Mascoll seeing red over Moody’s report
Clyde Mascoll is fed up of responding to reports issued by international ratings agencies on the state of the Barbados economy.
Mascoll, the economic advisor to the Opposition Barbados Labour Party, made his feelings known this afternoon when asked to comment on the latest report by Moody’s, which rejected the Barbados Central Bank’s forecast that the local economy would grow this year by 0.3 per cent.
Moody’s had suggested that instead of growth, the economy was expected to contract by 1.0 per cent; that the dollar could be in jeopardy if the foreign exchange reserves continued to decline; and that the fiscal deficit would worsen.
However, Mascoll said he said he was tired of repeating himself that the Barbados economy was in trouble.
“I must confess to the people of Barbados, I’m tired of repeating myself. Barbados’ economy is in trouble. It has been now for a while. Barbados has a problem with a lack of growth, Barbados has a problem with a fiscal crisis which it cannot resolve, Barbados has a debt problem, Barbados has a growing unemployment problem
and therefore Barbados’ economy, as we all know by now, regardless of which side of the political fence we are, is in trouble,” he said.
He also expressed disappointment that Barbadians seemed to pay more heed to Moody’s, when he has been telling them the same bad news for years.
Mascoll lamented that this country appeared to prefer listening to foreigners like Moody’s who take their information from Barbados, rehash it and deliver it back here for citizens to consume.
The economic advisor argued that the right thing must be done to ensure the problem was resolved, because the country could not continue on its present path.
“The poor [are] becoming poorer, business people are losing profits, households are under strain, everyone is hurting in Barbados, except for a very few, especially those who continue to ride in very big rides after professing to be poor and not wanting to have a cut in salary. Yet still they are now demonstrating all kinds of vehicles. I see BMWs when I went in to carry the letter [to Prime Minister Freundel Stuart on the Municipal Solid Waste Tax today], I saw Audis, I saw Mercedes,” pointed out Mascoll.