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Barbados Reform Agenda Threatened by Anaemic Growth

Detailed in the recent IDB Caribbean Region Quarterly Bulletin – Volume 8, Issue 4| December 2019 is a cautionary tale.  Barbados continues to meet all targets as part of the IMF Extended Fund Facility and Barbados  Economic Recovery and Transformation plan  – the objective to achieve fiscal consolidation. HOWEVER the other story to be received from the IDB report is the fact the economy is contracting although all targets set under the IMF programs have been met.

The big challenge for the government as it was for the last government is the ability to mobilize projects to spur economic activity. In order for the fiscal consolidation activity Barbadians have had to suffer not being a vain effort, 2020 must be the year of implementation of projects currently wedged in the investment pipeline. We do not have the luxury of time fed by our procrastination paralysis malady.

There is a legitimate concern the majority of the shovel ready projects AND prospects are in the main tourism related. The expectation is after a successful implementation of the projects – detailed by the prime minister in a recent address to the nation – to float the Barbados economic boat from the rock of austerity, talk of transforming the Barbados economy shifts to building a new economy – a new economy modelled to be sustainable in a global economy Barbados has become disconnected in the last decades.

Unfortunately after years of economic and social inertia Barbadians appear to be walking the predictable path which includes being mired in unproductive partisan political discourse and a reluctance to let go of irrelevant economic and social models.

Relevant Link – IDB Caribbean Region Quarterly Bulletin – A Look at 2019 and Beyond (Volume 8, Issue 4|

 

156 responses to “Barbados Reform Agenda Threatened by Anaemic Growth”

  1. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    If the skimming, scamming and THEFTS of taxpayers and pensioners funds continue…IT WILL MAKE NO DIFFERENCE.

    https://www.facebook.com/BarbadosLabourParty/videos/520533392003936/?t=0

  2. Vincent Codrington Avatar
    Vincent Codrington

    @ David BU

    Austerity is synonymous with no growth and generally contraction in the economy. Why did you expect differently?

    Targets agreed to by the IMF may have been met; but were targets set to achieve economic growth.

    The projects in the pipe line do not address the long term sustainable growth objectives of the economy. They provide only short/medium term growth and employment in the construction sector.

  3. David Avatar
    David

    @Vincent

    Thanks for your erudite feedback per usual. The expectation is to move the discussion from stabilization to growth one and a half years later.

  4. Mariposa Avatar
    Mariposa

    Also take note of the constant seismic activity in the region which can slow down fiscal as well as economic growth among the tourism sector amidst a real possibility that tourist might take such activity into consideration when making travel arrangements
    Also the on going war which can attributed to high prices driven by fuel cost
    This govt is not capable of thinking outside the box which means that all the gimmicks and political posturing handed to the people as way forward (giving all the negative factors now affecting in the global economy )going failed and fall flat like a pancake

  5. Vincent Codrington Avatar
    Vincent Codrington

    Are there markets for the projected increase in hotel rooms?

    How much of the foreign exchange from this projected growth in the Tourism sector will reach Barbados to repay the foreign loans that we have acquired?

    What levels of employment will accrue to Barbadians?
    What impact will the lowering of taxes, and tax waivers have on GoB revenues? Will the Revenue /Expenditure gap widen? Will we not be back where we started?

    So “projects in the pipeline” do not necessarily lead to economic transformation and sustainable growth.

    What economic model are you using though? It seems like the same old same old one that has been said to be the cause of failure. Please spend a little more time and outline your vision of the economy of the future. Right now we cannot integrate ypour actions with the objectives of sustainable growth.

  6. Redguard Avatar
    Redguard

    There is tremendous growth potential in water sports and especially surfing

    Barbados (Bathsheba) is ranked by some as one of the best places in the world to surf
    Barbados has waves that cater to the full spectrum of surfing (beginner, intermediate and professional)
    Surfing is a multi-billion dollar industry
    Surfers don’t need fancy hotels like the Hyatt and would be guide comfortable is modest lodgings close to the beach
    Surfers immerse themselves in the local culture
    Surfers are eco-friendly tourists
    Once the waves are good and ours are, surfers will return and spread the word (free marketing)
    Surfing is one of the top leisure sports in the world, people want to learn surfing even in retirement

    But economist will say building hotels is better

  7. David Avatar
    David

    It is easy to milk the existing model. It does not call for creative and innovative thinking. It does not call for holding people accountable. The talk has gone past Singapore- now we talk about Estonia, Rwanda and others.

    We have discussed often on BU how formal education is preparing our citizens to be global in outlook and thinking. This is where we have to jump off the discussion to inform a better Barbados. The political frothing is unproductive and if we are unable to learn from others where this political bickering has taken them then we deserve what is waiting.

  8. Vincent Codrington Avatar
    Vincent Codrington

    @ Mariposa
    You seem to be drinking some of the dregs from the Kool Aid container. Seismic events and hurricanes were always threats that we take as givens. There is nothing we can do about them but to prepare for their eventualities. We should therefore spend time strategizing for those things over which we have a larger measure of control. This is what we did before with a surprising level of success.

    Agriculture and food security;
    Foreign exchange earning Industries;
    An education system that caters to all learning aptitudes;
    Effective and efficient taxation and revenue collecting systems.
    Effective policies that take into consideration a land scarce and water scarce environment

    Policies that have as their major concern the well-being of Barbadians.

  9. David Avatar
    David

    Thanks Vincent, was about to respond about inherent risk to factors that will affect any economy and steps we can take as smart people to mitigate.

  10. Vincent Codrington Avatar
    Vincent Codrington

    @ David BU at 9 :32 AM

    Very good observation. There is too much “political frothing”; and it will take us nowhere fast. I, too, am fed up with its emptiness.

  11. Miller Avatar
    Miller

    @Redguard January 8, 2020 9:23 AM
    “Surfing is a multi-billion dollar industry
    Surfers don’t need fancy hotels like the Hyatt and would be guide comfortable is modest lodgings close to the beach..”
    ++++++++++++++++++++++++++++++++++++++++++++++++++++

    Excellent points made there, Redguard!

    You are really thinking outside the mass-based tourism skyscraper Hyatt like book while recognizing that be manageably small and environmentally friendly can be beautiful and with a bright economic future.

    Surfing is a great tourism niche market (with very small carbon footprints) which Barbados has the necessary capacity to exploit to the country’s long-term benefit.

    One could not ask for a better model of ‘community-based’ tourism for a rather small island whose only natural resources are sea, sand and sun along with its people.

    Spending by surfers finds its way directly into the local economy with the concomitant multiplier effects.

  12. Mariposa Avatar
    Mariposa

    Wunna need to stop talking about possibilities for creating growth out of tourism
    Even a blind man can see from what has transpired between The ME and USA would negatively affect world wide economies with small nation economies taking a big lash
    One can easily say that the windows for creating growth has been closed
    Expect more unemployment as govt tries to pay back all outstanding loans
    High prices as economy becomes lethargic and sputters and continues into downward spiral
    Talking about a park which in govt mind would have attracted a friendly family environment that too would be placed on the back burner
    If govt is sensible enough to look at the global factors now in play

  13. David Avatar
    David

    Thanks for your input Nostradamus.

  14. Vincent Codrington Avatar
    Vincent Codrington

    @ Redguard

    Good point about surfing. Brian Talma has done an excellent job in promoting this sector. I notice he has received no national recognition. It is an area for the private sector to run with. No need for GoB to interfere.

    Have you not heard that if you put 30 economists in a room no two of them will agree on a policy matter. Your statement of economists supporting building more hotels is erroneous.
    Since the mid 1970s we have been asking for environmental impact studies….including the impact of the level of comfort on the local population.

  15. Vincent Codrington Avatar
    Vincent Codrington

    Correction . Should be Comfort”of” not “on”.

  16. William Skinner Avatar
    William Skinner

    We confuse ourselves when we buy pig in the bag economic policies. We were told from the very beginning that the the targets set will see us out the woods by 2033. Yet we came on this blog attempting to fool ourselves that the economy could be fixed in one year.
    We seem not to understand the real meaning of: incremental , sustainable, when it comes to growth. We looked at other economies that had the identical problems and somehow believed that we had hit on some magical formula.
    Creating social and economic road kill is not equivalent to real economic growth.
    We have already determined that once the iron birds and floating hotels continue arriving we would be okay. It’s either a fantasy or fallacy.
    It will be interesting to just go back and read what some of those on this thread were shouting less than twelve months ago.

  17. Redguard Avatar
    Redguard

    @Vincent

    Its a shame the lack of recognition Brian is given. What he has done literally by himself is nothing short of amazing. He is a national treasure and a perfect pitch man for the island and an example for young entrepreneurs.

  18. Hants Avatar
    Hants

    Growth in import of American goods.

    ” Barbados bought $1.04 billion in goods from the US and exported $78.2 million worth there.”

    https://www.nationnews.com/nationnews/news/243402/us-ship

  19. Mariposa Avatar
    Mariposa

    Vincent good goverance requires. visionary thinking taking into consideration all risk factors
    No sense in building the barn if the physical structures are not properly secured while v having a greater than great observation of climatic changes in the atmosphere
    Your luke warm responds speaks well of govts who have taken a shrodding of the shoulders with a wait and see attitude
    Akin to putting the cart before the horse
    Nature is beholden unto itself and no one can predict how furious or calm natures reaction
    Take a look at Puerto Rico
    But then again bajans still lived on the greatest illusion that God is bajan

  20. Mariposa Avatar
    Mariposa

    Not saying that Barbados should not pursue every avenue for growth
    However what i forsee that the thinking of growth in these small economic at present would be hard long and tedious given that the global community is now entrenched with a need for rapid response driven by technology
    There barbados or small economies still struggling to dig themselves out of 50 years of manual labour would find growth to be limited and at times unforgiving in its fiscal performance
    Reason why Mia is using good ole economic tricks”trickle down economics ” along with selfmade gimmicks to move the economy forward
    Hence the slogan of the year “We gathering” resonates on the mouth of everyone near and far

  21. Mariposa Avatar
    Mariposa

    How about introducing investment strategies in school along the lines of how to help build the economy

  22. john2 Avatar
    john2

    Like the one the DEMs were planning to introduce for ten years but some forgot to do it? ha

  23. Piece the Legend Avatar
    Piece the Legend

    @ ManyPussy

    You need to be quiet in these discussions though.

    Your party in responsible IN NO SMALL PART FOR WHERE BARBADOS IS, mired in a sand pit like the sandbox that Mugabe fastlaned for Mia Money and Rawdone at the Central Bank WHICH SEEMS TO HAVE FLUNKED.

    Keep your mouth shut in these national Development programme discussions you demon!

    http://imgur.com/v18yWdw

  24. Mariposa Avatar
    Mariposa

    John 2
    well at least the past govt thinking on the issue of teaching investment models bia educational system if pursued with all diligence
    in long term would have been sufficient to give each barbadian a chance towards independent financial security while providing economic productivity and fiscal leverage long term for barbados economy
    What he have now is a return to the old method of borrowing to pay debt.
    A revolving cycle of going now where fast uphill with buckets on the feet

  25. NorhernObserver Avatar
    NorhernObserver

    @PUDRYR
    the least you could have done is given a MH.
    @ac has proven skills, and Masters of Hypocrisy is earned.

  26. Artax Avatar
    Artax

    Piece the Legend

    Why don’t you leave Mariposa alone, lest it’s said she brought out the anger and vengeance in you?

    Remember, “the intelligent ones understand (her) position.”

  27. Piece the Legend Avatar
    Piece the Legend

    @ Mr Vincent Codrington

    Earlier you said

    “…@ David BU at 9 :32 AM

    Very good observation. There is too much “political frothing”; and it will take us nowhere fast.

    I, too, am fed up with its emptiness…”

    One of the stipends of training IN EVERY SINGLE MILITARY FORCE IN THE WORLD, is verbal cajoling coupled with rigorous training

    The scene from Full Metal Jacket where the private who later kills the Gunny is a true representation of Boot Camp Training OR SO I AM TOLD!

    But why would one constantly deride the readers in the BU blog without repenting?

    De ole man puts it to you that the mentality of the People and Sheeple in the BU blog is much like that environment in Boot Camp WHERE ONLY BRUTISH GOADING WILL EVER “GET THROUGH” TO THESE CATTLE!

    Tell de ole man one column when there has been any effort by the Honourable Blogmaster to encourage contributions OF A MEANINGFUL NATURE ON SOLICITING AND THEREAFTER ENGAGING PEOPLE TO CONTRIBITE TO NATIONAL GROWTH!

    The fact is that government, successive governments ARE THIEVES MR CODRINGTON!

    Citizens have become insensitive to and sense of national duty BECAUSE MUGABE AND FUMBLES AND SEE THROUGH ARFUR and de whole bunch of them ARE THIEVES!

    So for all this “POLITICAL FROTHING” to cease there HAS TI BE AN ENVIRONMENTAL THAT IS TRULY RESPECTFUL OF PEOPLE’S INTELLECTUAL PROPERTY!

    And that is not, nor has never been, nor will ever be the serious type of discussion that the Honourable Blogmaster and the Rented Jackasses or Mugabe Mottley or the Reverend Joseph Atherley ARE PREPARED TO HAVE!

    Bajans like public masturbation where we talk pretty and sexcite our listeners and then leave and go home to our collective rape.

    I myself am fed up with the “political frothing” and am one of it’s most prolific users BUT WHEN YOU SEEK TO CONVERSE WITH A TROUPE OF ORANGUTANS Mr Codrington.

    I assure you that, in order to keep your sanity, you have little choice but to try cajoling and goading, hoping that these animals change!

  28. Piece the Legend Avatar
    Piece the Legend

    @ the Honourable Blogmaster your assistance please with an item here for Mr Vincent Codrington

    @ NorthernObserver I am tempted to give her a higher degree than the MH – An RH or RHH as is Reacher of Higher Heights

    You dun know what the RH is for

    @ Artaxerxes the Superlative Archiver heheheheh, de ole man setting call nuff tings heah of late so adding anger and vengeance to dat list would be a kindness

    Heheheheh

  29. Mariposa Avatar
    Mariposa

    Piece
    You constantly called Mia a dictator
    However noticeably you are very close to becoming that of which you day after day defines Mia
    How is it that you have any authority to tell me what topics i can opened my mouth
    God help Barbados if u should ever hold the reigns of govt
    Now i prefer to tell u to go in Peace and mind yuh RH business of which i am no part of
    As for past govt they took they licks and disappear
    However yu and others with wunna stiff upper lips and dry cocks cant tell me how and where i should demonstrate my right to free speech .

  30. Mariposa Avatar
    Mariposa

    Dun know why wunna feel a sense of obligation to response to Mariposa
    Mariposa aint no threat to no one
    Mariposa went to stan pipe school and graduate at lickmout kollage
    Wunna intellectuals ought to be ashamed of wunnna know it all self for engaging with a dunce call Mariposa
    So there you have it my one and only portfolio
    Oh btw speaking of Portfolio
    wasnt Mia before and after the election promised to release the ministers portfolio including financial records
    Uh still waiting
    Dunces never forget.

  31. David Avatar
    David

    As usual you lot spurn the opportunity to engage in constructive exchanges.

  32. Piece the Legend Avatar
    Piece the Legend

    At ManyPussy

    The seven of wunna who use that single password so RH stoopid!

    You jes some and assert youself in an aggressive role which your former short me crutch MINISTERIAL persona influenced you to do at 5.25 pm

    The, at 5.32 pm the less aggressive ManyPussy comes back an takes you more unmannerly persona of the real AC who, though misguided, is not like the other demons that raped the Coffers of the Barbados Treasury!

    I gine run wunna ragged during the upcoming by election too

    Ooops I was not supposed to say dat was I!

    Heheheheh

  33. Piece the Legend Avatar
    Piece the Legend

    @ the Honourable Blogmaster

    Why you dont lead it off then?

    At 5.13 I said

    “… to encourage contributions OF A MEANINGFUL NATURE ON SOLICITING AND THEREAFTER ENGAGING PEOPLE TO CONTRIBITE TO NATIONAL GROWTH!…”

    Since you are so above the fray, lead off the comments David King!

    Or should I do that too?

    You guys show yourselves up all the time as being parasites

    Incapable of seeding one thought that gives someone a hope that one is talking to an equal…

  34. Mariposa Avatar
    Mariposa

    David excuse me. But i am always attacked by the intelluctuals on BU
    Anyhow let them continue caused i can crack a whip too
    Cannot for the life of me be a part of any govt in barbados
    Father forgive them for they no nothing about Mariposa

  35. WURA-WAR-on-U Avatar
    WURA-WAR-on-U

    Ah hope they know that the money laundering video from parliament that they tried so hard to hide from Bajans and everyone else hit the US, UK, Canada etc like a snow storm…there goes those elaborate and very EVIL plans to “we gathering” Bajan VICTIMS from the Diaspora TO ROB THEM THEIR ESTATES AND BANK ACCOUNTS…in 2020.

    good example of the …best laid plans..lol

  36. john2 Avatar
    john2

    Mari

    Maybe they should have put sinkler in that class before they made him Minister of finance cause all he did was destroy the economy ( build it up by an average of negative 0.7 per year)

  37. Enuff Avatar
    Enuff

    LMBAO @ TinFoil calling Mariposa a demon. BU never fails to provide a good 🤣🤣🤣🤣.

  38. John A Avatar
    John A

    What I would like to see us do as a people is undertake an in-depth study into what we import, but can produce locally. Once this is done we then need to pursue the findings with the understanding that a USD saved is one earned.

    Let us start with food production and try to replace as much of our food import bill with locally grown produce. Let’s set a goal here of say 30% in savings here by 2030. Lets Say goodbye to things like imported tomatoes and lettuce for a start.

    Then we move to renewable energy and electric powered vehicles. Again here the state needs to facilitate this move by policy and encouragement. let’s set a realistic goal here say of a 25% saving by 2030. So we may need to drop the duty on electric vehicles say by 50% to achieve this, while offering tax concessions for solar panels etc at the same time.

    We then need to go back to local bus production and shell renewal by places like Acme and The Pig Pen, along with the guys that recently converted a Transport Board unit to electric.

    Hopefully by now wunna catching my drift here. What we want to do is maximise the local environment we are blessed with, while at the same time giving our people a chance to better themselves in the process.

    You see I only know legally of 2 ways to generate a USD. You can either generate more by beating the one trick pony Tourism, or you can look at the numerous ways we have of saving foreign exchange by substituting the Imported product with the local one.

    Of course we can also carry on with the party foolishness and pray for a miracle like the one that has now blessed Guyana as plan B.

  39. Mariposa Avatar
    Mariposa

    Laughing too ! cause for the life of Mariposa dont know how Piece can draw conclusions as to who Mariposa is by pseudonym
    To say the least i am confused

  40. Artax Avatar
    Artax

    John A

    Your December 8, 2020 8:17 PM contribution was a good one, which focused primarily on what Barbadians could do to assist Barbados in economic recovery.

    You made a interesting comment re: “We then need to go back to local bus production.”

    ACME Manufacturing Co. Ltd. closed its operations sometime in the early 2000s. In 2003, two former ACME employees established L&N Workshop Inc. and has continued to refurbish buses for the Transport Board.

    I think the final time ACME made bodies for TB was in 2000, for 14 HINO Road Ranger “mini bus” chassis.

    Interestingly, in December 2017, Managing Director, Norman Edwards, said L&N had the necessary equipment to build the smaller “mini buses,” (e.g. HINO) for TB, after the chassis were imported. Each bus would have been retailed at $240,000.

    As it relates to the bigger omnibuses, we must first ascertain if major bus manufacturers sell omnibus chassis, because nowadays some companies are manufacturing chassis and using bodies manufactured by another company, while others are manufacturing completed buses.

  41. Artax Avatar
    Artax

    “To say the least i am confused.”

    Mari

    According to your January 7, 2020 2:42 PM response to me…..

    “(Mariposa) stay confused i like it that way……Wuh loss nuh belly.”

    Hahahahahaha

  42. NorthernObserver Avatar
    NorthernObserver

    @JohnA
    “an in-depth study into what we import, but can produce locally.”
    This is the obvious starting point, and has been echoed many times.
    Your further understanding, a dollar saved is a dollar earned, is basic, but not something which resonates with the political class.

    As reduced tax revenues kick in during 2020, and further fiscal adjustments are needed to meet targets, the politicians face their toughest task to date. There are no bondholders or lenders to cut, the reductions will come elsewhere. And/or the GoB will become better collectors of monies they are rightfully due, a disease which has affected us for years.

  43. John A Avatar
    John A

    @ Artax

    While they are somethings we can’t control there is still much we can do for ourselves. If we could focus on specific areas one at a time and try to reduce our demand on USD imports, that will go a long way in our recovery. This week I went to 3 retail outlets and could not find a local mango. Eventually ended up buying one from Ecuador.

    Don’t tell me we can’t do better than this at the very least.

  44. John A Avatar
    John A

    @ Northern

    Yes I agree with you further taxes will be brought on us to meet short falls in 2020. This of course will bring more pain to bajans.

    Our biggest problem here is that the BERT program is all about austerity and no growth. As a result increased taxation can not come from an increase in economic activity.

  45. Hants Avatar
    Hants

    Growth and import substitution ?

    ” BRIDGETOWN, Barbados, Monday, January 6, 2020 (CMC) – The Barbados government is seeking to plant “more than a million” trees, as part of a national initiative to build sustainability, resilience and food security against the current, and pending, effects of climate change.”

    http://pridenews.ca/2020/01/06/barbados-government-launches-project-plant-million-trees/

  46. Piece the Legend Avatar
    Piece the Legend

    @ John A,

    The festivities of the season seem to have had you quite busy for the last 3 weeks

    That is understandable given your substantive ***

    You return to suggest what is but a partial solution when you said AND DE OLE MAN QUOTES

    “…You see I only know legally of 2 ways to generate a USD.

    You can either generate more by beating the one trick pony Tourism, or you can look at the numerous ways we have of saving foreign exchange by substituting the Imported product with the local one…”

    “Saving foreign exchange by import substitution”

    And how you going get dat do?

    Amongst a whole bunch of illiterates led by the chief “no vision leader” Mugabe Mottley?

    Well I gone do a different type of “Political Frothing” today and de ole man craves your indulgence!

    De Asycuda World programme and the Barbados Central Prank!

    The futile exercise of Import Substitution of which you speak can be conducted in 1 hour by requesting the never functioning Asycuda World AND THE EQUALLY NON FUNCTIONING CENTRAL PRANK (which Mugabe and Rawdone working pun replacing with the MyMoney scam).

    Nothing, other than drugs, the ones that that black man AND DRUGLORD pun de Goddard’s Boat Ecstacy, doe get import in Barbados without the Central Prank of Barbados knowing and the Customs and Excise clearing at the port!

    So, technically, two spreadsheets form these two entities, should generate

    (1).the items to be substituted and
    (2).the quantum of savings right?

    I know dat dis solution that de ole man has given wunna HAS KERFUFFLE WUNNA SHEEPLE AND PEOPLE in 2 minutes but did is why I name Tin Foil heheheheh and why de cuntry in de hands of de IMF and all wunna being fooled by Mugabe!

  47. Piece the Legend Avatar
    Piece the Legend

    So John A,

    Continuing on with your Education on this “anaemic growth” oxymoronic topic (emphasis on the moron part)

    Mr. Vincent Codrington and Wile E Coyote are on record here for saying that this exercise of concentrating all the resources of the cuntry Barbados IN THE TOURISM INDUSTRY is bare chunt!

    Neither of these gentlemen have ever used de ole man’s vernacular but I using poetic licence on their behalf!

    Cause I is a BU Bully heheheheh

    John A, de ole man would ask you de same question dat I asked the Honourable Blogmaster (which he cannot answer here DUE TO HIS FEAR OF SEEING COMMUNICATING WITH THE ENEMY, PIECE THE LEGEND, I going ask you 3 questions

    1.What is going to be critical for diversification?

    2.Who is going to lead it? and

    3.How does Barbados map an effective Diversification strategy?

    Now, if the BU BORG had any sense THESE QUESTIONS WOULD HAVE FORMED THE CORE OF THIS ARTICLE but they are not about Nation Building

    This Blog is about controlling anti Mugabe Mottley public sentiment and trying to get ideas for THE BLP, AN EQUALLY VISIONLESS GOVERNMENT LIKE THE RECENT LATE DLP!

    I put it to you that not a RH poochlickers here can discourse on any of questions above.

    I AM NOT REFERRING TO THE WISE PEOPLE LIKE MR. CODRINGTON OR COYOTE OR NORTHERN OBSERVER or any of the other serious contributors and patriots, no I am referring to those ass wipes that abound on the newly constituted BARBADOS UNDERGROUND

    Watch now AS THEY GATHER!

    I, PIECE THE LEGEND, HAVE SPOKEN!

  48. peterlawrencethompson Avatar
    peterlawrencethompson

    @Piece the Legend
    I am going to answer your 3 questions:

    1.What is going to be critical for diversification?
    In order to be successful, economic diversification must surf the wave of emerging technology. This is not to say that everything will be an app, rather that even in traditional fields like agricultural import substitution we will fail if we try to do things the way they have been done before. We must instead learn from the best global examples and then add our own innovation to step even further forward. This means that diversification will NOT be led by government; it must be led by citizens with initiative and creativity.

    2.Who is going to lead it? and
    As above, diversification will be led by citizens with initiative and creativity.

    3.How does Barbados map an effective Diversification strategy?
    The most important part of the diversification strategy is a revolution in our educational system. It was designed by the colonial regime to produce civil servants and clerical employees; it is no longer fit for purpose. The new educational system must emphasize innovation and experimentation above rote regurgitation of outmoded nostrums. We must escape the colonial mythology that “God will provide,” because that utter nonsense is what is responsible at root for our current predicament. If Bajans are unable to escape their addiction to the colonial religion then the following passages will be much more productive:
    Deuteronomy 28:8 – The LORD will send a blessing on your barns and on everything you put your hand to.
    Proverbs 6:10-12 – A little sleep, a little slumber, a little folding of the hands to rest—and poverty will come on you like a bandit and scarcity like an armed man.
    Proverbs 12:11 – He who works his land will have abundant food, but he who chases fantasies lacks judgment.
    Proverbs 12:24 – Diligent hands will rule, but laziness ends in slave labor.
    Proverbs 13:4 – The sluggard craves and gets nothing, but the desires of the diligent are fully satisfied.

  49. peterlawrencethompson Avatar
    peterlawrencethompson

    Successful economic growth has ALWAYS surfed the wave of emerging technologies. Think about it.

    The sugar economy here was initially based on the propagation technology imported by Jews who had been expelled from Spain to Dutch Brazil where they also learned windmill technology.

    Our tourism economy was initially based on the emerging technology of inter-continental jet travel. The growth area of tourism is now based on the new technologies that enable AirBnB and social media. It is folly to over invest in outmoded tourism modalities like Hyatt. The ‘businessmen’ pushing that agenda are doing so not because of long term profitability or sustainability, but because they will make outrageous fortunes pouring concrete, and then walk away from the white elephants they have created.

    Our diversification economy MUST leverage growing new or emerging technologies. If not, we will be simply chasing fantasies (see Proverbs 12:11 above).

  50. William Skinner Avatar
    William Skinner

    @ John A

    The IMF program that we like to call BERT, could never have been about growth. We were merely being political and fooling ourselves. Unfortunately some politically inspired and backward economists,, decided to promote such nonsense.
    We even had some here talking about the “new” IMF.
    IMF programs are about depressing wages , retrenchment and reducing capital expenditure. Essentially the IMF wants governments to be nothing more than tax collectors do that the private sector can manage the economy and control the government.
    We seem not to understand that the IMF lends and not gives any country money.
    I told the geniuses on BU , who were talking about how successful the IMF program was in Jamaica that they should first visit there and see for themselves the housing stock , airport and so on . They should visit rural Jamaica and see where infrastructure was , after forty years of the IMF.
    Our problem has been a failure to capitalize on the period immediately after independence when we failed to create a vital national consciousness and ignored how the global economy was emerging.
    Our priorities were wrong and we have ended up in the hands of the international loan sharks three times. Each time we after we still made the same mistake.
    We have systematically destroyed every avenue for sustainable small businesses and allowed a chosen few to prosper who have no interest in reinvesting in the country.
    We are now cash starved and still talking about aesthetics rather than real transformational planning.
    A classic example was investing money in a cricket stadium
    when the West Indies team was failing to even attract a following and the game was changing. Then we put millions in a new BWA office rather than use scarce money to get a better water supply as recently mentioned.
    We just barely saved the country from becoming a mountain of garbage because we had no garbage trucks.
    We talking nonsense now about becoming “ millionaires” by changing old derelict buses from gasoline to electric.
    We enjoy pretty talk! For those talking about Mr. Talma and beach or surf tourism , where were they, when some very high up people , that we praise on BU , were daily putting obstacles in his way and harassing all his efforts? Go talk to Talma and he would give you the whole story.
    As for agro industries we are about fifty years late. That’s why the mangoes coming from Peru or wherever. Three years ago I went on Brasstacks and told that joker James Paul that we were fifty years late and he told me that I was ignorant. Obviously he does not know that every single thing that we used to grow in our back yards is now a major agro industry and for us to break into to the global Argo industry will cost us hundreds of millions in marketing our produce before we can even become players.
    In the midst of these realities, we are embarrassingly excited because we saw a new garbage truck yesterday.
    Well at least we seem to have something to shout about.

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