Euro as possible in the medium term. The man is controversial but no fool. He knows he will face some pain leaving Brexit but with a weak sterling holding around 1 to 1.05 his exports will be competitive. We are the least of his concerns. We must therefore prepare for the fallout…”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++

    What are those ‘British’ exports which would automatically become competitive under a Brexit-induced weak pound sterling?

    Is it the continuing provision of ‘financial’ services to the world which would soon find themselves the casualty of electronic diversification and the provenance of Artificial Intelligence?

    What does the formerly-great Britain produce that the world would want to buy and which cannot be made more cheaply in the Far East and South East Asia and shipped to the former colonies of the dead British Empire?

    Even the poor Britain of today is flooded with ‘cheap’ imports from China and other ‘cheap’ producing countries.

    When the current ‘English’ monarch leaves, (just in a matter of months) ‘Her’ lofty throne in the palace of Buckingham Britain will become just another backwater relic of history just like the pharaohs of Egypt and the Patriarchs, Judges and Kings of Jewish mythology which too many black Bajans consider to be Word of some invented god.

    Why do you think the current BLP administration is making preparation on the inevitable path to Republicanism by ushering in the Order of the Freedom of Barbados?

    It’s medal time, dear Sir Muttley, with a full taste of fully-grown Bajan republicanism conferring an honor of political servitude called the “Ba Jack” from Saint John or St.Philip!

  3. John A Avatar
    John A

    @ Vincent.

    I think the reason the powers don’t want to speak on this sterling issue is that it flies in the face of everything they have come to the public on as being our saviour.

    How can we live in the bubble of tourism and ignore the issue of the sterling at the same time?

  4. Gabriel Avatar
    Gabriel

    Here’s how to deal with the other criminal in Casablanca..

    https://m.facebook.com/story.php?story_fbid=10217982916918642&id=1656980265

  5. John A Avatar
    John A

    @Miller

    Their exports are high end that will benefit.

    Jaguar, Bentley are just 2 that will benefit.

  6. David Avatar
    David

    @Gabriel

    Isn’t Boris an ivy leaguer?

  7. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal
    Most businessmen are idiots. This one made his fortune importing fall apart “fast fashion” from the east and retailing it on small town high streets.

  8. Ping Pong Avatar
    Ping Pong

    Brexit couldn’t happen to a “nicer” country. I really don’t care what happens to the UK except that a significant segment of Barbados” tourism business is from the UK. So Brexit will be another nail in the economic coffin for Barbados. So what is our next move? All I hear is silence. Misery for the many in Barbados is ahead.

  9. Gabriel Avatar
    Gabriel

    David
    Yes Boris is an Etonian but he’s also an American and seem to have the same negative qualities of lying and changing his narrative to suit the occasion as his buddy in Casablanca.

    https://www.independent.co.uk/voices/boris-johnson-brexit-middle-east-priti-patel-israel-balfour-robert-fisk-a9030356.html

  10. Ping Pong Avatar
    Ping Pong

    Other than “I want to be a Prime Minister no matter the cost (to the country)” what does Boris Johnson believe in? he reminds me of Barbados’ David Thompson.

  11. Hal Austin Avatar
    Hal Austin

    @ PLT

    That one certainly is. But what impact will Brexit have on the Barbados economy? What are the possible outcomes? In 90 days and after that? It took Canada seven years to negotiate a trade deal with the EU. There are about 120 such deals involving the EU, all of which the UK has to re-negotiate. The one with the US, the single biggest UK market, is likely to be the toughest. Plse tell me what is missing from this equation?

  12. Enuff Avatar
    Enuff

    David

    “In 2018 there were a record 1.4bn international tourist arrivals, according to the World Tourism Organization (UNTWO), a rise of 6% over 2017. That doesn’t mean 1.4 billion people travel abroad for their holidays, as many people will clock up more than one trip. But it does mean tourism is playing an increasingly important role in the global economy. In 2018, it was worth about $1.7tn (£1.3tn), or about 2% of total global GDP. Even the UNWTO is struggling to keep up, with current figures vastly exceeding expectations.”

    In the global economy specialisation is a reality and tourism is our key one. Prioritising does not mean ignoring; hence, the FEED programme, trust loans, income and corporate tax reduction, sand box for fintech, Ross and the push for a nursing school etc. What should the government do, ignore the hotel plant and mind the BU experts and export golden apples, soursop, black belly leather belts and solar panels? Or leave unused previously developed sites of potentially high economic and social value vacant and derelict? The government walking and chewing gum at the same time.

  13. Gabriel Avatar
    Gabriel

    https://youtu.be/G3iMguRdddk

  14. John A Avatar
    John A

    @ David.

    The challenge will be for the hotels to offer value to try and negate the fall of sterling to say 1.05. So we may find ourselves doing promotion like pay for 6 nights and get the 7th one free with free breakfast thrown in as well for the full stay.

    Remember their air fair here would still be the same as before because that paying in sterling for that, but where we will get hit hard is bringing their accommodation in line with what their currency can now buy. So if we have a 20 percent drop we have to find ways of returning 20 percent more in added value.

    Government may also need to revise all those taxes they slapped on room rates in the last budget as well now too.

    This thing is alot more far reaching that people see it and we have to plan from now how we will tackle it.

  15. Bajan in NY Avatar
    Bajan in NY

    @The Annoying Mouse August 1, 2019 11:22 AM

    (Quote):
    “Move on to where? Are you gong to ban me or is it a capital offence? Get a brain,..”
    (Unquote).
    +++++++++++++++++++++++++++++++++++++++++++++++++++++

    Is this the same Mr. Asstin

    Hal Austin is a self-hating bullshitter from the Ivy. Just ignore him.

  16. John A Avatar
    John A

    @ Miller.

    Sorry for not responding to your question earlier about what does the UK Export that would benefit from a weaker sterling, here are UK export figures for 2018 ALL shown in USD. The percentage next to the value represents the categories percentage of total exports. The b next to the number is value shown for the catagory in billions of USD.

    Machinery. 72.5b. 15%
    Vehicles. 55.4b. 11.4%
    Gems, precious metal 47.5b 9.8%
    Pharmaceuticals. 30b. 6.2%
    Aircraft. 19.7b. 4.1%
    Mineral fuels. 45b. 9.3%
    Optical, tech equip 19.2b. 4%

    The above only represent a little over 50 percent of their exports, as they are many other categories that make up the additional 40 odd percent not shown here. Needless to say the UK IS still a major player in the export market.

    Stop and think what a 20 percent drop in sterling would do to the exports of their vehicles alone, which last year was $55b USD. Think of a Jaguar now selling at the same price as a high end Japanese car for example and add that advantage across the board to their entire export base. Plus remember their biggest export client is America, who currently make up for over 50% of their total exports already. So more than half their export market was outside of Brexit to begin with.

    Boris has a clear cut plan to expand the UK exports based on a more competitive currency. He will keep that around 1 to 1.10 to the USD and more than make up any fallout from leaving Brexit. We are the ones who will have to fight here with the lower currency fallout. Based on this I really would love to hear the argument that will be put to hotels, to encourage investment in that sector now.

    Also what will government be doing about the barage of new taxes they dropped on that sector in the last budget? Surely this will have to be reviewed now as well, based on the direction sterling is predicted to go in.

    So many questions and so few answers .

  17. Gabriel Avatar
    Gabriel

    http://youtu.be/4ZVMw22ACAA

  18. PoorPeacefulandPolite Avatar
    PoorPeacefulandPolite

    An obvious diversification strategy for Barbados’ economy lies in the development of Health and Retirement tourism. The industry has the potential to provide many white collar employment opportunities in research and services, put underutilized properties inland to use, and also serve our own aging population. It’s the Cuban model without the boycotts !!

  19. John A Avatar
    John A

    @PPP

    Yes Sagicor has broken ground on one such project in St George recently. This hopefully is a start in catering to a tourist market that does not require beach front. With these facilities the hope is some older visitors may opt to get out the cold for the 6 months of winter and head South to an assisted living facility, or a facility designed with the older traveller in mind.

    I wish them the best with this venture.

  20. PoorPeacefulandPolite Avatar
    PoorPeacefulandPolite

    The Soroptimists have been running a retirement village successfully for over thirty years at Eden Lodge. St George will target local upper middle-class investors, and the properties will surely sell like hot cakes. By a wide margin, assisted retirement villages are the best investment on the market at present. I can see a large tranche of the 9 Billion locked in local savings accounts going to buy into projects like this. Traditional tourism survives (and complements) the model when younger family members com a-visiting their older folk recovering in Barbados !! It’s a shoo-in. Cuba will help with her world-class therapists now denied to American citizens.

  21. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal Austin
    I expect that the short term impact of brexit on the Bajan economy to be the negative consequences on mass market tourism and trophy real estate that John A pointed out. The medium and long term effects are negligible because Britain will be a negligible component of the global economy;-)

  22. Gabriel Avatar
    Gabriel

    Hip hip hooray…the Lib Dems have won Brecon and Radnorshire..Boris the buffoon has suffered his first defeat since his selection as PM..Suffice It to say his majority in the Commons is now 1 and that includes the DUP of Northern Ireland which is threatening to withhold their support,angered by the clown Boris and his threat to leave the EU deal or no deal which has a direct bearing on the future of Northern Ireland.Eire is equally out for his chops after they found out he is 6 for Paddy and 4 for Knight,as usual speaking with a forked tongue or as Bajans say talking through 2 sides of his mouth.

  23. John A Avatar
    John A

    @PLT

    My concern here in the short to medium term is that if the pound is encourage to stay in the area of 1.05 say to the dollar, what does the government and hoteliers have in place to combat it and survive.

    Should that be the case we would have 3 major currencies all trading fairly close to each other in exchange rates with little more than a 5 percent difference between them. We here in Bim would seriously have our work cut out for us to maintain arrival fogures if this scenario occurs.

  24. Miller Avatar
    Miller

    @ John A August 1, 2019 6:37 PM

    Your research-based response is well presented and theoretically sound.

    However, you ought to take into account the fact that a significant portion of the raw materials and other inputs to the UK manufacturing value chain are imported and would be faced with the concomitant product cost increases as a direct result of the fall in the value pound sterling vis-à-vis other trading currencies similar to what the ordinary UK holidaymaker would face traveling to a destination like Barbados with its fixed exchange regime.

    The major problem facing the UK manufacturing industries and other sectors of the economy is one of productivity despite the long hours on the job.

    Of course such a challenge could be resolved by the wider use of robotics aka artificial intelligence.

    But what would the millions of those looking for work do other than find themselves on the dole aka welfare?

    With the expected loss of thousands of jobs in the financial and other ‘international services’ sectors who would be footing this massive unemployment bill expected to be much bigger than the Brexit divorce?

    Would it be the same export-oriented sectors in the post-Brexit UK the same way the tourism sector is carrying a major slice of the cost of the State and the propping-up of the social and corporate welfare systems in Little England?

  25. John A Avatar
    John A

    @ Miller.

    I agree the import of raw materials would increase slightly but the largest inputs which would be local, would more than right that off and still provide considerable savings.

    For Instance Labour, rents, electricity and other major inputs would still all be local and sourced in the UK. Even the leather for their vehicles is now sourced in the UK from range free farmers so as to avoid cat wire scratches on their hides.

    As for their financial markets being affected negatively that could happen. On the other Hand if their export market picks up as a result, there will be plenty of financial instruments for sale to finance expansion. Also who is to say others in Brexit may not follow England’s departure next.

    If you look at The Uks exports now, their markets in the USA and territories outside of Brexit are in excess of 75 percent of their total exports already. That is before you throw in a 20 percent discount on their currency hence increasing their competitiveness. Also its not like Brexit members will refuse to buy from the UK because they left. They may lose a bit of business initially but they will more than make that up in other areas with a 20 percent price advantage.

    Unfortunately the pros outweigh the cons for them. Regrettably we can’t say the same here.

  26. John A Avatar
    John A

    To me the question we need to ask the hotel sector is this.

    Based on the increased taxes in the last budget to the hotel sector, how well are you all positioned to deal with 18 to 24 months of sterling trading at 1 to 1 or there Abouts against the USD?

  27. Scott Avatar
    Scott

    As a Brit who comes to Barbados usually twice a year I am shocked by the vitriol written here regarding the UK. As the 5th largest global economy it is faring fairly well.
    For those of you who have some nebulous utopian fantasy that socialism is the answer, I am sorry to tell you that you are horribly wrong – it does not work.
    With regards to Brexit, a couple of pointers to put the record straight. The EU is a corrupt, over indulgent and incredibly wasteful monolith. No accounting firm has ever signed off the audit of accounts (or will not to be precise). The CAP (Common Agricultural Policy) is possibly the greatest abuse of funds and decimated the UK farming industry though the 70s and 80s – I am from a farming background and witnessed this first hand. The EU intention is to establish a United States of Europe, They are undemocratic and believe they should have ultimate governance over all member states. I have spoken to top QC’s (one of the highest British legal professionals) who inform me that many of the EU law makers do not have a clue and are not fit for purpose. The primary issue and why the majority voted to leave was regarding the right to self governance.
    I see that someone included a clip of Tony Blair. This is the person who lied to government about WMD and bumped off his own weapons inspector (Dr Kelly). The irony is that he has to a large part helped trigger Brexit – had he not invaded Iraq with George Dubya with such disastrous consequences (he claimed God told him to invade) we would not have seen the rise of Isis and the consequent mass refugee crisis. David Cameron was equally dumb for invading Libya with no after plan – hence more refugees (or economic migrants) flooding Europe.
    Barbados has much to offer and is a wonderful destination – what is such a shame is that successive governments have either been corrupt or ill equipped to govern.

  28. peterlawrencethompson Avatar
    peterlawrencethompson

    @Scott
    I’m a Brit too by birth, although I have not lived there since childhood. Don’t be shocked by the vitriol… it’s a relic of 341 years of British rule, enslavement, theft, and plunder; I figure we should be over it in another couple of centuries (that would probably shrink to a couple of decades if Britain paid the reparations that you owe to Barbados).

  29. peterlawrencethompson Avatar
    peterlawrencethompson

    @Scott
    Oh… and the racism… I forgot to mention that British racism also tends to get us just a tad vitriolic.

  30. Hal Austin Avatar
    Hal Austin

    @ PLT

    It looks as fi the place of your birth has seriously affected your world view. But can you plse explain why after over 50 years of constitutional independence and 70 of internal self-government, you and others on BU seem so obsessed with rubbishing Britain? Does this speak to Britain or to the collective psychology of Barbadians? Or should be talk about Brexit and ignore the sorry mess of the Barbadian economy and the failure of our key institutions?

  31. TLSN Avatar
    TLSN

    Excellent comments from Scott. Likewise from Miller. Hal, you’re spot on. Barbados is declining rapidly into the abyss yet some on here seem to take delight in witnessing the political mess that is the UK. The UK has the capacity to fight its way out off a re-enforced concrete box whilst Barbados lacks the power to punch its way out of a wet paper bag. Let us focus on our own problems rather than enjoying the difficulties of others.

  32. Ping Pong Avatar
    Ping Pong

    @Scott
    don’t forget the Windrush matter!

  33. David Avatar
    David

    https://barbadosunderground.files.wordpress.com/2019/08/apes_hill.ogg

    https://wp.me/p43Aa-gok

  34. WURA-War-in-U Avatar
    WURA-War-in-U

    “PM Mottley is fighting to save Barbados but she is fighting a losing battle.”

    Bringing back all those offshore accounts with stolen money, stolen land, stolen this and stolen that, would help…they ALL STOLE and they know WHAT THEY STOLE.

    The pound falling may create the changes the island needs, but the VICTIMS of DBLP gang of corrupt thieves,.. the pensioners, taxpayers and those who are living under and just above the poverty line..will suffer the most..due to the parasites in the majority population’s lives..

    Pacha…surely you see what my concerns were about now..they will not bring back what they stole, not one minister, politician, lawyer and the other crooks, their greed is more important to them than to save the island and they will definitely NOT save the population.

    Mia is just looking for fresh money, delusionally unaware that she ran out of rope a very long time ago.

  35. David Avatar
    David

    @TLSN

    Are you saying we should throw our hands in the air?

  36. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal
    I have no doubt that I, like everyone else, am a product of my history. I was a small child when I left my birthplace so my venom for Britain is quite probably just the overflow of my vitriol for Harrison College and other British mimics in Barbados.
    However you will note that I tend to rubbish Britain exactly in proportion to the volume of the mimic men here on BU harking back to the “glory days” of British colonialism. The rest of the time Britain is not at all on my radar… it is very easy to ignore.

  37. WURA-War-on-U Avatar
    WURA-War-on-U

    “We need to reinvent Barbados, not try to hang on to a vanishing way of life.”

    PLT…..will .certainly be the best thing that has happened to the island post slavery, UKs weakening dollar, maybe we will see the people eventually enjoying some level of true freedom in the coming decades, once they are able to shed their LOCAL PARASITES…starting with the jokers in parliament to the judiciary and in the business community….

    ….everything has to be reinvented, new society, upgraded system…get rid of the the black colonialists and wannabe slave masters aka useless political parties and their BRIBERS…..their era has ended..70 years was more than Enuff.

  38. peterlawrencethompson Avatar
    peterlawrencethompson

    So the NIS invested Bd$19 million in Apes Hill and that investment is now worth Bd$5.7 million. People who have to rely on the NIS for their retirement income need to ask probing questions.

  39. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal
    I make no secret of my opinion that for Barbados to put it’s economic future in the tourism basket is a stunning example of shortsightedness and tantamount to economic governance malpractice. This is not a dig at Britain even though the British are the cornerstone of our current tourism industry. It is instead an admission of the “sorry mess of the Barbadian economy” and an indictment of the economic governance of Barbadians “after over 50 years of constitutional independence…”

    Everyone with an IQ bigger than their hat size can figure out that mass market tourism is a sunset industry. The only reason that projects like Blue Horizon redevelopment are on the agenda is that Bjerkham and Maloney stand to plunder the economy because they are in control of the construction industry (CO Williams is a fading force after the Apes Hill debacle). They are not tourism experts… all the tourism experts like Adrian Loveridge know that this sort of development will do great harm to the country’s tourism product, but by that time Bjerkham and Maloney will have pocketed their extortionate construction profits in offshore accounts and fled the scene.

  40. Mariposa Avatar
    Mariposa

    Said all along these constant articles are being used as distractions to drive peoples attention away from all the sh.it happening in a barbados by a clueless govt
    Here in Barbados pensioners are losing benefits in one year the unemployment and poverty levels has increased along with out of control inflation and we have people talking about a country who has more wealth and resources to bring itself out economic malaise
    In the meanwhile barbados govt continues to plunged the social and economic enviroment into a downward spiral of no return
    Time a.ss holes stop drinking the koolaid and zoom upon those things that are turning barbadiana housrholds into sitting ducks for impending economic disaster

  41. John A Avatar
    John A

    We seem to think that other countries owe us a living. We became independent in 1966 if I recall so we could battle our own boat.

    The problem here is not England’s fault but entirely ours. Governments have all hung our hopes on one thing mainly and that’s tourism. This government more so it would appear than others, with their nonesence of a hotel corridor are probably the biggest of the offenders to date on this issue.

    The UK will do what is best for them with sterling and we can either adapt or continue to whine like 11 year old children about what we feel we are entitled to.

    The fact is the hotels here have some serious decisions to make, along with government and they probably have till October to come up with a solution for how they will prop up our arrivals in light of a weak sterling in the medium term. Government were warned when they dropped the barage of new taxes on the industry last elections it would make an already expensive product more expensive, but of course no one listened.

    We now will be faced with a 20 percent decline in buying power from our largest single market. What I want to therefore hear is the solutions that will be Implemented over the next 90 days to address this matter..

  42. Hal Austin Avatar
    Hal Austin

    @ PLT

    You also mentioned British racism. Is that any different, worse, or even better, than Canadian, Australian or American racism? If so, how? Will Indian or Chinese racism be more acceptable than European racism?
    Is this obsession with the UK and Brexit not the same as some men and women in Barbados, now pensioners, still angry that their parents left them as kids and went off to the UK, US and Canada? Are we not dealing with people who, like alcoholics, have under-achieved their lives and now want to apportion blame to everyone but themselves?
    Are we not witnessing the decline of Barbados and want to blame the old colonial powers when in fact we have been captaining our ship for 50 years and have ran it aground? Is it the poverty of ideas; poverty of ambition; or poverty of achievements?
    Compare Barbados with Singapore, Mauritius, Iceland or any similar nation. What do you find? Carefully analyse every speech (and she loves speeches) made by the president since May 25, 2018; every ‘policy’, including BERT and tell us what you have found; where is the dynamism, the foresight; the vision; the leadership.
    @PLT, is it not time we be honest with ourselves and stop blaming others for our own failure. Our educational system s collapsing and we want to change the 11+ exams; our criminal justice system is archaic and we blame rising crime; the Mottley government is in a mess and they blame the DLP government. When are we as a nation going to put our hands up and say we messed up.

  43. peterlawrencethompson Avatar
    peterlawrencethompson

    @John A
    As a management consultant this would be my counsel to the Barbados tourism industry:
    1. Don’t Panic!
    2. Work to improve tourism product along two major axes: customer service, and cultural attractions.
    3. BTMI work more closely with Virgin to promote Barbados since Virgin has way better marketing expertise in the British market than we do.
    4. BTMI work to diversify in the North American market particularly in the US Northeast (Boston), Ontario, and Quebec. We already have decent direct flight airlift from these markets.
    5. Don’t Panic.

    It would be a pointless strategic mistake for the tourist industry to whine about tax reduction because the overall economy cannot afford more corporate welfare handouts. The industry has to grow up enough to understand that the slogan “tourism is our business” only works when the host population is on board because they see the industry pulling its weight in terms of contribution to the general welfare. Otherwise the resentment makes adequate customer service an impossibility no matter how much you invest in training (see point 2).

  44. Hal Austin Avatar
    Hal Austin

    @ PLT

    Poverty of ideas? It is a good thing the tourism industry is not waiting for new ideas from BU.

  45. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal
    I grew up here in the 60s and 70s and my Dad told me in detail what life was like here in Barbados in the 20s, 30s and 40s. So I know that it is a cruel racist joke to talk about “the decline of Barbados” relative to any point in the colonial era. I know that Barbados has certainly messed up since 1966, but I also know that 1625 to 1966 was a much, much bigger mess.

    You are correct that in the post colonial period we have suffered “… poverty of ideas; poverty of ambition; […] poverty of achievements…” but this compares to a British colonial era of the pernicious evil of ideas, pernicious evil of ambition, and pernicious evil of achievements. Furthermore, the Bajan limitations in ideas, ambition, and achievements are directly a consequence of our slavish mimicry of colonial mentality. Singapore, Mauritius or Iceland never aspired to be “little England.”

    British racism is very similar to American, Canadian and Chinese racism; the difference is history. It was not the Americans, Canadians and Chinese who took the bread out of the mouths of my grandparents; it was not the Americans, Canadians and Chinese who stole billions of pounds sterling worth of my ancestors’ labour; it was the British. The failure of the British to acknowledge this debt that they owe is what makes British racism different.

  46. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal
    PS I’m not blaming Britain for our own post colonial failures; I am blaming then for the crimes against humanity they perpetrated during the colonial era. The two are quite distinct.

  47. John A Avatar
    John A

    @PLT

    I agree with your points and would add the below in order to add incentive and address the reduced buying power based on sterling.

    Pay for 6 night’s get 1 free.

    Pay for 12 night’s get 2 free.

    It. Is better to offer a discount that is value added and try to give them back what they lost in the currency drop as opposed to sticking out for the full price and hoping you can convince them to come based on the fact we are a quality destination.

    We therefore need to be pro active and get our self In front the wave, so as not to find ourselves fighting to stay afloat in it..

  48. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal
    “… good thing the tourism industry is not waiting for new ideas from BU.”
    ++++++++
    The tourism industry has passed its Best Before Date. The new ideas that are required have little or nothing to do with tourism. Barbados did not invent the contemporary tourist industry; we simply hitched a ride on an industry spurred by the huge increase in speed and decline in cost of jet powered air travel in the post WW2 economic expansion. That revolution has run its course.

    New ideas need to hitch their wagon to some global trend that is up and coming, not one that is mature with a tiny global growth rate.

  49. peterlawrencethompson Avatar
    peterlawrencethompson

    @John A
    You are right about it being “… better to offer a discount that is value added…”
    However Virgin controls the schedule of the airlift, hence my point 3.

  50. Hal Austin Avatar
    Hal Austin

    @PLT

    You make bold statements. Let us not go back to the 1920s, 30s and 40s, let us be more recent. Compare Barbados of 2019 with Barbados of the 1950s, advantages and disadvantages?
    I did not say in the colonial period we suffered poverty of ideas, poverty of ambition and poverty of achievements, that is a misrepresentation. I attributed all those failures to Barbados 1966-2019. What do you mean by a mimicry of the colonial mentality. That is a polemical statement. Explain it. Also, why should ‘aspiring’ to be a Little England be a developmental handicap? Explain, no more rhetoric.
    Explain how the British ‘stole’ billions of pounds sterling from your ancestors. How did they do this? I hope this hysterical claim is not a substitute for logical arguments? I hope you do not expect reasonable people to accept this ridiculous claim as an explanation for the slave/labour/capital relations throughout slavery and colonialism? What is the debt owed to us by the former colonial masters? Reparations? If so, how much is this and how should it be repaid?

Older Comments
1 2 3 4 5
Newer Comments

Leave a Reply to peterlawrencethompsonCancel reply

Trending

Discover more from Barbados Underground

Subscribe now to keep reading and get access to the full archive.

Continue reading