Private sector given an easy ride, Robinson

Justin Robinson
Justin Robinson

by Neville Clarke

The private sector has been given an easy ride, but must now be placed under the microscope as the Freundel Stuart administration seeks to restructure the economy.

Dean of Social Studies at the Cave Hill Campus, Dr Justin Robinson, offered this advice last night while speaking at a panel discussion sponsored by the James Tudor Institute of Politics at St Leonard’s Boys’ Secondary School, Richmond Gap, St Michael.

Referring to data contained in a World Economic Forum Report, Robinson noted that, at present, Barbados is at Stage Four because of a per capita income of US$ 15,000 per annum.

“That puts you well into Stage Four with Stage Five being the highest stage. We are solidly at Stage Four trying to get to Stage Five. How is Barbados doing vis-à-vis other countries that are in Stage Four? Barbados tends to outperform other Stage Four countries in terms of infrastructure, our health, primary and higher education and training, our technological readiness, our financial market development and our labour market efficiencies. We tend to underperform in terms of the size of our market and the macro-economic environment,” Robinson said.

Stressing the need for innovation and sophistication in the private sector, the lecturer said: “The real area where Barbados can get the biggest boost is in improving our business sophistication and innovation. For a long time Barbados has been trapped in Stage Four what economists called the middle income trap. It is like if you get to a certain level and you are bouncing around there and you cannot actually get out of that.”

5 Responses to Private sector given an easy ride, Robinson

  1. Steve Mark
    Steve Mark May 1, 2014 at 3:15 pm

    After the private sector has bankrolled the government over the last 6 Yes. they have some gall to make a statement like that.

    Reply
  2. Steve Mark
    Steve Mark May 1, 2014 at 3:15 pm

    After the private sector has bankrolled the government over the last 6 Yes. they have some gall to make a statement like that.

    Reply
  3. Robert Holloway
    Robert Holloway May 1, 2014 at 3:23 pm

    And all the tax revenue come from where, an easy ride as in who takes the risk to start a business, employ people, deal with import taxes. Need to open up to offshore business and what works best on the Island for innovation. Attract high tech ventures to have a base comes to mind

    Reply
  4. Robert Holloway
    Robert Holloway May 1, 2014 at 3:23 pm

    And all the tax revenue come from where, an easy ride as in who takes the risk to start a business, employ people, deal with import taxes. Need to open up to offshore business and what works best on the Island for innovation. Attract high tech ventures to have a base comes to mind

    Reply
  5. Regina Worrell
    Regina Worrell May 2, 2014 at 7:44 am

    *sigh* I find myself in agreement with Dr Robinson. Every time we turn our attention on the private sector in Barbados, we are told to ‘look at government’, look at ‘weak entrepreneurs’ or ‘look at voluntary idle’…. No. How about we LOOK AT THE PRIVATE SECTOR? Their lack of innovation is stifling our economy. Fact.

    Reply

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