Flow boss has his say on the economy
Managing Director of Flow Barbados Niall Sheehy is recommending that Barbados takes control of some of the factors that impact on the economy in order to propel growth.
In addition, the top business official told Barbados TODAY while he was confident Government was working on initiatives to bring about positive changes in the economy, he would like these changes to happen faster.
“We have the Government there and its lots of agencies. I think they are all working towards trying to execute that plan. They have got some good plans [and] we have seen some good progress. I think like everyone else I would like to see the growth,” Sheehy told Barbados TODAY in a recent interview.
“It would be nice to see how we can do things really fast here. I am encouraged that we are making changes, but I think everyone would like to see those changes happen faster,” he emphasized.
Minister of Finance Chris Sinckler will present the 2016 Financial Statement and Budgetary Proposals next Tuesday, August 16.
Sheehy said while he was happy the island’s tourism product continued to perform well, he remained concerned that the economy was still vulnerable to a number of external factors.
Additionally, the telecommunications official said he would like to see more local initiatives to drive economic growth. Opting not to give suggestions, Sheehy would only say one area to examine would be that of outsourcing.
“There have been encouraging numbers in tourism. Barbados has always been reliant on tourism and it is a great trend to see tourism numbers coming back up, and hopefully that will continue,” he said.
“But I guess you see so many uncertainties going on in the world, things like Brexit and the presidential elections [in the United States], etc. My hope is that we continue to see steady growth, but in order for that to happen I think we are dependent on steady external factors. It certainly would be great to see some internal factors that we can control to make us less reliant on those external factors. It is a challenging time for every country.
“I think we are still having challenges in the economy and I think there are still opportunities for growth. It would be nice to see us try to reduce our reliance on those external factors. I guess the boost in tourism is the gravy but it would be great to see something internal that can try and drive more growth,” he repeated.
As for Flow’s performance here, Sheehy said he was pleased that business continued to perform well as the company continued to upgrade its network.
Describing the current telecommunications industry as “a very active and competitive” one, Sheehy added that customers continued to benefit ,especially over the past year, as the company made changes to stay ahead of the competition.
“It is a competitive market and we keep each other on our toes. I am very happy with how we are performing. I see opportunity for us for growth and we are seeing that. We put huge investment in our network,” he said.