Sinckler defends Central Bank

The Central Bank of Barbados got it wrong when it predicted a one per cent growth for this year, but revised economic figures are nothing new, Minister of Finance Chris Sinckler has suggested.

Sinckler today defended the bank’s creditability in light of criticisms leveled against it after Governor Dr DeLisle Worrell revised growth projection downwards by half a percentage point to 0.5 per cent.

Minister of Finance Chris Sinckler
Minister of Finance Chris Sinckler

“So it is not only here in Barbados that entities responsible for measuring and projecting growth get it incorrect sometimes. Of course you would think if you listen to some commentators that the credibility of our Central Bank has to be called into question whenever a growth prospect or a growth projection is not met,” Sinckler said.

“In fact, in the United States they do it very often, they put out a provisional growth figure for a quarter and then two quarters later they go back and reduce it and nobody accuses them of having no credibility.”

In his second quarter economic review and outlook report Dr Worrell said growth of about one per cent was expected this year, rising to a range of 2 to 2.5 per cent for the next three years. This, he said, would be led by construction and tourism.

However, in his October economic review and outlook report for the first nine months, the economist revised the GDP growth rate to 0.5 per cent for this year.

And he said assuming that the pending investment projects got underway next year, growth would rise to about one per cent in 2016 and two per cent thereafter.

3 Responses to Sinckler defends Central Bank

  1. James Franks November 7, 2015 at 10:26 am

    Sorry to say the economy is more likely to crash rather than grow significantly under this Government and its lame ducks in the Central Bank.

    Little cause for optimism.

    Reply
  2. Charles Worrell November 7, 2015 at 10:44 am

    I am not sure why this representation is even necessary. Projections are just that, projections. They depend on many factors and when these factors are outside the control of the governing authority, they can be at best, desires.

    The reason why some areas of the economy are identified to drive this projection is because these are the areas thought to best bring the result that is desired. It is not uncommon for this or any other projection to be off.

    IN FACT, no government in Barbados, now or future will be able to make any concrete projections about very much largely because we have little or no control over so little in our economy. We have given it away, whether through bribery or simple lack of vision and now we are left to “hope” that Profit-mongers leave enough in the pestle for us after pillaging our country. THIS IS WHAT HAPPENS WHEN YOU GIVE AWAY, BY SALE OR OUTRIGHT BAD DEALS, PARTS OF YOUR COUNTRY.

    RECOVERY becomes so difficult then as the pundits turn around and argue that it was to attract foreign exchange and growth even as people are losing jobs; you way of life is compromised and the very core of your being, your culture, is perverted.

    THE ANSWER: TAKE YOUR EYES OFF AMERICA AND OTHERS, FOSTER BETTER RELATIONSHIPS WITH YOUR BROTHER AND SISTERS IN THE CARIBBEAN AND DEVELOPED THAT WHICH WE ARE CAPABLE AND BLESSED TO PROVIDE.

    CALLING FOR AND ON SOME BAJANS THAT HAVE BARBADOS AS THEIR PRIORITY AND OUR CITIZENS ARE OUR LYNCHPIN OF SUCCESS.

    THIS VIEW HAS ROOM FOR ENTERTAINIG A NEW AND THIRD POLITICAL PARTY FOR THE RE-ENFRANCHISMENT OF BARBADOS FOR BARBADIANS.

    Reply
  3. SAM CLARKE November 9, 2015 at 6:03 pm

    Dear Mr. Sinckler,
    you seem to the only person in that world that believe anything that comes out of the mouth of the ECONOMIC SORCERER THAT IS HEAD OF THE CENTRAL BANK.
    CHRIS, YOU MIGHT AS WELL GET AN OBEAH -MAN TO BE CENTRAL BANK GOVERNOR.

    Reply

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