It’s the Economy Stupid!

Based on the recent IMF visit “at the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm conducted a staff visit via videoconferencing from February 7-11, 2022” see IMF Press Release– Barbados received a thumbs up. Here is the summary of the report card. The Prime Minister must have called an early general election to map the longest time frame to execute economic policy, unfortunately with the consecutive 30-0 shellacking of the DLP and third parties, it appears to have derailed the plan because of the retreat to the Courts to rule on the constitutionality of the composition of the Senate. Based on the case management exercise that must be gone through, the substantive hearing will probably not get on the way until March 2022. In the meantime parliament will be in abeyance, or it should be.
Barbados continues to make good progress in implementing its ambitious and comprehensive economic reform program, while expanding critical investments in social protection. All indicative targets for end-December under the EFF were met. International reserves, which reached a low of US$220 million at end-May 2018, increased to US$1.5 billion at the end of 2021. Barbados recorded a small (½ percent of GDP) primary surplus over the first three quarters of FY2021/22, which bodes well for meeting the primary balance target (minus 1 percent of GDP) for the full fiscal year. Preparation of a budget for FY2022/23 is well underway.
IMF Press Release 22/32
The economy should be the focal point of all concerned given the perilous state of affairs made worse by the pandemic. Instead the country is embroiled in another crisis whether created or caused by happenstance. A reminder of that famous James Carver quote – it’s the economy stupid.
Great potential
https://barbadostoday.bb/2022/02/12/guyana-and-barbados-team-up-in-joint-venture-to-develop-sector/
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7% growth a year every year to 2035 is a tall tall order! Last year we managed less than 1% and every year we slip below the 7%, it means we woulpd need to exceed 7% for the remaining Years to net out at 7% over the entire period. I think we will see some austerity and measures to reign in spending long before we see growth of 7% sadly.
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@ Hants @ John A @ Donna @ WURA
“@ Hants Thanks for sharing : Great potential
https://barbadostoday.bb/2022/02/12/guyana-and-barbados-team-up-in-joint-venture-to-develop-sector/”
This is the type of initiative we should welcome and be part of. Very good move on the part of both governments.
PS: I have noted you( The Above) because you all are of a very small number on BU , who are very positive about building a true Caribbean Nation State.
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Source: Nation
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Source: Nation
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Our Supreme Leader may soon have the solution to all our economic problems. She is currently visiting Prince Ali in Guyana for half a week. Guyana is now the richest country in the two Americas.
We should urgently take Guyana as a template: A currency devaluation to 1 USD = 200 BBD, 12 hours of work a day and mixing the lethargic local masses with Indian blood.
Of course, the rich Guyanese will invest in Barbados in the future. I therefore advise all our men to start smearing themselves with Vaseline when they work on the hotel plantation …
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@ David
All above are valid articles. Also if you take the average growth rate for Barbados since independence in 1966 you will see it is no where near 7% as well. Tourism projects will not be forecasted in a board room either, it will all depend on Covid up until such time as a true vaccine is found. These are the facts not the fluff.
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@John A
Is the 7% calculated based on which baseline?
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@ David
Growth rate percentage wise reported by the central bank and ministry of finance over the period 1966 to 2021 totalled then divided by 55 to bring it to a annual average.
We also have to accept what was stated above and that is the appetite for loans now on tourism based ventures is not what it used to be.
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@John A
The question is if the economy significantly contracted because of the pandemic now that it is fully reopening the rebound will spike growth number?
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@John AFebruary 14, 2022 7:38 AM
As I diagnosed long ago, Barbados is totally overpopulated, like many other third world countries where, unfortunately, birth control does not work. If we had only 150,000 residents, we would not have to dump the indigenous masses in useless jobs in the administration or in state enterprises. This is nothing other than hidden mass unemployment, like behind the Iron Curtain in the Warsaw Pact.
We could significantly increase our growth permanently if we export the only resource in abundance: namely, our natives who are dependent on government transfers and are of working age. Our government could collect a recruitment fee for this and would also have to exclude return travel. After all, we don’t want poverty immigration.
There are many historical models for this. LOL.
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David until we accept that a USD saved is a USD earned we will continue to chase the tourism market to our demise. We have learnt nothing from covid clearly.
Take our fuel import bill and food import bill and start there in a massive push to replace imports with local production. They are both obtainable goals unaffected by covid and global economic issues. They are also both tangible goals that we can control domestically and have both the land area and technology to make it a reality.
We good at talking but when it come to implementing true change we are piss poor.
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@John A
As you know the blogmaster agrees with you in principle. We need to be more aggressive with RE implantation, government is well positioned to lead the charge by amending its procurement policy. The other challenge is managing the downside that will be caused; employment, tax revenues and status quo etc.
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An interesting link which addresses the debt trap many developing countries find themselves.
https://theconversation-com.cdn.ampproject.org/c/s/theconversation.com/amp/african-countries-arent-borrowing-too-much-theyre-paying-too-much-for-debt-131053
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“The question is if the economy significantly contracted because of the pandemic now that it is fully reopening the rebound will spike growth number?”
A fall and rise back to same level will be shown as growth but in real context it is reverting back to the same level as before
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William,
Saw it and smiled.
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TheO,
You are not steeped in religion. From the very beginning the Bible has set the stage for this war.
Read Genesis and see!
Apparently because we supposedly initiated the disobedience our husbands are to rule over us.
I always found it unfair that one woman should make a mistake and every woman should pay for it.
So…. I discarded that crap long time.
If you examine the Old Testament god through a neutral lens you will see that he is the most unjust creature in all creation!
Some of us are THINKERS and don’t follow irrational religious clap trap.
The god of the Old Testament is made in the image of MEN, men who want to dominate and keep women in the box that suits THEM.
I did not start this war but I never back down from a necessary fight.
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International travel for tourism in theory should start exceeding pre-pandemic levels as people have not been able to travel abroad on holiday for circa two years and are gagging for sunshine and easy vibes. Destinations have also changed as have peoples tastes. Barbados should cater for the tribes of new age travelers and youths who like to party like it’s 1999 in a dancehall style.
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Expec more tourisses from Canada.
https://globalnews.ca/news/8617879/ontario-covid-restrictions-masks-vaccine-passports-announcement-ford/?utm_source=notification
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@Tron February 14, 2022 7:49 AM “As I diagnosed long ago, Barbados is totally overpopulated, like many other third world countries where, unfortunately, birth control does not work.”
Which first world countries Tron?
Barbados’ birth rate is 1.6 children per woman in her lifetime, the same as that of the Australia, Belgium, Chile, Estonia, Ireland, Netherlands, New Zealand UK and the USA. Significantly lower than that of Canada, France, Germany rt.?
Would you like us to kill ourselves instead so that people like you can have beautiful Barbados all to yourselves?
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@ Cuhdear Bajan February 14, 2022 12:55 PM
Frankly, I found the Platinum Coast in February/March 2021 to be the best. I could spend hours on the beach without meeting another soul.
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The Senator.
https://www.nationnews.com/2022/02/15/bridgetown-special-case/
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The Senator again.
https://barbadostoday.bb/2022/02/15/strong-demand-for-barbados-high-end-housing/
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Source: Nation
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Source: Barbados Today
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The Saudis have arrived! Saudi Arabia is a nation led by a despotic royal family. Their treatment of Africans is despicable. They have exported terrorism throughout the continent of Africa. Is the GOB cognisant of the movement called Wahhabism and its significance? The nation state called Yemen, in the hall of Africa, is being bombarded and destroyed by the UAE and Saudi Arabia.
We in London are familiar with Middle Easterners, particularly those from the Gulf states. During our summer period, a fair number of their citizens will migrate to the capital city with all their gadgets and commit mayhem in London for several weeks or months.
These wealthy pious Muslims will bring with them a lot of money. Who will benefit from their arrival? The brothels and whorehouses; and self employed prostitutes will make enough money to retire early. The middle men in the drug’s trade will profit handsomely. Our visitors have a penchant for the white powder. The real estate agents and the established business community will also benefit greatly.
When the useless and naive Minister Cummins talks about sustainability and tourism don’t be fooled. She will not reveal to you the real dangers to our young girls, young boys and the vulnerable should we see an influx of Gulf visitors. Think of Maxwell and Epstein but on a far larger scale.
It is very sad how so many BU bloggers appears to overlook these serious developments. They prefer to focus their limited attention span on Waru with their sarcasm and mean spirited mentality. The imminent arrival of Gulf visitors who would love nothing better then to spend time in a beautiful location where there are no codes of mores. Our Gulf friends like a moth to a light will be drawn to an island where they can indulge in all their fancies without any consequences. Barbados is on path to becoming the Bangkok and Amsterdam of the Caribbean. A case of history repeating itself?
https://www.dailymail.co.uk/news/article-3177236/The-lavish-lifestyles-London-s-Arab-playboys.html#comments
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If Minister Cummins is serious in promoting tourism to our Gulf “friends” she should use the Westworld trailer. LOL!!!
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“Tabling opportunities for collaboration, Senator Cummins stated that “Barbados has considerable experience refining and perfecting our tourism and service industries while maintaining our unique qualities. We see this wealth of knowledge as an invaluable resource for KSA as they build out their tourism sector.”
Al-Khateeb affirmed Senator Cummins’ position, adding that “We will be more than happy to be your partner. We will learn from each other.” (BTMI)
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where there is no vision
the BBs will suffer….
If it has not been grasped by now that we are under a curse of VISIONLESS leadership, especially since the DLP clowns entertained Froon, then perhaps we deserve to become playthings AGAIN… this time of wealthy and heartless Saudis..
Perhaps the Minister of labour can also explore exporting some of our unemployed graduates to serve the royal kingdom…
Having said that however, Bushie is fully aware that 500 years of BRUTAL slavery, (where ANY sign of ROYAL LINEAGE would have been exterminated on the gallows or worse,) MUST of necessity leave us with (what the Bible calls) REMNANTS of the true people that we should be…
But shiite man!!
Have we learnt NOTHING?
You mean at EVERY turn we must be seeking to return to the very WORST of the humiliating mendicancy and pitifulness?
If we have learnt NOTHING from the last 500 years, then it is no wonder the Bible says that because we insist on being so DUMB, God will cause women and children to become our leaders, and the rest will be history.
It is both frightening and inspiring, how accurate this old book has shown itself to be…
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The visit from the Saudis is a stain to our country. We should definitely not be fraternising with these appalling monsters or be sending our graduates to serve royalty in their Kingdom.
Surely our leaders must be aware of the atrocities being committed on a daily basis against Kenyan and Ethiopian nationals employed as domestic servants. Rape, murder, entrapment, wages being withheld, the kafala system (legalised slavery), and the rest are used against these people as a form of humiliation and power.
We in the UK remember the sexual abuse and the murder of a black servant in London committed by the grandson of Saudi Arabia’s King Abdullah.
The life of a black person means nothing to these savages. Why the hell is the clueless Minister entertaining them!
https://www.thepatriot.co.zw/old_posts/brutal-treatment-of-black-africans-in-saudi-arabia/
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The arrival of our “friends” from Saudi Arabia has yet to raise a comment apart from Bush Tea and Waru. How bizarre! Is there nobody within the BU family who takes an interest in geopolitics? Are we unaware or simply disinterested as to what is happening outside Barbados. Our largest industry is reliant on foreign visitors. Should we not inform ourselves of citizens from certain maligned countries who may bring hazards and risks to our society. Is our nature so fickle that we cannot see the moral injustice of entertaining a despotic nation such as Saudi Arabia.
Educate and inform yourselves.
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Just for the record, Saudi Arabia, has recently divested some of it’s oil interests in order to diversify its economy. The same country amongst others in the Middle East have taken out leases on agricultural land in mother Africa in order to grow food for its own people. Why the interest in Barbados?
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Why the interest ?
Look off Dubai and the answer lies there. We have relatively shallow water and a protected western coast.
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TLSN,
There is nothing worse than little upstart countries, barely able to keep a water supply to citizens and still disposing of sewage into the sea, going on the world stage talking ‘big’ and pontificating a lotta shiite …in a world chock full of heartless predators.
This is a recipe for trouble….
Ego trips about fancy speeches and natural oratorical skills are no substitutes for modest competence and steady progress in social development.
The ability to BORROW money is no sign of strength, indeed, it is a sign of WEAKNESS and mendicancy. STRENGTH is demonstrated by the ability to assist others, and to provide POSITIVE mentorship for those not as fortunate.
This Saudi interest is likely only the tip of the iceberg… there are hundreds of demonic billionaires out there – looking for easy targets who are willing to sell their souls, …and their people, for a few million dollars (which are probably in need of laundering anyway….)
Just the recent episode with Jamal Khashoggi would have inclined Bushie to AVOID these Saudis …PERIOD!!
But when mendicants smell $$$$, all reason goes to the wind….. especially mendicants of the female variety….
The road to Hell is paved with ‘good’ intentions…. but when you ‘arrive’ it is a much different story.
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TLSNFebruary 21, 2022 4:44 AM
The arrival of our “friends” from Saudi Arabia has yet to raise a comment apart from Bush Tea and Waru. How bizarre! Is there nobody within the BU family who takes an interest in geopolitics? Are we unaware or simply disinterested as to what is happening outside Barbados.
Wait, because people ain’t say nothing bout Saudi Arabia means that they ain’t interested in geopolitics or what is going on outside Barbados?
Who give you the authority to always assume what people thinking or not thinking and then talk bout it as if you know it to be true?
You got to stop that stupidness and CONCENTRATE ON YOURSELF.
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Saudis visit another nice photo of for Mia
Bottom.line self interest equals a smile a chuckle and rubbing of the shoulders with billionaires nothing more nothing else
To belive that this visit would amount to some kind of economic boost for Barbados is like expecting snow to fall in Barbados
But then again bajans belive any sh.it Mia tells them
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