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Review of Barbados’ Economy for Q1’2024

Central Bank of Barbados

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Despite challenges, Barbados’ economy grew in early 2024, further strengthening key economic aggregates like the current account balance and debt-to-GDP ratio. Amidst challenges such as elevated foreign interest rates, geopolitical tensions, higher freight costs, and adverse local weather conditions, the economy sustained its growth trajectory. Real GDP increased by 4.1 percent during the first quarter of 2024, fuelled by visitor arrivals that surpassed the industry’s 2019 peak along with broad-based growth across various sectors. This economic expansion contributed to achieving an external current account surplus and a further strengthening of financial sector’s resilience. Moreover, it helped to attain the 2023/24 fiscal year primary surplus target and further reduced the debt-to-GDP ratio – read more.

– Review of Barbados Economy – January-March 2024. (Source: Central Bank)
 
– Governors Presentation

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175 responses to “Review of Barbados’ Economy for Q1’2024”

  1. John2 Avatar
    John2

    Christ man The columns after year 23 say march 23 and march 24. It the spend up to march of those years and are put there for the comparison u keep complaining about
    And there are estimates just like the spend for 2023 even though it may come in under 19 in the final analysis
    I guess u will now conveniently forget about the inflation spike and people would not spend as freely as in 19.

  2. David Avatar
    David

    @John2

    This is the table you are talking about?

    https://barbadosunderground.net/wp-content/uploads/2024/05/CBB-tourism-spend-472×480.png

  3. Limits to Growth Avatar
    Limits to Growth

    Stats are limited as is the Tourism model people need to look deeper into both.
    The takeaway point is the level spending of ± $100 per tourist with day visits from cruise ships is not ideal. The Welcome Stamp program had people staying for up to a year which may have contributed more to the economy.

  4. John2 Avatar
    John2

    Yes

  5. The OG Avatar
    The OG

    I have been trying to get my head around this review of the economy. I am a man who loves numbers to the point of it almost being a religion. Whilst some will claim that “God is a Bajan”, I believe that “God is a mathematician”.

    Thank you! Thank you, but I am not that arrogant!

    But I just cannot follow the numbers or this discussion. One man asking for numbers; a next man supplying numbers but not those that are asked for; two or three men jumping end with their own numbers that they pulled out of a hat; In fact, it looks as if some are walking around with a set random numbers to post to BU.

    If the discussion was on one set of numbers or one topic, then (I hope) I would be able to contribute to the discussion but it has gone from tourist arrivals and departures, to emigration and immigration, GDP, inflation and a few other discussion points thrown in. Almost as many topic as Mia has frequent flier miles.

    I am hoping that some enterprising Bajan could figure out how manty times she has been to the moon and back. It is funny that we do not have a space program, but we have a person who have flown more miles than any US astronauts who went to the moon. A remarkable feat.

    Thank God, I am an optimist. I am going to sit here and wait until the issue of this week come down the pipeline. I know that it will not be a long wait. Soon I will hear of a spectacular new bungle/scam/com/flimflam or 3 card monte deal. I am alert, but I will be quiet for now.

  6. Artaxerxes Avatar
    Artaxerxes

    @ John A

    ‘Arrivals’ do not necessarily mean ‘tourists arrivals’ only.

    The overall stats are divided into various categories such as short stay; long stay; arrivals from each Caribbean territory; Europe, Asia, Canada, Africa etc; intransit passengers; one day passengers (who come to conduct business, apply for US visas, awaiting cruise ships and returning therefrom), etc.

    And, you must also bear in mind, all tourists may not necessarily stay at hotels, guest houses, AirBNB or any other registered accommodation.
    Some of them, for example, have been visiting the island for several years and would’ve built relationships with Barbadians who may provide them with alternative accommodations.

    There is a general assumption that tourists are ‘white and rich.’
    Some of us don’t believe some of those people either save or ‘borrow money’ to visit Barbados, an island where the prices of goods and services are ‘high’ to ordinary Barbadians.

    Another ‘anomaly,’ (i.e. a deviation from the common rule that’s not easily classified), impacting ‘tourist spend,’ is the fact hotels charge exorbitant prices for their food and beverages, forcing guests to patronise local shops, restaurants or venues such as ‘Oistins’ Bay Gardens’ where, although prices may also be high, they are much more reasonable than at Royal Pavillion or Elegant Hotels, for example.

    How does one accurately determine ‘tourist spend’ under circumstances where visitors spend their money at Chefette, KFC; Lexie, Debbie, George or Crazy Eddie’s in Oistins; Bush Bar in Pile Bay…… or at retail outlets that do not compile such data?

    So, based on the stats, anyone can make a ‘general statement’ that ‘arrivals are up,’ which is true, but not accurate for the specific purpose.

    As you correctly opined, the statistical relationship between the two variables, ‘arrivals,’ which reportedly increased by 14.8%, and occupancy levels at 4.1%, ‘don’t add up.’

    Therefore, it is reasonable to assume tourism officials and the Governor indiscriminately grouped the arrivals stats, which is simply manipulating the data.

  7. Bush Tea Avatar
    Bush Tea

    Have to agree with The OG that this is a shiite topic.

    We are broke, living on debt, and depending on getting ADDITIONAL loans to service our existing debt – this in order to eat.

    Long and short, we are EXACTLY like any PARRO or beach bum.

    So who the hell discusses the ‘cash flow reports’ and ‘balance sheets’ of Ninja man and his ilk…?
    …except perhaps at Cave Hill – where they are seeking excuses to hand out PhDs….

    Steupssss

  8. John A Avatar
    John A

    No sire the report speaks to march only. Read it and see

  9. John A Avatar
    John A

    @ Artax

    Agree with you on grouping data. The money spent in the restaurants and those vendors and way too many entities to mention here form the informal sector. Unfortunately there is no way to capture that but the UNDP report estimates total tourism revenue around 40% of GDP. That being both central bank receipts and informal trade added together.

  10. John A Avatar
    John A

    @ Bush

    Its because we broke that these numbers need to be scrutinised. But yes i agree talking bout them aint going change one dam thing. We will continue spending as we are.

  11. John A Avatar
    John A

    My closing comment is this which based on the information that John2 Provided from the central bank report proves the point of why arrivals are misleading.

    The Governor said that he we have finally returned to precovid levels of toursim. I can only assume he meant arrivals. Below are the spend figures for 2019 and 2023

    Year 2019. $975 million
    Year 2023. $902 million

  12. John2 Avatar
    John2

    A. U for real???? Or u drink the rum u not Selling ?

    Why Numbers for march only when the revirer is first 3 months ?

    March is the end of winter season so it fair to assume that Jan and feb probably did better than march. Now if u multiply what u Call only march by 3. ( j. F. M ). U already close to or surpass the whole year if 23 / 19

  13. John A Avatar
    John A

    You read the heading? It said march 2024 not jan to march 2024. I cant assume norhing with numbers i have to work with what i see printed. And i also cant assume that the total is march by three either. Numbers dont work that way.

  14. David Avatar
    David

    @John A

    Your point for clarity is taken, however, it is fair to say that given the reporting period the numbers under March are for the quarter. Especially if you look at the relationship to the full year numbers.

  15. John A Avatar
    John A

    @ Artax 9.48 am

    What you said above is the point i am trying to make that some either dont want to hear or find bad politics. All I am saying is what you agreed with me on in your 9.48 AM post, that is the numbers just dont add up. So it could be grouping or it could be many things but it doesnt make sence. What you are saying in these number is that only 29% of the 14.8% increase stayed in hotels hence there 4.1% of the 14.8%

    If this is true then hotel projects going forward would have a massive challenge with getting a decent ROI. Maybe thats why so many have not started. There has got to be data not included or excluded in this report. Anyhow until it is made available or shows up in the yearend numbers I done wid dat.

  16. NorthernObserver Avatar
    NorthernObserver

    @ac
    I am thrilled to see you haven’t lost your sense of humour. Or belief.
    “Many believed that the one percent interest charged on the debt was a fixed rate”
    Who the hell are these believers? That the IMF and other lenders of its ilk, lend money at 1% for 15 years?
    Get a grip. Back then a 5yr fixed was 3.75%.
    It HAD TO BE variable rate.
    I wonder how many seats these believers think the D’s have?

  17. John2 Avatar
    John2

    Well Well Well

  18. Hants Avatar
    Hants

    Bajans got money.

    https://nationnews.com/2024/05/06/314736/#

  19. Bush Tea Avatar
    Bush Tea

    @ John A
    The ONLY real focus of a Parro or Beach Bum SHOULD to to find a damn JOB -ANY JOB, or some other proud productive way of supporting his existence on Earth.

    Detailing how many people you have begged, how many items has been snatched, and how many people whose faces we can no longer look into …DOES NOT HELP SUCH A SITUATION.

    What JOB can Parro-bados find?
    Where is the PRIDE and the WILL to be able to stand on our own feet?

    Is there not a point of hopelessness where, as Pacha is wont to suggest, such hapless beings are better off expired…?

    How does one ACCEPT such hopelessness…?

  20. angela cox Avatar
    angela cox

    NorthernObserver
    May 6, 2024 at 4:19 pm
    Rate This

    @ac
    I am thrilled to see you haven’t lost your sense of humour. Or belief.
    “Many believed that the one percent interest charged on the debt was a fixed rate

    …
    You must be living under a rock to have miss the loud out cry that came out when the interest rate was said to be variable
    The layers of dishonesty by govt perpetrated on society has been and always will be placed on protecting govt and shielding govt from criticisms

  21. coxangela Avatar
    coxangela

    @NO
    When govt opens mouth full.transparency should be foremost

    Government has been borrowing at a dramatically low-interest rate of just one per cent, the senior economic advisor to the Mia Mottley administration, Kevin Greenidge, has disclosed.

    Greenidge, a Barbados-born International Monetary Fund (IMF) economist who has been seconded to Government in its Barbados Economic Recovery and Transformation (BERT) programme, did not say if the very low-interest rate was across the board.

    But he explained that given the island’s unusually high debt in recent years, it was only able to borrow at interest rates above 10 per cent prior to the BERT programme, which was implemented in October 2018.

    Greenidge made the comments during an interview with the CBC’s Lisa Lorde on the island’s ability to grow foreign exchange levels from an all-time low of just under $420 million or about six weeks of import cover in 2018 to a “healthy” $2.66 billion by the end of last year.

    “People will say, ‘that is borrowing’. Of course, it is borrowed, but you borrowed at one per cent in order to do what you need to do. Every developing country must borrow,” said Greenidge, adding that as a result of the borrowing, a number of infrastructure upgrades and investments were taking place.

    “So it is important, the interest rate. Prior to the BERT programme, because the debt was unsustainable, people were only willing to lend at astronomical rates like 12 and 13 and 14 per cent, but now it is one per cent,” said Greenidge

    Barbados today

  22. David Avatar
    David

    Risk of high debt payments

    THE SUSTAINED ECONOMIC GROWTH which Central Bank Governor Dr Kevin Greenidge reported last Tuesday is worthy of acknowledgement, but the increasingly large amount of money Government must pay to service its debt is a concern that should not be ignored.

    Central Bank data shows that gross public sector debt in the 2017/2018 fiscal year was $18.2 billion, 178.9 per cent of GDP (gross domestic product). After the debt restructuring the following financial year, it was $12.8 billion, which was 125 per cent of GDP. At the end of the 2023/2024 financial year debt was $14.9 billion but with the economy larger in size, the debt to GDP ratio fell to 114.3 per cent of GDP.

    One concern is the external debt, which has to be repaid in foreign currency. Before the debt restructuring this was an estimated $2.9 billion, but at the end of March it was $5.6 billion. Budget support was required from the International Monetary Fund and others during the COVID-19 pandemic as the economy contracted by 12.7 per cent and Government’s revenues plummeted by $421 million while current expenditure grew by $309 million.

    In terms of debt payments, in the 2022/2023 fiscal year regularly scheduled debt service, known as amortisation, was $667.8 million and interest was $549.2 million. However, last financial year amortisation was $633.3 million and interest was $707.3 million. Total debt service moved from $1.21 billion to $1.34 billion over the two financial years.

    On a positive note, the gross financing requirement fell from $981.8 million to $911.6 million as the primary balance increased from $304.3 million to $481.4 million. The primary balance is Government’s revenues minus all of its expenditures except debt service, which means that this is money Government can use to pay debt.

    Government also has a significant stock of foreign reserves, which totalled $3.25 billion at the end of the first quarter. Once the economy continues to grow, enabling Government to achieve a primary balance, and the international reserves remain high, paying debt is possible.

    The issue is whether or not increasingly high debt payments are sustainable or desirable. The 2024/2025 Estimates approved by Parliament projects that debt payments will be higher this financial year, reaching $1.6 billion. Debt amortisation is an estimated $817.8 million, and interest payments $773.2 million.

    The 2024 fiscal risk statement from the Ministry of Finance also highlights why concerns about higher debt payments are not unreasonable. That document pointed out that although Government averaged primary balances of $375 million over the 2022/2023 and 2023/2024 financial years, and even though the economy is projected to register continued growth during 2024, several external risks “could derail the outlook”.

    Such developments could potentially erode the tax base for both direct and indirect taxes, leading to an expansion in the fiscal deficit and a reduction in the primary balance, the ministry said. The fiscal risk statement added that increases in interest expenses on foreign variable-rate debt, due to monetary policy tightening in lending countries, could also worsen the fiscal projections.

    None of these risks may become reality, but they and other factors mentioned do illustrate why the country’s ability to repay debt should not be taken for granted.

    Even though the economy is projected to register continued growth during 2024, several external risks ‘could derail the outlook’.

    Source: Nation

  23. David Avatar
    David

    Of debt and growth

    The following article was submitted as a letter to the Editor by Anthony P. Wood.

    IN THE PRESENTATION of the first quarter performance of the Barbadian economy, Governor of the Central Bank of Barbados Dr Kevin Greenidge remarked that “the public should not necessarily be worried about the high debt figure but focus instead on the debt-to-GDP (gross domestic product) ratio”. The implication is that the debt will be taken care of once the economy continues to grow.

    Dr Greenidge also emphasised that the key to reducing the debt-to-GDP ratio is to keep the economy growing and growing.

    Let us examine Dr Greenidge’s view in the context of the Mottley administration’s debt management strategy since May 2018. During the 2018 General Election campaign, the announced debt management strategy of the Barbados Labour Party (BLP) was debt reprofiling.

    Chris Farrell (2011) defines “debt reprofiling” as a type of restructuring. Simply put, you take your loans and make them longer. You push them out but you keep the overall value of that debt the same. Thus, no holder of that debt will have to take a loss. In other words, the structure of the debt is renegotiated in such a way that a portion of the debt is repaid in the future. However, the full value of the debt is still honoured.

    If Dr Greenidge’s view that the public ought not to be worried about the high debt figure is taken at face value, the BLP administration should have honoured its commitment to reprofile the debt in 2018 rather than engage in an unexpected, painful, debt restructuring exercise with a default/ repudiation component. The debt reprofiling option would have given the Mottley administration fiscal space to grow the economy and bring down the debt-to GDP ratio over time. Exercising the unanticipated option of debt restructuring with a default component (rather than the promised debt reprofiling) indicates that contrary to Dr Greenidge’s view, there was a concern about the debt figure which stood at BDS$15.84 billion.

    It is convenient for Dr Greenidge in 2024 to encourage the public to focus on the debt-to-GDP ratio (rather than the debt stock) after the debt restructuring/debt default exercise in 2018 resulted in removing in excess BDS$4 billion in debt and a spontaneous decline in the debt-to-GDP ratio from 158.3 per cent to under 120 per cent. The precipitous decline in the ratio was in no way helped by the growth in the economy.

    Dr Greenidge’s view must be examined in another way. It is contradictory that while the public is encouraged not to be worried about the high debt figure, the Prime Minister and her advisers are concerned about the interest cost of the same debt. First, it was the variable interest rate feature of the foreign loans. In recent times, the concern has shifted to the surcharge policy on loans from the International Monetary Fund and the step-up interest rate feature in the 2018 debt restructuring/ debt default exercise.

    Emphasising the debt-to-GDP ratio (rather than the value of the debt) can be used as an artificial justification for the administration’s policy of excessive borrowing. Persistent high prices and inflationary conditions have contributed significantly to the growth in nominal gross domestic product over the past four years. However, it is informative to note that because of the voracious borrowing appetite of the Government, the debt-to-GDP ratio has declined marginally from 117 per cent after the debt restructuring/debt repudiation exercise in 2018 to 114.3 per cent at March 31, 2024. This insignificant decline in the ratio resulted from net borrowing of the Government being around BDS$3.5 billion and gross borrowing in the neighbourhood of BDS$5 billion.

    Finally, placing undue emphasis on the debt-to-GDP ratio overlooks the simple reality that local and foreign debt repayments (amortisation and interest payments) are made in dollar figures. Also, the composition of the debt is an important consideration in the country’s ability to service its debt.

    While the Government can use its power of eminent domain to generate revenue through taxation in order to service local debt, access to foreign currency is required to meet external debt service obligations. Thus, there should be correspondence between the structure of growth in the economy and the composition of the debt.

    Source: Nation

  24. angela cox Avatar
    angela cox

    When govt falls into the arms of one arm bandits bearing gifts
    Deceit is the end results
    Lower interest rates now equal a mob a ton of fees and surcharges
    Where will govt get the surplus to pay the debt is the question all wants to know

  25. David Avatar
    David

    @ac

    Which debt, local or foreign.

  26. angelacox Avatar
    angelacox

    Speaking of the foreign debt
    Last I check govt of Barbados foreign debt was off the chain
    You can count in China debt also

  27. David Avatar
    David

    It is sitting on the foreign reserves account, worry about local debt?

    Improved since 2017 after that deep haircut?

    https://barbadosunderground.net/wp-content/uploads/2024/05/debt-chart-Q1-2024-1-854×480.png

  28. coxangela Avatar
    coxangela

    OK
    If the foreign reserves which is also borrowed money doesn’t have to be paid back
    We good right David
    Come on David you must be living in la la land

  29. David Avatar
    David

    A look at the graph shows improvement from 2017 when your lot was in office? Pick your poison.

  30. coxangela Avatar
    coxangela

    David past govt could have pick the IMF poison but knew there was more in the mortar
    This false sense of projecting numbers of proving that Barbados is on the right track is equal to a magician pulling a card from under its sleeve as proof that the card magicallly appeared
    The magical numbers when transformed into debt equals borrowing which this govt have to find ways of repayment

  31. NorthernObserver Avatar
    NorthernObserver

    @ac
    Just goes to show the level of financial ignorance which exists. Dr G never said the 1% was a fixed rate? How anybody could “believe” this ultra low rate was fixed is beyond comprehension.
    One is left to wonder who is living under a rock? And what they will believe.
    I will agree that multiple successive administrations of the GoB have shown very minimal transparency. That I will guess is because they know they can get away with it? Accountability is a one day of reckoning every few years on election day.

  32. NorthernObserver Avatar
    NorthernObserver

    “David past govt could have pick the IMF poison but knew there was more in the mortar”
    Absolute bullshit. Past government knew the IMF would disclose all the monies public entities owed local business, all the NIS contributions they were redirecting to fund govt because they couldn’t borrow, and ran the risk of the IMF demanding they cancel some Bonds, the said Bonds they had purchased under the home grown financing model.
    So yes there was more, just not what you want to find. 😀

  33. John A Avatar
    John A

    @ Bush Tea

    I wish I had the answer to your questiion. Now we also look like we will have to face some sizeable increases in interest on the IMF loans which all have to be services in foreign exchange. Will this mean our net fx earned ( not borrowed) position will end up being worst than last year when the higer debt service cost is factored in?

    I am trying hard to stay positive but as you say should i really expect different?

  34. NorthernObserver Avatar
    NorthernObserver

    “The debt reprofiling option would have given the Mottley administration fiscal space to grow the economy and bring down the debt-to GDP ratio over time”
    While a nice sound-bite, this is the unproven tenet of Wood’s argument. The GoB was illiquid, they had NO cash. Kicking tot down the timeline didn’t provide cash? Nor is it clear given ALL the debt, it would have created “fiscal space”. Which multi/bi lateral lending agency was ‘buying into a junk credit rating’?
    Debt to GDP is merely a ratio. What counts is the cost of servicing that debt. The island’s debt, was also largely local. This meant any default would be borne locally. Almost zero diversification.
    The question Wood needs to answer, given his emphasis on terminology, is why didn’t Big Sink reprofile as he had talked about for years? Instead Sink chose to dip into the NIS contributions of public employees (and God knows what else).

  35. coxangela Avatar
    coxangela

    NO
    Did Dr. Greenidge say flat out that the 1 percent was variable
    Why not
    That should have been his role in speaking the facts loud and clear
    Reason why people doesn’t trust govt because of their inability to speak the whole truth

  36. David Avatar
    David

    @ac

    This government should have taken example from the previous government when it agreed to terms tying interest rate to the Credit Suisse loan to credit downgrades.

    https://barbadosunderground.net/2019/01/06/barbados-credit-suisse-loan-ex-credit-suisse-bankers-arrested/comment-page-3/#comments

  37. angela cox Avatar
    angela cox

    David
    Past govt downgrades
    Present govt upgrades and a truckload of borrowing
    How will.this all end can’t u see the economy going uphill with buckets on its feet

  38. David Avatar
    David

    @John A

    Tourism arrivals are up Q1’24 over Q1’23 which means considerably more spend, don’t worry man!

  39. David Avatar
    David

    @NO

    Is it only that? How would reprofiling positively have impacted sovereign rating and all that flows from it?

  40. David Avatar
    David

    @ac

    The other question you need to ask, will Barbadians (consumers)understand if government is unable to settle our burgeoning consumption expenditure bills?

  41. NorthernObserver Avatar
    NorthernObserver

    @ac
    Financial ignorance is not a crime.
    So you may go on shouting that “believers” believed 1% was a fixed rate.
    You could even have a party at George St to celebrate. I bet you won’t fill a single room.
    BTW…I wonder if DrG’s need to announce 1% was a variable rate, is akin to the announcement Big Sink made they were redirecting NIS contributions to the public coffers? Or when they sold the Paradise lands they received as collateral and didn’t receive a penny?
    People in glass houses shouldn’t pelt rocks?
    I don’t need to tell you it didn’t end well. Twice!!

  42. NorthernObserver Avatar
    NorthernObserver

    David
    I mentioned the junk bond status. It had to go.
    Now when we next default, both foreign and locals will take a hit.
    Hopefully Avi can sway the IDB et al as to why certain nations deserve Free 🤑. The erasure of Debt.

  43. David Avatar
    David

    Do not forget Sinckler sits in Washington on the recommendation of the PM. Oh what a tangle web we weave if we want to deceive.

  44. NorthernObserver Avatar
    NorthernObserver

    Big Sink deserves that. All you need to figure out is all who benefitted from the guarantee of CBL loans. The BDLP is large.

  45. John A Avatar
    John A

    @ David

    you know what the Barbados economy reminds me of? A person that want the best but only working for $2000 a month! Dem own a BMW but cant even by a tire for it without borrowing.

    You know how good the season would have to be to put a dent in a $1.4 billion dollar deficit with SOEs support included and now higher interest cost on IMF loans?

    To be fair when the talk was bandying about from the government about borrowing at 1% from the IMF, I cant recall the governor or PM saying that the 1% was FOR THE COMPLETE DURATION OF THE LOAN.

    But then again it aint always what you say its what you dont say that matters. Anyhow we will all wait to hear what this increase debt service will cost us now and who we going borrow that money from to pay the IMF!

  46. David Avatar
    David

    @John A

    Let us be honest here.

    1. Are we better off in real economic terms in 2024 compared to 2018?

    2. Are we seeing the policies under this government to be confident new planks are being formed to support a new economy?

  47. John A Avatar
    John A

    @ David

    The simple answer is we at the people level are poorer than in 2018 and the reason is that moster called inflation.

    If you remember post covid inflation was high globally. Every thing from sea freight to toilet paper went up. From 2018 to 2023 a modest look at average inflation over that period would of been over 5% a year. No one i know of has had a 5% salary increase yearly for the last 5 years. Now before the birds fly up I am NOT saying that every year would have been 5 %, but if you recall the year with covid was 8% or there abouts and the follwing year was also high, last year was i think 4%.

    So yes in real terms at a personal consumer level we are poorer as a dollar in 2018 is only worth around 80 cents in real terms today.

    As the average Bajan would say ” the money dont stretch like before.”

  48. David Avatar
    David

    @John A

    What about at the macro economic level?

  49. John A Avatar
    John A

    @ David

    Well what we know for sure is that in 2020 and 2021 most companies and economies took a blow of around 20%. Now some by 2023 December had recovered but others had not. The thing is though you have to remember inflation has to be factored into this too.

    So lets say an entity had a profit of $1000 in 2019. In covid that dropped to $800. If it was toursim related in may of fell to $600. By 2023 year end its back to $1000 in profit and we are singing praises about recovering to pre covid levels. Problem is with inflation the $1000 is only now worth around $800, so the real available amount in spend value is not there like in 2019 when $1000 was a $1000.

    That bout of hyperinflation in covid did so much damage to everyone its unreal. While some cost have fallen, none that I know of are back to 2019 levels. Actually freights are climbing again now due to the fears of war and fuel cost etc.

  50. David Avatar
    David

    @John A

    Fair enough.

    One concern of the blogmaster is the lack of learning by all businesses to improve their business model from the Covid 19 experience to enhance online delivery. Too many businesses have retreated to old modalities.

The blogmaster invites you to join the discussion.

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