Barbados’ Economy Continues to Grow Posted on April 27, 2023 by David Central Bank of Barbados Governor Dr. Kevin Greenidge holds his first press conference as he delivers the Bank’s review of the Barbados economy in the first three months of 2023. CBB Review of Barbados’ Economy Please share this blogEmailWhatsAppTweetTelegramPrintShare on TumblrMorePocketLike this:Like Loading... Related
LMFAO at the BU intelligentsia.
The only real question to answer is has the absolute number that defines the GDP returned to what it was pre-covid?
Another question of less importance would be how long will it take before the economy returns to its former “glory”?
Wait a minute…..these are indeed historical moments…..every credit rating agency and lender including IMF…WARNED these clowns, DBLP tagteam….REPEATEDLY over MANY YEARS……..to DIVERSIFY the economy away from tourism, that should be secondary because of the SHORT 4 month shelf life…widen the tax bracket and income generating nets for the remaining 8 months to stabilize the economy and make it more mobile ……..and they absolutely REFUSED…
WHY? keeping a Slave society TRAPPED is much more money generating FOR THEM ONLY…in their career goals of THEFTS and corruption..and wannabe nobility…..as opposed to utilizing the THOUSANDS of viable ways to generating LASTING cashflow to benefit the WHOLE island…but they DONT WANT THAT…….old habits of THIEVES and degenerates are hard to break..
Without even reading any of the above we will venture that that socalled growth is recorded in relationship to the Covid massive declines.
What magic are unscientific modern economics. They are yet to learn how to substract!
By modern we mean neo-classical of course.
We slso warned them for YEARS…they do not have a closeup and personal relationship with SIMPLE MATH…
What pretenders….who have no clue that NUMBERS give a startling GLANCE into REALITY and tells ITS OWN STORY..
.but how would they know, DISCONNECTED as they are…
Should “Barbados” have a name change..
Deep research into why your name is your name:
The name “Barbados” is from either the Portuguese term os barbados or the Spanish equivalent, los barbados, both meaning “the bearded ones”. It is unclear whether “bearded” refers to the long, hanging roots of the bearded fig-tree (Ficus citrifolia), a species of banyan indigenous to the island, or to the allegedly bearded Caribs who once inhabited the island, or, more fancifully, to a visual impression of a beard formed by the sea foam that sprays over the outlying coral reefs. In 1519, a map produced by the Genoese mapmaker Visconte Maggiolo showed and named Barbados in its correct position. Furthermore, the island of Barbuda in the Leewards is very similar in name and was once named “Las Barbudas” by the Spanish.
The original name for Barbados in the Pre-Columbian era was Ichirouganaim, according to accounts by descendants of the indigenous Arawakan-speaking tribes in other regional areas, with possible translations including “Red land with white teeth” or “Redstone island with teeth outside (reefs)” or simply “Teeth”.
Colloquially, Barbadians refer to their home island as “Bim” or other nicknames associated with Barbados, including “Bimshire”. The origin is uncertain, but several theories exist. The National Cultural Foundation of Barbados says that “Bim” was a word commonly used by slaves, and that it derives from the Igbo term bém from bé mụ́ meaning “my home, kindred, kind”; the Igbo phoneme in the Igbo orthography is very close to The name could have arisen due to the relatively large percentage of Igbo slaves from modern-day southeastern Nigeria arriving in Barbados in the 18th century. The words “Bim” and “Bimshire” are recorded in the Oxford English Dictionary and Chambers Twentieth Century Dictionaries. Another possible source for “Bim” is reported to be in the Agricultural Reporter of 25 April 1868, where the Rev. N. Greenidge (father of one of the island’s most famous scholars, Abel Hendy Jones Greenidge) suggested that Bimshire was “introduced by an old planter listing it as a county of England”. Expressly named were “Wiltshire, Hampshire, Berkshire and Bimshire”. Lastly, in the Daily Argosy (of Demerara, i.e. Guyana) of 1652, there is a reference to Bim as a possible corruption of “Byam”, the name of a Royalist leader against the Parliamentarians. That source suggested the followers of Byam became known as “Bims” and that this became a word for all Barbadians
Dont know how it could make PERFECT SENSE…to dummies…to keep the island under a kaleidescope of STAGNATION for 8 MONTHS annually for the last half century, then push their talking heads before microphones to declare growth..
.no country can get consistent growth from merely 4 MONTHS of economic activity…..and spurts here and there from offshore services and scams..
but they know the Slaves would swallow that crap and beg for more because it sounds so sweet…
The neoliberal economics of Mia Mottley are no different than a religion, her religion!
For they continue to be premised on more and more outrageous forms of magical thinking.
A magical thinking demanded by religion, that for instance, the wearing of a crucifix gives protection. And Mia Mottley wears one!
The magical thinking that White people will give you money for a green economy or a blue economy or a White economy without taking effective ownership, or at least control, of an underlying asset. Wokeism!
The magical thinking that you could create growth from a baseline of Covid economic devastation, and with a straight face, enter such an abomination into the political cathedral as sanctified, sanctimoniously!
The Black nobilities seem to be very much in play. STILL, according to certain reveals….
so the wannabes think they can weasel their way in by using Pope White Dress as an anchor…maybe they also have plans to sit on the vatican board…
..frauds and hypocrites always see an opening in some crevice somewhere….cursed with and by opportunism..
See Pacha…we keep looking at the Whites and others……but there are any number of Black Shadows going backward for the last 3,000 years..
…totally unrelated in status and stature to their cousins the traitor bloodlines….am sure there are those coveting that obscured environment with every breath they take…
That truism of existence hits home the further back you go and study history from that timeline…
And amid all the recent confusion the Anglo Saxons, within the City of London, as enclave within the wider city, are moving heaven and earth to maintain at least a semblance of power.
A power derived from that faction’s control of the money system. So all we’ve been seeing, from Brexit, to the constantly changing PM, to the wilful destruction of continental European economies by the Nato- Russian War, to the reckless provision of depleted uranium munitions, the efforts to deny Scottish independence and on and on, are aimed at the consolidation of power within the City of London.
Socalled king Charles cannot even there go unless permission is given by the lord mayor!
Even the history of the Anglo-Saxons is interesting. Arrival within the isles about 2000 years ago after the Roman conquest but intent on displacing what we today call Scots and Irish. Hadrian’s wall was such a defence, erected to keep them out!
So yes, there are forces at work, playing real games, while we’re left to talk foolishness about economy, which we all know is ignorance! But highly acceptable to most.
Enuff of the fancy language to make your point…
Are you saying that this new GoCB sounds ominously like the one before him,… and the oneS before him…
..ALL of them talking shiite about how well the ‘economy’ is doing, and is PROJECTED to do in coming months, ….
when even Lorenzo and ac can see with their eyes (and their empty wallets) that our ass is grass…?
Pointing at a lotta shiite graphs that look like mumbo jumbo.. and drawing illogical conclusions THAT HAVE ALL TURNED OUT TO BE JOBBY.
The question then is…. how come the so-called ‘Press’ continue to report these quarterly plays as serious business? …. when a simple analysis of past projections can so easily show it to be shaving cream…?
“Forward, the Brass Brigade!”
Was there a man dismay’d?
Not tho’ the soldier knew
Some one had blunder’d:
Theirs not to make reply,
Theirs not to reason why,
Theirs but to do and die:
Into the valley of Death
Rode the 360 thousand.
brass bowls to right of them,
brass bowls to left of them,
faggots and fannies in front of them
Volley’d and thunder’d;
Storm’d at with shot and shell,
Boldly they rode and well,
Into the jaws of Death,
Into the mouth of Hell
Rode the 360 thousand.
GoCB intended audience is IMF, World Bank, IDB. The locals are just invited the fill the room and if they play their role they may get invited to events with food.
“while we’re left to talk foolishness about economy, which we all know is ignorance! But highly acceptable to most.”
Their comfort zones, at the very bottom distilling utter nonsense..the fact that they were more than willing to enable evil against someone who looks like them…tells us everything we need to know..bad luck for them, GOOD always trumps evil doings of that type….how many movies and books based on true events have we seen and read on that topic, but these criminal frauds still believed they would triumpth.
…while real things are happening elsewhere which produces much more enlightenment….but their roles are meant to distract the likeminded.
Things are coming at us, at such a fast and furious clip, i find myself saying daily things like, not getting involved in that, not commenting on that, completely stripping down everything and redefining per newly set rules of engagement…i see very clearly ahead, most things will no longer generate comments.
Good news, writers will have a brand new frontier in which to operate…and most are quite capable of rising to that challenge..
So much so that this writer does not read, does not listen, does not even want to known what these idiots will say or do or not do about anything.
They are not of any interest. So much so that an AI machine would be better instead of this stupid game playing by this prime minister and those before.
Didn’t even know that a new man or woman was on the job! Neither he nor she will make a difference. Therefore, we can safely project what these idiots are doing without wasting the time to get into their vacuous minds. A disposition which brings sadness of course.
Down to Brasstacks on VOB
Walter Blackman just made an interesting comment re GoCB statement.
What did he say Hants.
It surely dont take long to see the trainwreck, shipwreck, planewreck that they ALL turned Barbados into that no one eith intelligence should want to become trapped in..
…that includes the handiwork of the very ignorant supporters/followers of both parasitic parties….enabling corrupt thieves, liars and setup artists comes with a very steep price…not one of them can say they did not know….they just love pretending to be blind.
But since certain reveals, those whom i know at a personal level….pulled back from all the misplaced admiration they had for pretenders/wannabes, now that the REAL story, thanks to their rumor mongering gossips who started due to whatever was promised them, the TRUTH ended up out there EXPOSING THEM…..so some good is coming out of this. ..ironically by their own hands…meant to cause chaos and confusion …but BACKFIRED….beautifully…
….i did not see that one coming and could not make it up..
Pacha…people dont listen…especially when they are filled with hatred for each other for no other reason than they are selfhating and ignorant.
I spoke to Douglas Trotman some years ago, and that conversation put certain things in motion because i just had to see for myself…..by the time my first book was written it all exploded to the surface…
…good thing it was approached in that manner so traitors can reveal themselves…and man did they ever…
..unfortunately i also warned Douglas Trotman about his safety, although he knew certain things. ..
But Karma and Retribution ARE BOTH REAL…and are BOTH MARCHING…just like the Horsemen of the Apocalypse are riding.
Am now on my second book, and the title alone gave haters heartburn…while they themselves can get NO FURTHER…not interested in how they feel now, but know well enuff how they look and are perceived by others, it’s nothing complimenary. They are very wrong if they believe they werent being watch closely for the last 5-6 years… to see what they were really up to, their mission of destruction… They should know HOW they found themselves in that situation, cause i dont and it dont interest me either.
Ask the people like the taxi driver and beach/sea operators
From what am reading, any new constitution will be null and void anyway.
….puppets and minions will NEVER have full control.
Pacha…that is dem bizness to let pretenders and WANNABES fool them and LURE them into a sense of false security…
……am sure you came across the same information…or soon will.
I know you and some others will figure it out…
“*** *** has its own “constitution,” a word carefully chosen with the purpose of replacing the constitutions of the nations.”
So let the brainwashed, indoctrinated fools who love to belch out bout their “patriots” and the lotta Slave shite that leak out of them after copying everything deceitful politicians say, and they carry on with so smartly, that word, given to them to parrot and mimick, like everything else foolhardy they do so well, is now obsolete..
Imagine, am the one, along with some others, who warned and warned, get to tell them that…..but they dont have to mind me, they can wait and see.
We are the witnesses.
Poor Side Of Town
How can you tell me how much you miss me.
When the last time I saw you, you wouldn’t even kiss me.
Now that rich guy you’ve been seein’.
He must have put you down.
So welcome back baby.
Back to the poor side of town.
GDP growth is growth for some but not all
GDP = private consumption + gross private investment
+ government investment + government spending
+ (exports – imports)
and this figure is frequently cited to assess the nation’s standard of living.
So won’t you come and sit by me in these old dusty clothes
he said the number of tourist arrivals is not a good indicator of a recovery.It is how much money the tourists spend.
Thanks. The Governor did allude to vaguely to that fact when he pointed to uptick in related activities but was stingy on statistics!
“he said the number of tourist arrivals is not a good indicator of a recovery.It is how much money the tourists spend.”
Since coming to office, the current government has been making this point about spend v numbers. Go listen to Keri Symmonds the first tourism minister. What was the GOCB last role? Ah gone, leh Waru pollute the blog bout who she warned.🤣
Justin and Mia
Mia gone international.
Trudeau is the opposite of his father. The very opposite. He has no stature within the “international” community. See Xi, a real player, denigrating Trudeau like he were a school boy after he disclosed all the details of a personal conversation between the two. At home Trudeau is not well rated.
Mottley, on the other hand is a giant shiiite talker but with the insistence of a feckless population has become the force of dictatorship at home. While Trudeau has moved Canada nearest to dictatorship, especially around Covid. This running here, running there, talking shiiite and being laughed at for pushing her head your her ass can’t reach is about to wane
Between the two of them, they fail to muster a footnote in this epoch’s historical record, we’ll wager. In other words nonentities.
I int gotta work too hard anymore, wunna done do all the work FOR YEARS of making yaselves look exactly like who and what ya are…the ICING soon come…lol
How is the world stage these days…
I think the Gov should use the word recovery instead of growth when speaking to current economic activity. As the Gov has confirmed this winter season was 78% of the precovid season, hence one is really not in growth but recovery in real terms. One can speak of growth after we have surpassed precovid activity. The news on our recovery is however still good news. As for the growth in foreign reserves, what was the corresponding increase in foreign borrowing for the said period? In other words did our net reserves after borrowing Fx reflect an EARNED growth?
Secondly what was the “error” in recording our arrivals and why have we only heard about it now? I thought arrivals wer based on entry figures provided by the sea and airport, what are we missing here? I can tell you April arrivals went quiet over the last 2 weeks so it will be intersting to see what April will end up at.
Agree with you because the baseline measure is pre pandemic. What we have done is to recover to that position. It makes for positive messaging to use growth.
The other point the governor stressed yesterday is his narrative about collaborating with commercial banks to foster an appetite for investment.
Another observation was his reluctance towards the end of the Q&A to be specific about what projects are in the pipeline to feed projected growth. He should be in a position to list government projects at a minimum.
The IMF has been giving large loans to Ukraine. A country with up to 50 percent GDP declines over the last year.
A country torn up. Has no ability to repay. But acts as a cat’s paw to achieve strategic military aims.
Proving the point that the IMF is a military-security organization.
From the CBB report (I had problem cutting the final piece?)
“The Barbados economy has recovered following the slump caused by the COVID pandemic. For the first quarter of 2023, the economy grew by 6.4 percent, its eighth consecutive quarter of expansion. The economy is now larger in size than in 2019, in terms of nominal value (including the effects of inflation)…..”
We wonder whether the people of Barbados, especially the elites, media, etc know that the IMF and the World Bank basically operate out of the Defence Department of the United States. There are many scholars, classical economists, writing about this. Hybrid warfare, by other means?
That the United States sees these as extensions of empire. Has anybody here ever read a book called “economic hitman”. Are the elites in Barbados, not satisfied with the revolving door between the CB and the IMF, and others, presumes that the direct hire of such a factotum from the IMF could ever prioritize national “sovereignty” over and above the interests of empire?
OSA was right!
The number of tourist arrival is ONLY an indicator of recovery in the tourism sector . Under the last Ds government we were having records arrivals yearly but no growth.
The Bs now are picking more from pockets with the airport and room taxes
No answer…the fowls gone silent, who ever heard of that…dont worry, my rumors are BIGGER, JUICIER SWEETER and totally TRUE…and spread like WILDFIRE across the island in the last few weeks….lawd….
…dey shouda tell the population who they worked for as an EMPLOYEE for nearly 30 YEARS…instead of hiding it, pretending and LYING…
Not you, those organizations would have to lower the bar to ZERO to let you in…ah dont think they are looking for errand boys, even if ya got experience…
What was the revenue from tourism this first quarter compared to the same quarter of 2019, was that listed anywhere? I cant remember seeing it but I really only glanced through the report. I asked because if revenue was below 78% in 2023 to 2019 then we really have not recovered there either.
See p5 of the CBB text report, there is a comparative.
Pacha…the level of deceit, disrespect and insult shown to the people on the island with those lies and pretense is nothing short of mindboggling…
Was watching a video on that topic earlier…and these frauds pretending to be leaders are horrifically dangerous.
Had the same players not come out and expose the roles of these wannabes as their employees, no one would ever know. Given what i now know am thrilled they can no longer hide..or blame Empire for their personal crimes against others.. that we all know are MANY…
Governments do little for tourism growth
On the plus side tourism businesses aren’t going bankrupt and things should pick up again
ALL THIS NONSENSE ABOUT GROWTH WHILST PRICES ARE HIGHER FOR FOOD AND BASIC COMMODITIES WHILST PEOPLE MONEY PURCHASING POWER HAS DECREASED SIGNIFICANTLY.
THE 2X3 ISLAND BLACK PEOPLE CONTINUE TO BE MISLEAD AND BAMBOOZLED.
The most worrying figure in that report to me was inflation.
In 2019 it was just under 1% in the first quarter and in 2023 it was over 6%. I mean we cant blame government for that as our inflation is imported, but Lord 6 times higer aint nothing to laugh at in the Bajan pocket!
The spend per head in the first quarter was a bit better than the first quarter of 2019 but again that would of been druven byy inflation too as was shown in the report…
Importers will tell you prices continue to be negatively affected by disruption to the market caused by Covid 19. As you indicated Barbados is a price taker therefore we have little wiggle room to deflate inflation bubble.
So @ John A
If we measure performance by ‘net dollars’ to establish so-called ‘growth’, is it not obvious that inflation MUST be a key consideration?
Joe Doe on the Block measures ‘growth’ by how much better off he or she is – not by monopoly numbers added by the CBB.
If Bushie had to spend $1000 in 2019 to buy food, and now has to find $1100 to buy the same shiite food… does that not represent a DECLINE?
…meanwhile the shiite central bank counting the money used to buy the SAME food as in 2019 (at $1100) and talking shiite about growth???
It can ONLY represent growth if Bushie’s income INCREASED by more than inflation .. ie to MORE than $1100.
There MUST be at least one intelligent journalist who can ask such basic questions – rather than just fill the News with the lotta jobby we are hearing from these clowns….
Jeremy seems to be lining up with our position.
A Barbados economy which continues to grow.
Will this economy every grow up. To be an adult?
Or is growth the fool’s errand, never to reach adulthood?
The child never growing up!
What in nature keeps growing but never to maturity?
1966 as point of departure, and independence the direction of travel, how does any organism 50-plus continue to grow?
Why is it necessary for “growth” to be this irrational, unnatural, imposition, meaning little more than an arbitrary metric devoid of meaning in the end?
I feels this man Greenidge is a Giant. He telling we tings good. I gotta believe he. I feel Mia gine cut all we a cheque for a tousand dollers before de nex election.
Pacha, William,TLSN etc……people are seeing very clearly WHO set them up. They know it’s the parliament Nigas, their backward imps, fowls, Slaves and pimps LURED and MISLED them into CHAOS UNLEASHED….that’s what all those multiple chairs were for…
Look how things BACKFIRED…i will watch from the sidelines…..i leave them to meet their Karma and Retribution for what they have done.
Not a whole lot left to say..
WHO was set up precisely for that.
Moreover, all the socalled world bodies depending on US printed money, the American financial system, it’s education system for their children, or personal greed and as personally compromised, even sporting organizations, are unhelpful in a genuinely multipolar world.
In this country the ALBA Games are going on and Russia is a participant.
How do these traitors set up their people and feel comfortable.
..their Judas roles were years established, none of them can hide or shift blame to anyone else, weeee long knew of their dishonesty and untrustworthiness..
They MUST face the people, but being such dangerous cowards, hiding behind layers and layers of dumb Slaves or hiding behind anonymity…let’s see how they try to make an escape……..
Yes sir you are 103% correct ( the 3% is for inflation).
The problem for us is has the economy REALLY grown or have we just grown due to inflation? So are we as a people better off in the first quarter of 2023 compared to 2022 or are we in fact poorer and catching ass due to higher prices? What then is real growth and how should one measure it?
Personally i feel economic growth is when all benefit. From the hair braider to the CEO. But how realistic is that in real terms? From what i can see things are tougher on the average Bajan due to higher prices and living cost. But dont mind that they going still brek down reggae at the hill this weekend. Lol
We need to contextualize, whether micro or macro economics.
Yes Jeremy usually calls it as is. I mean you can present numbers to suit your purpose but in the end numbers dont lie, but the manner in which the are presented can be misleading if that is the intent of the presenter.
@ Bush Tea
You formula left out 1 important number.
If you spent $1000 in 2022 for the period but $1100 in 2023 are you poorer? Depends on your income also if you had an income of $1500 in 2022 but that grew to $1800 in 2023 then your net position is still better in 2023. This as a reuslt of your net income being $500 in 2022 but $700 in 2023.
That is why i say one must watch for the cherry picking in comments on reports.
Whereas former governor Haynes adopted a sober approach to communicating the state of the economy, Greenidge seems to going the route of sprinkling his reviews with embellishments and hyperbole.
You still don’t get it…
This is EXACTLY why he was hired.
This was his style as economic advisor too… To be PR manager for government strategy of borrow, borrow and brag…
…and of promising handouts to the b bowls on the Blocks
The closest we EVER came to hearing sober, rational debate in this cuntree was when Atherley and Caswell held positions of influence in government.
That the powers that be went to such lengths to REMOVE them, should have been a RED FLAG…. but brass bowls are color blind…
We will soon see if brass bowls can FEEL…
There is a lot the blogmaster struggles, a human failing.
Point taken John A..
But Bushie spent $1100 …FOR THE SAME DAMN FOOD… and since we all know that only Senior Ministers got the kind of pay increases to outstrip inflation, then it stands to reason that we are mostly worse off…
To your point however, Bushie had agreed that “It can ONLY represent growth if Bushie’s income INCREASED by more than inflation .. ie to MORE than $1100.”
What macro economic what??!! that concept is a roll of jobby.
‘Macro economics’ is nothing but ‘voodoo book keeping’ – which is designed to issue degrees to second rate students who could never pass medicine or sciences.
Consider their benchmark indicator called ‘GDP’ for example.
Two mega billionaires only need to decide to live in Brassbados and open shell businesses to avoid taxes back at home – and our so-called ‘per capita GDP’ suddenly sounds like an impressive achievement…. lotta shiite!!
The BOTTOM LINE is that a country’s economic performance should be measured by the standard of living of the lowest level of that society WHO HAS SHOWN A SERIOUS DESIRE TO BE PRODUCTIVE.
This is probably best represented by the so-called ‘minimum wage’ and ultimately, by its purchasing power….
Measuring national economic performance by ‘playing with macro numbers’ is pure shiite…. and only brass bowls could fall for such tactics – even while they are hard pressed to buy basic damn food in the foreign owned supermarkets.
GDP is used agreed but we have HDI, forex reserves, employment rate etc.
Dont care how they twist and turn it, facilitators and partakers in crimes for profit can NEVER clean up this evil mess they created, they can bring distraction after distraction……..NO ONE with intelligence IS BUYING…
They outperformed themselves…they are MARKED…
The good news…the economy has recovered!!! This removes (well never really removes) the perpetual blaming on a past event. More good news, the big changes (and they were not many) can be found in massive growth in MDI debt. This means any future defaults, given that BOSS+ are excluded, will fall more on them than the NIS/CBB. Not much on NIS, other than an early repayment of a partial Bond issue.
The less positive news, as expected there was a stiff rise in debt servicing costs. This will continue through 2023, though many external efforts are aimed at mitigating these. And the transfers to SOE’s remain unchanged.
The unknown….how much of the gains in VAT receipts will actually be collected? This has a problematic past.
Time to prepare for Crop Over and lose a few pungs so we can fit into the costumes. Thank goodness for spandex!!
Oh and @David
the NIR items for the banks seem to be well concealed, given the new GoCBB mouthings?
The banks have a friend in Greenidge if you listen to his commentary- “the banks are doing more than we give them credit” or words to that effect.
Pacha…we know not to mind the local blowhards…they are full of shit, just like the pretender who leads them..
“First Republic: Future of US bank in doubt as investors flee
26 April 2023
First Republic Bank customers pulled roughly $100bn from the company last month
IMAGE SOURCE,GETTY IMAGES
Shares in First Republic have tumbled nearly 30% to close at a new record low amid renewed fears the US bank could be the next to collapse.
The sell-off extended steep declines from a day earlier after the bank said customers had pulled $100bn in deposits from the bank in March.”
How does crime and money laundering affect Caribbean nation’s GDP wealth?
What is the impact of tax reporting anti-crime and anti-money laundering legislation in global banking on GDP?
Some people aren’t traveling in conventional ways and are Astral Traveling out of body like Jesus did when he rose from dead after crucifixion.
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@ Bush Tea
Yes sir on the whole wage increases have not kept up with inflation and in real terms we are poorer by the day.
What set us back badly though was the 10 years of no increases we suffered. If inflation averaged 2 % compounded over those years, at the end of that decade $ 100 barely bought $70 in goods after adjusting for inflation. So at the end of that period Bajans have little to no chance to catch up with inflation. Then you add the hyperinflation of 2022 into 2023 and we are all chasing a greyhound on the back of a turtle. I would go further and say that in real terms none of us in our lifetime will ever catch up with inflation, meaning we will not see the days of 2007 again in our lifetime. Sad as it is we all need to accept it and cut our suit to the cloth we have now.
So yes you are dam right in real terms we are brek as tail at month end.
If what you say is correct how does it line up with the argument that we are a country living above our means and therefore creating an environment where there is internal devaluation is a good bad medicine?
Puppets and minions have to wait for instructions and permissions re any financial considerations…..
On a side note…just saw information where trans kids are given dangerous mind altering drugs to transition to what they plan to achieve, saw a mutilated kid recently, it was terrible to watch, he did not survive the transition operation…..watch out for many more shootings and suicides coming up.
“…but we have HDI, forex reserves, employment rate etc.”
Choose any of these indexes of terms conceived by the greed demons of this world, and Bushie will be happy to apply the SMELL test – so that you can properly locate them in the ‘shiite category’.
Employment rate is the biggest joke..
They have gerrymandered this to now exclude those who have been frustrated to the point of giving up looking for work. So 7% unemployment does NOT mean 7% of those of working age, as they EXCLUDE various groups that have the tendency to make the figure look bad…
Foreign reserves – another big joke.
Essentially this is our National Savings Account, but ours is comprised of deposits of BORROWED funds, FDI, and other funds that are only available to us on the GOODWILL of others.
REAL reserves should be funds that the country has EARNED, and put aside for rainy days.
HDI is another index that means squat in REAL terms. ‘Eddykashun’ investments, life expectancy, and Gross national Income all sound impressive, but we have discussed at length the waste that represents our investment in eddykashun. And our ‘life expectancy’ must be balanced against our being the diabetes and amputation center of the world, and by the lotta obese people whose QUALITY of life must be more of a liability than an asset.
In the FINAL analysis, it is how we treat ‘the least among us’ that best measures our economic health.
What is your assessment of our performance against this index?
Another index you can refer is how challenging it is to drive through avenues in the Pine, Deacons, Grazettes and other government (low income) housing areas.
…and then there is the Index that the most serious crime challenge ever faced by the Cuntree is now in a state of truce that has been brokered by one ‘Iston’…
Do you grasp the significance of this index…?
Bragging about money is the root of much evil bout here….
Nod to report, but professor warns against expanding surplus
By Emmanuel Joseph
A local university professor has given the Central Bank’s latest economic review the thumbs up, but with a caution to the Government.
Director of the Sir Arthur Lewis Institute for Social and Economic Studies (SALISES) at the University of the West Indies (UWI), Cave Hill Campus Professor Don Marshall said on Thursday he supports the Governor’s first-quarter performance report that Barbados has recovered from the fall-out of the COVID-19 pandemic.
In his first economic review press conference since becoming governor on March 1, Dr Kevin Greenidge on Wednesday reported record levels of tourism arrivals, falling unemployment, a primary surplus that surpassed the target set under the Barbados Economic Recovery and Transformation (BERT) programme of the International Monetary Fund (IMF) and a 6.4 per cent first-quarter economic growth, the eighth consecutive quarter of expansion since 2019.
The Governor stated that driven by tourism, the economy had recovered following the impact of the COVID- 19 pandemic and is now “larger in size than in 2019 in terms of nominal value, and virtually on par in real value”.
Today, Professor Marshall gave his nod to the report, stating it “well covered” the important aspects of the economy, even as the governor notes the persistent challenges to the deficit.
“But the idea that there are green shoots of recovery is one that I could support. I could support it in the sense that if you bracket out the year for COVID, I could see that the tourism recovery was quite robust, with an 82.3 per cent hotel occupancy year-to-year,” the SALISES head told Barbados TODAY.
Marshall said that at this point, the post- COVID tourism arrivals have been quite encouraging.
“We are back to the pre-COVID upward trend,” he said.
“At the same time, we also recognise the fiscal deficit remains one that is externally financed.
We also see that it is in keeping with some of the determinations, seeking to reduce deficits and turn them into surpluses. I am on record as saying that for small economies that require the difficult diversifications to make for structural growth and transformation, you cannot pursue that while maintaining surpluses of three, four, five per cent,” Professor Marshall cautioned.
He noted that the primary surplus had ended the period at $304.2 million or 2.5 per cent of GDP.
However, the senior economist had a word of caution for the Mia Mottley administration.
“Just let me caution against any greater expansion of the surplus. I know we have to, in accordance with the IMF, raise revenue, but government cannot really avoid engaging in deficit-spending if it’s going to see improvements in the area of agriculture, manufacturing and assisting all of the small and medium-sized enterprises clustered around these two sectors,”
Professor Marshall advised.
He further explained: “I don’t think government can avoid providing social protection by way of maintaining healthcare, education at the tertiary level and so on. There is a structural limitation to how much you can, as a responsible government, maintain social protection, stimulate growth in new sectors of the economy, like the renewable sector for example, and still try to maintain a strategy of achieving a surplus over expenditure upward of four per cent.
“I think you might get some surplus and try to run small deficits at best. But if you have a surplus of two per cent, I think that is responsible and reasonable. But if you are talking about the economy that needs to undergo and get past its limited diversification, then there is going to be government expenditure. There is no way around that. And if you are talking about the economy that has to struggle with climate change emergencies, ensuring we tackle youth unemployment, it has to join the private sector in providing solutions to some of these problems.
That will involve expenditure that is not covered in the estimates,” the director of SALISES contended.
“I understand the text book requirement and the requirement of the IMF in relation to the ideal target in the next three to four years of running consistent fiscal surpluses of four per cent, but I maintain that that formula is not appropriate to an economy like ours at this time,” he argued.
On the question of unemployment, Professor Marshall embraced the improvements, even though he questioned whether some people had withdrawn from formal employment or from formal job seeking.
Bushman….and that is where simple math eludes them….with all their shite degrees……they only calculate in big numbers and forget the baseline…those who hold THE ECONOMY UP, those at the bottom….dumbasses are yet to learn that the bottom LONG DROPPED OUT…cant even bother to elaborate on that, but the intelligent will get it…
I said this weeks ago and it went straight over their heads…..
“every day the bucket ah go ah well, one day the bottom ah go drop out.” – Bob Marley…
….an economy based PRIMARILY on LOANS…is not yours, not under your control…per the Monroe Doctrine….when you get the stats from the LENDERS..then i will be interested..otherwise all this is bullshit distraction….meant to promote pretenders and make them look good…. who themselves are swimming in shit…
Are we living above our means or do we have distorted priorities?
Yes we have less buying power in real terms but have you seen the amount of Jaguars and Mercedes on the road? Will reggae on the hill this year only have 100 people? No sir.
I just think we as a people need to relook our priorities and stop chasing the Joneses. We have massive amounts of savings on the bank earning 0.5% yet we do nothing with it. Have you seen the balance sheet of SigniaGlobe for last year? They lend money and had a great year. I am not against people borrowing but the purpose should be for betterment not bling.
Agree with you to a point. Who will tame the beast that is conspicuous consumption?
“Who will tame the beast that is conspicuous consumption?”
If you were a Bible follower like the two GPs, you would have known the answer to that KEY question -even before the brass bowls took the worship of money and materialism to the ridiculous heights that we now all accept as ‘progress’.
Just know that during the taming process, it a go be dread ina Babylon….
By your view Bush Tea we have a problem given the secular world we live in.
“By your view Bush Tea we have a problem”
This is very likely to be EXACTLY what the Captain of the Titanic said when briefed on the damage done by the iceberg.
Yours is an even bigger understatement Boss…
Like the Titanic captain, we operated under the misguided ‘scientific’ assessment that we were unsinkable, only to be now confronted with ‘icebergs’ in the form of Climate Change, idiotic leaders, and brassbowlery of biblical proportions.
Ya got that right Boss… We HAVE a BIG problem.
Bushman…they would have never thought of that one…that’s the report they need to see…the one that tells a COMPLETE story…..the LENDER’S report on economic performance…..of course they never will…
The lender’s perspective, where they can’t fudge or hide anything. .
I watched the pretend experts for years. Dont know who they were performing for, but the BASICS always escape them….any REAL expert would tell them…..am sure they too watched and laughed.
I only know basic things…..when all else fails…it’s ALWAYS….back to basics…it saves ya looking like an expert fool..
Pacha…these types are very strange..they pretend they own the people’s Empire…desperately so….but hanging on to the coattails of the UN Secretary General, begging for a new financial system as they have been straining themselves for weeks…but are they not his boss too…desperation for big league recognition is a hell of a thing…
I know there is already an UMU roll out soon to be in progress, i see it in the newsfeed i am getting…so what game is being played here…should they not be focusing instead on the SECURITY FEATURES of the DIGITAL ID they are trying to use sleight of hand…..not to implement..with any security features.
Someone posted on another platform that the financial system rollout already started. I did not do any followup…did not focus on a timeline…..only read the report published by some places after the Spring meet….how the hell pretenders missed that. At least stay on top of current events and changes.
Goldman is saying that technology, AI, will eliminate 300 millions jobs.
As the kabooki theatre in Washington over the debt ceiling enters the penultimate act.
Regional banks continue to receive hundreds of billion as depositors head for the biggest banks.
The 17 trillions in deposits increasing being seen as at risk in a bank run, at home. Even as Elon Musk concedes that USD hegemony is over.
On top of 5 trillion debt from 2020 alone. Banks failures in the offing. Commercial real estate collapse looming as technology radically changes the nature of work and big-box stores find it impossible to continue.
All examples as forces behind this fictitious growth the resident asshole in the CBoB pretends to exist.
It shall be the big deckie in dey poooookerts …….. on all fronts. Pun intended!
I have great difficulty in believing that poor people whose meager earnings go in bus fares and trying to keep their children in school , barely able to send them some days, are living above their means.
For example, we were talking about diversifying and transforming the economy for the last forty years and it is still essentially the same economy.
Once more, we are failing to connect the dots.
Is this concern REALLY about Debt? or is it more about the financial maturity that is needed to read and understand the contracts that we sign? …or is it competence that is of concern
Dey laughing at weee.
“Interest payments were $150.3 million higher due to rising interest rates on external floating-rate loans and the step-up feature of the restructured domestic bonds”
The GoB CREATED the restructured Bonds? They had to know exactly WHEN and the COST of the step-up features. Hence to attribute higher payments, THAN COULD HAVE BEEN PROJECTED, is a bold faced misrepresentation.
I have stated elsewhere, the projections for the forthcoming year ’23-24 are TOO LOW in terms of Debt servicing costs. While I can appreciate getting caught off-guard by rising rates in ’22-23 (so did SVB and Republic Bank???), come Projections for the current year, one had to know rates were higher and STAYING THERE for the length of the projected period.
It is shocking, that after the CBB Quarterly review, 2 days later, the CBB posted an Outlook for the Barbados Economy
And NOWHERE therein, is the risk of higher interest rates even mentioned?
At the level of borrowing that can financially wipe out 50,000 tourist arrivals in one swoop?
Subsequently, can we expect NOT TO HEAR next year that interest rate hikes caused an “unprojected expense”? That they have been fully accounted for in ’23-24 projections.
Or are the projections being wilfully misprojected, such that computed outcomes are “consistent with BERT 2022″ to keep that fund line open?
Kudos at least, for publicly acknowledging the massive impact these interest hikes will, and have had. This is the flip side of getting nuff money at the ‘lowest possible rate”, when those rates double, triple and quadruple, and you have committed yourself to the variable rate regime.
Fed raises US interest rates to highest in 16 years
“technology, AI, will eliminate 300 millions jobs.”
The last 2 weeks has been very enlightening, new era, changes, lots already happening..etc..
William…you already know it’s more looonnnggg talk…and NO CHANGES…they will however work overtime to trap each other in the 1930s era where they are most comfortable…but the people will RESIST..
However we want to look at the bigger countries…compare what they are doing to what the small island backward are doing, big difference..
The more progressive know they HAVE TO change to survive..
…the backward only want to keep everyone trapped in their obsessions and delusions…no progress, no changes, no upward mobility….only stagnation.
Pacha…back to school is absolutly thrilling….great topic for future dissection.
Not sure any kind of schooling could be an antidote to what AI portends.
To us this developmental arc seems bent towards another round of feudalism.
Of course, we are likely wrong!
Unless AI can do ntchr in the ancent sense with all that portends….they are yet to catch up..as you know.
Gotta give AI its props though, they are very good.
I congratulate our honourable government for this great economic growth and wish them well on May Day, the Barbados Liberal Party’s day of action.
Tron, Herald of the New Republic
HOW TO SOLVE THE 2 X 3 ISLAND MONKEY PROBLEM WHILST CUTTING DOWN ON MEAT BILL.
Any reason why you choose to always quote Robinson, rather than say Howard? …who has been saying this all along? (At least Howard did not expose his ineptness on so many high level Boards etc…)
…not to mention Bushie – whose basic household economics CLEARLY tell us that spending more than we are earning is a SURE PATH to poverty and serfdom.
Only a jackass can seriously think that ‘developmental challenges’ can be solved by access to soft loans…
and only a brass bowl JA would borrow such funds on the HOPE that interest rates would remain low….
What hinder what growth what??!!
Our asses are effectively grassed….
The Blogmaster posted a Nation newspaper article. There are other occasions when other individuals are quoted.
Any opportunity to put some licks in a CaveHill economist’s (whatever the Hell THAT is) donkey – will be taken by the Bushman… LOL
If the Blogmaster finds himself in the way, then woe betide HIS burro…
Bushie does NOT judge by academic, mumbo -jumbo, shiite words written AFTER every Tom Dick and Mike have already publicly pontificated…. BUT by actual performance, .. when he was a ‘big-up’ at the Central Bank, NIS etc.
Forgive me if I am wrong.
Mr Ralph Jemmott gave an excellent analysis of the “Missions” statement to nowhere, but I did not see it reproduced on BU.
I am on standby to defend the blogmaster if he is being messed with. On the other hand if he is wearing his pink party panties …
Wouldn’t touch those bonds even with your money 🤑🤑🤑