Recession still biting – BEC

With the spending power of consumers diminishing and the economy failing to generate sufficient meaningful jobs, businesses here continue to feel the pressure created by reduced demand for goods and services, according to the private sector union, the Barbados Employers’ Confederation.

The BEC said it continued to feel the effects of the “worrying trend” of shrinking disposable incomes and rising unemployment.

BEC President Ian Gooding-Edghill
BEC President Ian Gooding-Edghill

Reporting on the confederation’s performance over the past year, BEC President Ian Gooding-Edghill said the membership-based organization realized some successes.

However, he said this progress took place in spite of the economic situation.

“The BEC has been able to deliver our services, maintain membership and strengthen its balance sheet. [However], the prolonged period of economic recession in Barbados has compromised businesses and employment levels, and the worrying trend continues. We in the BEC are hopeful that recovery will be realized in the not too distant future,” he explained.

“All sectors of our economy continue to be challenged because of the shrinking disposable incomes of consumers, reduction in the demand for goods, rising operating costs for the businesses and anaemic performance due to the lack of major capital works. This has caused unemployment levels to creep upwards.”

The BEC today launched its week of activities at its headquarters at Braemar Court on Deighton Road, Brittons Hill, St Michael.

In his address, Gooding-Edghill said the time had come for a thrust towards the continued development of human capital.

He called on businesses to try to recruit at least two management trainees each year and for a management trainee development programme that targets both university graduates and non-graduates who possess the relevant competencies “to both grow with the companies and facilitate the growth of the staff they will lead”.   

“A significant benefit of such an exercise is its inherent opportunity for recruits to be trained and work in almost every department and job and get to understand and appreciate the function and contribution of each job position to the overall operations of the business, thereby enabling them to make better decisions for the advancement of the organization,” he added.

The theme for this year’s week of activities is, ‘Keys to Sustainable Development: Consultation, Dialogue and the Green Framework.

The week of activities continues tomorrow with the annual general meeting luncheon at Hilton Barbados Resort, and it ends on Sunday with a church service at Restoration Ministries. 

2 Responses to Recession still biting – BEC

  1. recoanthony May 11, 2016 at 10:00 am

    BARBADOS IS LIKE AH SHIP, HAVING NO STEERING, NO BRIDGE, NO FLIGHT DECK, NO RUDDER NO ENGINES SO DE RECESSION BOUND TO BITE…..ONLY THING LEFT FOR US TO TAKE IS DE BILGE IF U DOUBT ME ASK THIS INEPT GOV’MENT

    Reply
  2. jrsmith May 11, 2016 at 10:18 am

    The issue we are always having people on the media soap box, telling us what’s wrong but never what do we do to put things right.. our economic problem wasn’t yesterday this started 3 decade ago.(A) Politicians of both parties is to be blame for the neglect of the Barbados its infrastructure and whatever else is wrong (B) the self centred attitude of Governments not being capable to influence the local bajan there is economic business beyond tourism.. that puts Barbados up to the foreigners for the taking but not by bajans as though Barbados is been sold off….

    As for the spending power of bajans diminishing this is cause by tourism, I think Barbados is gradually pricing itself out of the tourism industry.. Bajans use to be able to take up the slack along with others visiting from the region covering the seasonal changes in Barbados, now everything is priced for tourism, for people who have they short visit and leave , its not affordable to the locals..

    Reply

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