Review of Barbados Economy January to June 2021

Governor Cleviston Haynes delivers the Central Bank of Barbados’ review of Barbados’ economic performance in the first half of 2021 and takes questions from the media and the live online audience.

Central Bank of Barbados
Read Full TextCentral Bank of Barbados Review of Barbados’ Economy – January-June 2021.pdf

151 comments

  • Donna

    We have a vaccine and the techonology to make a new one to adjust to the mutants when needed. We – as In the world is not going back to early COVID-19 lockdown etc
    We Will live with covid ad adjust to suit But not going back to those days

    Maybe another novel virus But not covid 19 or it mutants

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  • Everyone is taking a hit. Leaders gotta realize that they are the servanys of the people and not the other way around.

    https://www.politico.eu/article/france-rules-coronavirus-green-pass-vaccine-backlash/

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  • David! The Bajans lining up fuh Starbucks!

    Oh dear, dear, dear!

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  • John 2,
    I see you have no intention of seeing my point.

    Enjoy your crystal ball!

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  • @Donna

    It say too much that is not positive. We are fighting a cause in the name of a majority of the people who are ignorant of the very cause.

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  • David,

    Starbucks employing about fifteen people and will make millions which they shall repatriate. Very little in corporation tax.

    What value are they adding? Do visitors come here to drink Starbucks coffee?

    Boy, are we stuck in a backward mentality!

    Most of those people in the line just want to show people how dem accustom to travelling an’ drinking Starbucks. They have no idea how stupid they look lining up in the hot sun for a cup of fancy coffee.

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  • @Donna

    Could not have scripted a better comment.

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  • DonnaAugust 1, 2021 12:39 PM

    David,

    Starbucks employing about fifteen people and will make millions which they shall repatriate. Very little in corporation tax.

    What value are they adding? Do visitors come here to drink Starbucks coffee?

    Boy, are we stuck in a backward mentality!

    Most of those people in the line just want to show people how dem accustom to travelling an’ drinking Starbucks. They have no idea how stupid they look lining up in the hot sun for a cup of fancy coffee.

    Xxxxxxxx
    U know nothing about who the people are in the line
    Also how people choose to spend their money is none of your business
    For all we might not of known some of the people on the line could have been paid commercial props as a smart way of advertising Starbucks on the island and bringing it’s business to the people’s attention
    Guess who won Starbucks of course with the media stargazing and left behind receiving not one cent for it’s free advertising

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  • @ David

    Based on Bloomberg article this week the EU is saying they will be at pre covid levels of economic activity by November or December at the latest. They are showing strong recovery in the 3rd quarter already.

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  • Bajan really drink coffee?

    The tourist dont come to Barbados to drink coffee But when there are In Barbados some if the addicts will now have a location to get their fix

    @ DonnA

    Who Said i dont see your point ?
    I agree with most of what You Said. However with the info available to me i dont believe Will be going back to earlier lock downs. We May have some restrictions off and on But we are not going back to full lock downs.

    Must i agree with everythung You say to see your view? U give urs and i gave mine
    Do You have any intention of seeing mine?

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  • @John A

    These are mixed economies, Barbados is not. And as discussed, leisure travel will be down for the unforeseeable future .

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  • Why is it that when a foreign Company open In Barbados it is backward thinking ( i too would preferencer if it was Bajan Company). But when Barbados expand into another country it is forward thinking?

    Ir is it only the type of Company ?

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  • At a time when barbadians are complaining about high prices
    It is mind boggling that govt would allow a high priced business like Starbucks to open on the island
    The insensitivity that govt is given to the people realities is bone chilling
    Is Haggar Hall on the West Coast ?

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  • If starbucks succeeds In Barbados it Will not be from the purse of bajans But from the purse of it addicted tourist customers

    What is starbucks seeing that others dont want to?

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  • We need to enable an environment that nurtures businesses that earn fx. You always miss the bigger point.

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  • Good commercial

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  • Is fx the only factor?

    Where are the Bajan owned coffee houses to rival starbucks, employ the 15 and Jeep the fx In barbados? No forward thinkers?

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  • It is the priority factor for Barbados given the current state of affairs.

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  • Given the current State of affairs and unemoloyment the 15 jobs means nothing?

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  • How much forex will be required to support a Starbucks operation in Barbados? Create low end jobs for a premium given the cost to generate a USD? It sounds nice to boast of creating 15 jobs but…

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  • Lookah who talking. They are allowed to spend their money as they like and I am allowed to say how stupid they are.

    When the forex disappears they will be complaining.

    Places like Subway and Starbucks are of no value to Barbados. They take more than they give.

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  • There is nothing more valuable than freedom of speech. Examine any repressive regime and it becomes obvious that one of the first rights to get trampled on is that of freedom of speech. It behooves all of us to push back very hard when others attempt to limit our freedom of speech.
    On this medium, which David of BU has generously provided, how does some attempt to limit your freedom of speech
    1) They lump you in a group and try to tie you with the behavior of anyone in the group
    2) They continually pick on you; all they vary is the frequency of attack
    3) They never admit they are wrong, never acknowledge or stop their bad behavior
    4) Ridicule and quick dismissal is a large part of their arsenal

    How do you handle these persons
    Speak your truth quietly and clearly; and listen to others, even to the dull and the ignorant; they too have their story.
    Avoid loud and aggressive persons; they are vexatious to the spirit. If you compare yourself with others, you may become vain or bitter, for always there will be greater and lesser persons than yourself.

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  • I have never entered a Starbucks. Have been to Dunkin Donuts when sent there by a member of my family.
    I side with those who see no added benefit of having Starbucks in Barbados

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  • Barbados has a problem with conspicuous consumption, we have exhaustively discussed in this forum through the years. We are glad a few low skilled jobs have been made available because we need to create opportunity for everyone to survive. That said the system issue remains, we have to create a more relevant business sector, one that caters to fight back against our huge import bill.

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  • Theo

    I am like You

    That y i aske if Bajans drink coffee
    I was going to ask You if u do But Got side tracked.

    I trues coffee once But i made my own at hime

    I believe starbuck is for the tourist

    The same as the marriot brand on the Hilton hotel.

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  • David

    I see the starbucks as another card ti getting some more fx Out of the tourist pockets

    But what do i know ? I Jeep messing the big pic

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  • @J2
    I still go into an office with unlimited free coffee.
    But I do not drink it at home or shop for it
    But look at the age group in the video.
    I suspect it will be gen z/millennials/tourists
    Do you know what follows gen z? Gen alpha

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  • How much forex will be required to support a Starbucks operation in Barbados? Create low end jobs for a premium given the cost to generate a USD? It sounds nice to boast of creating 15 jobs but…
    Xxxxxxxxxxxxxxxxxxxxxxxxx

    Do u know the answer to ur question
    Or u just junping to the conclusion that it Will be fx negative?

    Earlier u Seem to agree the starbucks Will be making millons that Will be repatrieres

    Tell the mom with the kids and had problems getting a job and place to rent about low end job – especcially In the present climate.

    Again where are the Bajan rivals?

    Most anything dont In Barbados Will use up fx. Even hair branding and nail. But everyone Can do them

    15 low end jobs+ rent/ properity tax + water and sewage + electric. + some low end worker being avle to braid her hair once a month + gas for deliver of coffee from the port. +. Etc =. Money turning over = economic activity.
    May not Nice the nation gdp needle much
    But Will be a Big help to the 15 low end workers . Unless tiu prefer welfare

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  • Theo

    U did not see the vid y’et

    Do you drink coffee?

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  • For u @ Theo

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  • You missed two words “unlimited” and “free”
    I drink several cups of coffee in the office.
    Don’t drink it at home

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  • How much of the forex will stay here? Any at all?

    Xxxxxxxxxxxxxxxxxxxxxxxxxx

    Do You know the answer to your question?

    There are other countries that u Can probably g’et ur answer from

    I Would assume the posers that becwould have done due diligence before permission
    was granted

    Even if it fx neutral then what? The problem would be if it going to be a DRAIN on our FX

    If its fx positive the ok

    None of us here know which one it Will be
    So why knock it?

    Are the other franchises fx negative ?

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  • Theo

    433pm

    Should have been. Got you instead of. For you

    I reread and Saw what i had misses 👍🏿

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  • What is the name if that Security Company at the airport?
    The one with the low end jobs that dont Like to pay it workers

    How much fx does it make and how much of the money it makes stats In the island?

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  • Did you know that Starbuck was an early Quaker surname?

    “Mary Coffin Starbuck (February 20, 1645 – late 1717) was a Quaker leader from the Massachusetts Bay Colony. She and her husband, Nathaniel Starbuck, were the first couple to marry on Nantucket and were parents to the first child born on the island. She supported her husband’s efforts to run a trading post, which grew into a large mercantile business with the advent of the whaling trade.[1] Unusual for the time, she was a prominent leader in civic and religious matters. She had ten children and her family members were leaders in the Quaker meeting.”

    https://en.wikipedia.org/wiki/Mary_Coffin_Starbuck

    While I have not come across the Sarbuck family in Barbados, other Quaker families who were present in Barbados in the 17th century were the were Hyatt, Hilton and Marriott families!!

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  • The Coffin family was present in Barbados in the 1660’s, looks like in St. John.

    .

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  • Starbuck or licensee is probably targeting firstly the long staying visitors – ptl visitors Ross students then the “retirement” center going up In St George

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  • We continue to create to feed the tourism beast? Look the hole it has dug for us at this time.

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  • Just remembered
    Another Company that You probably Can tell what effect starbuck Can/ Will have

    Kentucky fried chicken was In Barbados for how long and where the money it made over all these decades go?

    At least it had a couple Bajan rivals

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  • Same principle works for Barbados.

    Now if we were really smart and wanted to diversify our tourism product , well, …. but you need to be smart to recognise the opportunity.

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  • A business person look to make some money In the field of his/her chosing ..

    If the person is risking their own money why should they be denied?

    fRIDAYS

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  • David

    Diversificatuon coming slowly

    Beside starbucks i Saw two other overseas cimpanies that had nothing to do with tourism and maybe fx earners In the news

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  • @ David August 1, 2021 3:48 PM

    An excellent analysis. We should therefore finally put our money where our mouth is.

    A moderate currency modernisation with a conversion rate of 1:4 would noticeably dampen consumption and create many new jobs in the low-wage sector.

    This fits perfectly with your analysis, but probably not with local national pride and the associated ilusions and all the lies Barrow used to trumpet independence against better judgement.

    I think the transition to a republic would be a good opportunity to change the currency to the New Republican Dollar of Pride (NRDP) in the above sense.

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  • You think Starbucks is running a charity? Would they have come here for less than millions?
    Are Barbadians the shareholders?
    What inputs will be sourced locally?

    You mean that because we stupidly allowed other such unneccessary companies in, we should not try to limit our stupidity?

    Fifteen low paying jobs are nice but if we don’t earn foreign exchange and we keep leaking it, is the situation sustainable? What will the Mickey Mouse dollar wages be able to buy?

    Short-term solutions to long-term problems often make the long-term problem worse. Like getting a loan you cannot pay back.

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  • 15 low paying now and plantning to expand

    ADD up all the low paying jobs and then tell the the the workers who Breda not buttered Like yours

    How do yo know starbuck Will be leaking fx? From tou crystal ball?

    Read the article and You Will see what Company is the licensee. Its a caribbean company..

    If there ar coming here for 100 million. It is Out of the investors pockets not ours

    Kentucky survived for a have many decades?

    How Long did FRIDAYS last?

    It the investors money that they are risking not the taxpayers money , why should the investors be denied? Because yiu Think they Will be a drain In fx?

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  • @ John2 August 2, 2021 6:57 AM
    (Quote):
    15 low paying now and plantning to expand

    ADD up all the low paying jobs and then tell the the the workers who Breda not buttered Like yours
    How do yo know starbuck Will be leaking fx? From tou crystal ball?
    Read the article and You Will see what Company is the licensee. Its a caribbean company..
    If there ar coming here for 100 million. It is Out of the investors pockets not ours
    Kentucky survived for a have many decades?
    How Long did FRIDAYS last?
    It the investors money that they are risking not the taxpayers money , why should the investors be denied? Because yiu Think they Will be a drain In fx? (Unquote).
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    The miller admires your free-wheeling approach to business.

    But, would you the Free Enterprising John No.2, be equally supportive of the opening up of a marijuana tea-shop and smoking-room in Barbados as you are of the Starbuck coffee shop?

    Would you back your administration in the granting of a licence to an investor with foreign money to operate a café along the same lines, as seen in Amsterdam, to ‘sell marijuana-infused drinks, cookies and even Bajan-crafted souvenirs?

    But there must be one stipulation: Instead of imported coffee- as with the case of Starbucks- the main ingredient of the fare on sale must be locally grown cannabis sativa just like it is expected to be with the medicinal marijuana.

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  • Miller

    If its all legal – yes

    But why must the investor have fx?

    Cant ras simba and his brothers can do it

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  • Miller,

    I’d try the local marijuana tea, provided it is not very strong. Sounds good to me. Not keen on smoking.

    Like

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