ECONOMIC VIEWPOINT: Bajan innovation

IF anyone doubted the tenacity of the Barbadian spirit to adapt and adjust to various circumstances, then I present to you Barbados during this COVID-19 pandemic.

This pandemic has exposed the frailty in how traditional businesses are dependent on certain ways of doing business.

Income is derived from services rendered and that income is then, on a monthly basis, paid to staff who work towards making these businesses a success.

The rise of COVID-19 has showcased that a virus of this type, which travels through droplets, renders the traditional interaction a major, albeit potentially dangerous challenge.

It has forced many to look for alternative means to supplement their incomes. We must face reality. Without a government-sponsored support programme, similar to the Paycheck Protection Programme which has been outlined by the Donald Trump Administration in the United States, businesses which have been closed since the full shutdown directive that came into effect a month ago, will struggle to maintain full employment.

It is simple, without income coming in, it cannot go out. Many businesses will not be able to afford keeping staff on and the implications for the unemployment rate will be dire. Where are the studies on these economic projections, as opposed to the studies which were presented on the spread of COVID-19? This economy has been in recession for years and growth is the only way out of this economic malaise.

So this period has seen the rise of the multi-talented wage-earners. For instance, those who can make face masks and those who can utilize the various social media platforms have been making a serious profit using this situation to their benefits.

Those who bake have been making their profits. Twitter is alive with those who make cakes and offer them for pickup or deliveries.

Some grow crops and have kitchen gardens growing items to sell. Some raise chickens and have income every six weeks; some sell eggs, bananas, plantains, design clothes, which represents finding alternatives, often complementary jobs, which can fit into their schedules as they try to navigate this tough economic environment.

Parts of the country’s economy re-open today, so we will have to see what this holds.

We expect more of this as 2020 moves along. The irony is that with all of the challenges, 2020 can still become the year of the entrepreneur.