Speaking at the Barbados Co-operative and Credit Union League Limited's graduation ceremony on Saturday, Sir Lloyd suggested that the island's only chance is to increase its savings and investment base substantially over the coming years.

'I am not a futurist nor am I an economic forecaster as our Prime Minister is,' the Barbados Daily Nation quoted the former PM as observing. 'But you can put me in the column of those who are very doubtful that Barbados will achieve that goal of being a developed country by the year 2010. We are not on track for that. It will take somewhat longer than that.'

According to the Daily Nation, Sir Lloyd predicted obstacles to the achievement of developed nation status within the given time frame would include difficulties with land and resources, the country's labour force, capital accumulation, the management of entrepreneurship capabilities, and the choice and utlisation of technology.

'The goal of balanced growth and development cannot be maximised unless the co-operative movement is accorded a special place in the process of economic enfranchisement, social transformation and popular involvement,' he told those attending the ceremony, concluding:

'Barbados will not become a developed country by 2010 or by 2030 unless it increases the amount it is saving and investing and unless it does so more efficiently.'