Governor Cleviston Haynes delivers the Central Bank of Barbados’ review of Barbados’ economic performance in 2019 and takes questions from the media and the live online audience. Central Bank of Barbados’ Review of the Barbados Economy in 2019.pdf (4.16 MB)
Governor Cleviston Haynes delivers the Central Bank of Barbados’ review of Barbados’ economic performance in 2019 and takes questions from the media and the live online audience.
Central Bank of Barbados’ Review of the Barbados Economy in 2019.pdf (4.16 MB)
@ John A @ Hal
Ignore the supreme apologists. We are going around in circles.
@ William
It’s starting to look like 6 of one and half dozen of the other I agree with you.
@Johm A
Is it true the local economy is about retail and distribution with construction the icing? Where is the growth of 5% going to come from?
@ David.
Some will come from tourism. With a serious alternative energy plan some from there and with a serious import substitution plan for food there as well.
We have several sectors sitting idle that can show growth with a plan and some help.
@John A
Have you calculated the level of growth that must come from the idle sectors to move the needle to achieve 5% growth? Do these sectors have the capacity to deliver?
In another note have you seen that oil import cost rise year over year? Go figure.
@ David
The first thing i would look at is our food import bill. The MOF needs to have the minister of agriculture go through this list line by line and identify the items and their values that can be grown here. We then need to go into a state financed greenhouse project to ensure this happens. These will then be rented to the registered growers. Import bill for food I think is $500 m or something like that.
Then we look at the fuel import bill which i think is around $500M say and do the same. Remove the barriers on alternative energy, drop duty on electric vehicles etc.
In other words we go through each sector we import and identify where we can gain some of this business locally.
So what is a 5% growth in a $3 billion economy in real terms? Well that is $150M. So if we could just increase our alternative energy business so that it can replace $100M in fuel imports, while doing the same $100M in local food production, that alone would exceed the 5% you looking for.
Do the above and plug the drains on central government and your growth will be achieved and your cash flow improved.
It’s all about numbers not talk and lip service.
@John A
If only it were so simple read a binary problem to be solved. What about the establishment with the power structures and incestuous relations?
@ David.
The power company is more than welcome to participate. The growth can come from anyone. In fact it will have to come from every one.
I just heard the PM on the 7pm news saying they have a plan to have agriculture play a larger part in our economic recovery. Hopefully she will do the same for alternative energy.
Highway 1 from the bottom of University Hill to the Methodist Church in Holetown, St James, and a section of Highway 7 in Christ Church, will finally be repaved.
https://www.nationnews.com/nationnews/news/243782/highway-repaved
@ John A February 5, 2020 7:58 PM
“I just heard the PM on the 7pm news saying they have a plan to have agriculture play a larger part in our economic recovery. Hopefully she will do the same for alternative energy.”
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She is also being pressured to find other sources of revenues to replace the loss resulting from the significant reduction in corporation tax rates.
The government just cannot afford further losses as a result of alternative energy replacing imported fossil fuels which represent a major tax revenue generator along with imported processed food in cans and boxes.
The government has a taxation cash cow grazing in green pastures whose udders are ripe for the sucking.
With the opening of all of these fast foods outlets why not use the opportunity to extract some ‘taxation’ value from this growing sector?
Why not impose a ‘Fat Tax’ (or its more ‘politically correct’ equivalent) on those who want to eat fast processed food at their ‘busy’ convenience?
It can always be introduced under the guise of being concerned about the high incidence of NCDs and the need to tackle it; as it is done in the case of other sin taxes like alcohol and tobacco (and gambling).
@ miller
Government has to reign in it’s spending and it’s money pits. It cannot expect to get where they want simply by economic growth.
Ask them how has the flow of funds from the state to government entities in the form of subsidies been progressing? How are we with getting updated financials for these entities?
If all they plan to do is pick the low hanging fruit so as not to shake the tree, then we will get no where.
@JohnA
you are getting warmer….
BUT…you are still thinking like a private citizen or corporation, and applying those principles to public and political dealings.
Recall the opening line….in the 21st century, NO Sovereign borrows money with the EXPECTATION it will be repaid. Rather, at maturity, it assumes (hopes?) its debt will be re-financed.
The politicians’ primary goal is election. No election = no power. Fiscal balance in something from fairy tales.
P.S I know you may have seen me also harping about updated financial reports….it’s really tongue in cheek….since you have become a WS duopoly disciple, you will appreciate the sanitization required. I suspect after that last crew, it maybe, a monumental undertaking. Purveying perpetual incompetence can be challenging.
Interesting to hear Dr. Kevin Greenidge hoping for flat performance this year when juxtaposed to forecast by the Governor of the Central Bank. Again why cant they read from the same sheet.
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