Time to fix economy

It is time for the problems affecting the economic stability of this island to be addressed.

This was proclaimed by Governor of Central Bank Barbados, Cleviston Haynes, as he delivered a few remarks during the opening session of the 38th Annual Review Seminar, which took place at the Radisson Aquatica Resort yesterday morning.

“As I speak, we all know about economic challenges that confront the Barbadian economy, which has suffered in recent years from weak economic growth, large fiscal imbalances, indebtedness and a substantial reduction in our foreign reserves,” he said.

“Our economy is at a juncture where these problems must be addressed frontally through careful calibration of macroeconomic policy and structural reform, that place the economy on a sustainable footing.”

Haynes revealed that the research papers presented during the seminar will cover a wide range of topics including economic growth trends and challenges, international business trade and tourism, fiscal policy tools and Government operations, new developments in money and capital markets, financial sector and developments.

Present to deliver a detailed keynote address was Dr. Wendell Samuel, Programme Coordinator at the Caribbean Regional Technical Assistance Centre (CARTAC).

Samuel noted that in Barbados over the next few years, in order to get out of the rut it has put itself in, the young Barbadian economists and young Central Bank economists will be required to work hard.

The programme coordinator told the young economists present that they had the tools necessary to do such and encouraged them not to be daunted by the task that lay ahead of them.

“You have the tools. It is going to create opportunities for Central Bank economists to earn their wings as economists and to build successful careers. So I urge you to grasp the opportunities with both hands as occasions like these are only once in a lifetime,” he said.

A large part of Samuel’s address focused on two islands, Antigua and Barbuda and Seychelles, who were similar economies with almost the same initial conditions and access to macroeconomic adjustments under fund supported programmes.

Through looking at the policies that were implemented in both countries and the results obtained, Samuel sought to highlight some tentative lessons that could be learned from these two experiences.