Millennials Poorer – What it Means for Barbados

Recently John A sent a couple interesting articles to the blogmaster that served as a reminder what a future state will possibly be for the next generation of Barbadian, the so-called millennial.

Despite our rich investment in formal education there is a palpable lack of cognitive awareness by Barbadians to give weight to what is important. A case in point- it required Prime Minister Mia Mottley repeating what had been stated by others for years AND what was explained in NIS actuarial reports since 2013 for the majority of Barbadians to understand the implications for pensioners. For Mottley to tackle the problem of the NIS fund which poses a risk to her government’s popularity was enough to jolt Barbadians from a comatose state.

In 2007/8 the global financial crisis had the effect of decimating incomes and investment portfolios across all strata in our key tourism and international business markets. Local financial talking heads have suggested that the Barbados economy is to fully recover from the hit. Isn’t it ironic 15 years later our key productive sectors have not changed appreciably? In fact the current investment project pipeline is congested with tourism related projects.

Now we have John A’s articles which reveal a worrying trend in the UK and US- generational wealth of millennials in the two countries has stagnated. Although the majority of Barbadians are ignorant to the implications of this developing trend, there is a simple truth, the US and UK are our two significant source markets for tourism, foreign direct investment AND remittances. 

The blogmaster challenges you and you to read the two articles to appreciate what a future state may look like.

It is fair to suggest in the absence of similar analysis the same trend applies to Barbados. Barbados is one of the countries the spiral of the economy of the post 2006/7 period is yet to experience a bounce, subsequent catastrophic events have not helped. Recently the government announced that in the face of economic uncertainty Barbados will renew the IMF agreement. We should have time to unpack the implication of the decision, however, discerning BU regulars are fully aware of the root issues.

It does not give the blogmaster pleasure to state what should be obvious. Our current economic path is plotted to arrive at a destination to nowhere fast. We continue to try to induce economic performance from a ‘not fit for purpose’ economic model. One does not have to posses the nous of Nostradamus to predict the outcome.

109 comments

  • @Sarge
    Just another Ponzi schemer.
    All they need is the seed money, and away they go.

    Like

  • African Online Publishing Copyright ⓒ 2022. All Rights Reserved

    wuhloss….the radical vaccine scam story coming out….complete with photos of ALL THE FRAUDSTERS……it has its own article…..lawd……frauds and thieves…

    …court documents DON’T LIE. especially when it’s moving from state to state…

    any judge worth their salt would SEE THE FRAUD in any jurisdiction or state…scammers and schemers suing each other..

    Like

  • Barbados to put on auction 22 oil blocks
    Sep 12, 2022 News

    – as seismic studies showed possible existence of significant hydrocarbon resources

    Minister of Energy, Kerrie Symmonds

    (BARBADOS TODAY) Barbados has embarked on a fresh initiative to lure the world’s leading energy firms to explore its waters for oil and gas, after the latest seismic study showed the possible existence of significant hydrocarbon resources. Minister of Energy, Kerrie Symmonds said on Wednesday that the bidding process for licences will start on December 1.
    He recently returned to the island from an international promotional roadshow in Houston, Texas, where he went public with the planned auction. “Woodside Energy, which was formerly BHP, has now successfully completed a 2 600 square kilometre 3D seismic survey offshore Barbados in the Carlisle Bay and the Bimshire Blocks. The final returns on that survey should be with us in a few months, but on the basis of previous surveys and what other information we have been able to pick up, we felt fairly confident that now was the right time to announce the offshore licensing round,”

    “There is obviously a feeling, therefore, that there is some untapped hydrocarbon resource potential and that is what led to the launch of this competitive licensing round for the offshore acreage.” The Energy Minister said the recently concluded ‘International Meeting for Applied Geoscience and Energy (IMAGE)’ was one of the biggest and most important geosciences conferences held in recent times, and it was deliberately chosen to launch the offshore licensing round. He said that in trying to whip up interest among the world’s leading energy professionals, major oil and gas companies, global energy leaders and geoscientists there, Barbadian officials informed them of the strides made in the local offshore exploration sector, including the unitisation agreement between this country and Trinidad to facilitate the joint development of hydrocarbon resources that straddle their shared maritime boundary, as well as the successful completion of the seismic survey.
    The Minister pointed out that there have been recent significant gas finds – about three to five trillion cubic feet of gas by Woodside Energy in Trinidad and Tobago’s adjacent deep water blocks. With the launch of the licensing round, investors can now compete for the opportunity to explore oil and gas potential in the island’s waters. “There is, therefore, an invitation extended to companies around the world who specialise in exploration to take an interest in, and to nominate acreage from 22 available blocks in Barbados for inclusion in the bidding process, which will be followed obviously by a prequalification stage and then the formal bidding awards,” Symmonds said.

    “It provides an opportunity for them to participate in the island’s deep water potential, but to do so under a competitive legal fiscal and regulatory framework .” Symmonds also said that with amendments to the offshore legislation, the environment impact assessment period has been extended so that companies have a longer period within which they can do area-specific, purpose-oriented and more detailed analysis that would give Government a better opportunity to determine the nature and quality of the work being done and its potential effect on the environment.
    “Of course, we have introduced change of control provisions which give us greater oversight in the event of mergers, acquisitions and takeovers which are very prolific in this gas and oil sector,” he added. Minister Symmonds contended that Barbados’ efforts to extract its hydrocarbon resources can go hand in hand with its clean energy policy. “We recognise that the country obviously has significant hydrocarbon resources deep in our sea bed. The National Energy Policy was passed in Parliament, I believe in 2019, and speaks to the safe and the efficient and the environmentally conscious recovery of these resources and with the production of hydrocarbons being exported in an effort to generate revenue that can be reinvested . . . in the renewable energy section,” Symmonds said.

    Noting that the renewable energy sector is replete with technologies that are not only new but exceptionally costly, he added: “If you [look at], for example, the need for battery storage and the cost of batteries at utility-scale to run an island, then you would understand what I am talking about. That is long before we get to the need to replace all the ground transportation in the country with electric and related-type vehicles.” “That point I wanted to make very clear because the ambition is to put us in a position where, obviously, the potential for natural gas can be explored to the maximum and to make us as attractive and strategic a partner as possible for those entities which are interested as well in building a resilient energy future,” he declared.

    The future🛢

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  • Proved crude oil reserves in Barbados from 2009 to 2021
    (in million barrels)

    table

    column chart

    Characteristic
    Oil reserves in million barrels
    2021. 1.98

       2.12
    
       2.36
    
       2.53
    
        2.08
    
        2.32
    
        2.53
    
        2.84
    
        2.26
    
        2.26
    
         1.79
    
        1.79
    
       2.17
    

    Crude Oil including Lease Condensate Reserves
    1.00 (thousand barrels per day) in May 2022
    Between June 2021 and May 2022, Barbados crude oil reserves remained stable at around 1 thousand barrels per day.

    Technically we have nothing in the barrel.
    The cost outweighs the benefits.

    Bds needs major oil discoveries alike Guyanese, Lisa 1, 2 & 3 tables.

    Like

  • Who’s having fun?

    For the record, I will mention that Sada Williams and Johnathon Jones both are having an outstanding year in track and field.

    This is not meant to be a comment about race, but it happens that the list of achievers are all white. We have seen the recent successes of Karen Meakins and Mark Sealy at the World Masters Squash Championship.. Josh Burke and Chelsea Tauch continue to or ride the waves in the surfing world. Team Maloney often grab the headlines in auto racing. Mark Farmer just had his name on the paper as he accomplished a major swimming feat. Congratulations. Impressive. Outstanding;

    Here we have a small segment of the population successfully engaging in and dominating ‘non-traditional’ sports.

    Some will continue to harp on our ‘lack’ of a national stadium, but I am wondering if this spend would give us the biggest bang for the buck. Auto racing would be expensive, but I wonder if we were able to combine the expenses of the above mentioned small group and compare it with monies invested in athletics which would be considered as the most rewarding.

    I say that to say this. Perhaps we need to identify areas where we could ‘maximize our wins’ and focus on them. The Obadele Thompson, Sada Williams and Johnathon Jones are too few and far between for us to just focus on track and field. If we were to discover a next Bolt on the island, then I would say that the money was well invested, but first we have to find out Bolt.

    Are we destined to be forever a one-eyed country. We place all our hopes on the tourism industry. We push track and field at the expense of other sports . Urgently wanted a Barbadian Richard Williams (father of Serena and Venus), and Earl Woods (father of Tiger) …

    Let us try to give our children a broader vision of what is an athlete. Let us celebrate the successes of all.

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  • Pick a topic
    Examine what is happening on the island.
    Now you see why we flit from topic to topic. We use a microscope and zero in on issues one item at a time.
    Afraid to take a few steps backwards and look at the big knotted mess confronting us.
    We did the justice system
    We did BWA
    We did NIS
    Doing GIS
    Look like digital IDs is some king of a mess
    Money spent but QEH leaking
    Then we went to BL&P
    Now back to traffic. Let’s call it Roundabout 2.

    Hifalutin talk but nothing changes. One big ugly knotted mess. Not failed, but irreversibley failing.

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