Barbados Social Partnership hailed
Barbados’ social partnership arrangement involving government, the private sector and trade unions is being hailed as a model to be copied throughout the Caribbean to aid production.
Governor of the Eastern Caribbean Central Bank, Sir Dwight Venner, cited the Barbados model as he spoke on the way out of challenges facing member-countries of the Organisation of Eastern Caribbean States.
“There must be a balance between consumption and production, which will involve a pact between the state, the private sector and the trade unions to maintain the balance and trade-offs in wages, [and] prices,” he said.
Sir Dwight’s remarks came as he addressed the Eighth Patrick Emmanuel Memorial Lecture, presented by the UWI, Cave Hill Campus, Department of Government, Sociology and Social Work.
He sees this three-way pact also as the instrument for removing the major impediment stalling a growth in production, which he said the OECS needs for social and economic makeover.
“The socio-economic transformation requires a rate of growth over five or seven per cent in 10 years to double per capita incomes in the OECS,” Sir Dwight said. “This rate of growth will be able to address the unemployment and poverty levels and maintain and improve the human development indices,” he added.