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Discussing the Barbados economy

The Barbados government says it will host a national consultation on the local economy next month.

Prime Minister Freundel Stuart urged the various stakeholders including the private sector and the trade union movement to be prepared for the June 28 discussion so as to ensure it success.

Last month, the Central Bank of Barbados announced that the local economy had contracted by 0.4 per cent in the first three months of 2013 and urged the authorities to put “back on track” the fiscal consolidation strategy as well as a new medium term adjustment strategy to turn around the island’s economic fortunes.

In its review of the Barbados economic performance fore the first quarter of this year, the Central bank said that on current trends there may be no real increase in the contribution to gross domestic product (GDP) from the tourism or international business sectors in 2013.

It said that the forecasts for the rest of the economy are no better, with overall GDP expected to be virtually flat.

Stuart, who addressed a meeting of the full Social Partnership, said it had served Barbados well over the past 20 years and had justified its existence.

“In the absence of that kind of understanding and cooperation, I think the mountains which we have been called upon to climb would have been much more difficult to climb. We do not know when what we are going through will come to an end and we certainly cannot fold our arms despairingly and just decide to wait it out.

“We have to continue to battle our challenges and to try to come up with solutions to our problems,” he said, praising the work of the Social Partnership over the past two decades.

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Comment by harolda on June 30, 2013 at 7:17pm
@evolution I agree.
Comment by evolution on May 27, 2013 at 8:59pm

Bajans need a well needed wake up call….in a few years the Barbadian flag will be no more…The policies of the government no matter who in power still in the 70’s backward to the colonial times.

Comment by Shawn Alleyne on May 27, 2013 at 1:59pm

Peoples expectations and buying behaviors have to change.

1.  Stop the amount of imports

2. Encourage local growing and farming

3. Teach Budgeting in schools

4. Encourage and protect new ideas

Comment by Selwyn S. Baptiste on May 26, 2013 at 12:39pm

When it comes to International partnership has the government tried to form partnerships with Barbadian Associations or
I'm a Marketing and Entrepreneurship graduate from University of South Florida college of business and would love to stimulate business in Barbados. I really would like to own a business back home. It just seems like the policies are still very reserved in British.  Maybe this is a time people like me (Foreign Born Nationals) can make a positive impact on Barbados economy.

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