Eyes on Governor
Saved under Economy, Local News, Slider, Social Partnership
Barbados economy is expected to get an earful tomorrow. Barbados TODAY has confirmed that Central Bank of Barbados Governor Dr. DeLisle Worrell is scheduled to address members of the Social Partnership, the first time he is doing so since the island’s credit rating was controversially downgraded to junk status by Standard & Poor’s in July.
The economist who has consistently asserted the local economy is “stable” will make a presentation on the state of the economy to representatives of government, the private sector and trade union movement at a tripartite sub- committee meeting expected to be chaired by Minister of Labour and Social Security, Dr. Esther Byer-Suckoo. In his most recent comments on the economic state of play, Worrell said the island would continue to maintain its policy
independence, and that while policies already instituted were working, there was a need for a greater effort. “By using fiscal tightening to preserve the foreign exchange buffer, Barbados has maintained its policy independence.
The current economic strategy is appropriate to Barbados’ economic realities, and respects the limitations of small size,” he said. “The policy framework is robust, with constant monitoring and feedback to allow for timely policy adjustment as needed. Both government and the private sector are responding appropriately to the competitiveness challenges the country faces.
“However, it is accepted that the response in many areas is in need of further upgrade. Barbados’ economic policies are fully articulated, with supporting documentation which is publicly available to Barbadians and foreign investors,” he added.
As far as the S&P downgrade was concerned, he said there had been no immediate impact in some areas, with the island’s issued bonds remaining virtually unchanged. His appearance at the Social Partnership meeting in the morning follows a presentation before a meeting of that grouping at the beginning of this year. Much has changed since then, including the S&P downgrade, and the presentation of this year’s Estimates and Budget. (SC)