Opposition Says Barbadian Government Ignoring Danger

Tax-news.com

07 February 2000

Opposition leader David Thompson last week called on the Barbados Government to declare the true state of the island's economy, accusing the Government of burying its head in the sand.

Mr Thompson made the remarks during the debate on a bill to amend the Savings Bond Act. He said that Barbados needs to face up to some 'serious introspection' and start restructuring while the money is still there.

Thompson told the Parliament that according to the latest figures from the Central Bank, if the Barbados economy continues on its current course the economy will struggle. He went on to say that the danger signs were clear and that failure to restructure the economy now would lead to another decline similar to those of the early 1980s and 1990s.

In particular, Thompson singled out the over-reliance on the international business sector as a major problem, claiming that this sector was flat as the volume of new registrations continued to fall. "We cannot afford to boast about growth in the economy that is coming from one sector only ... when that sector is not even a productive sector," Mr Thompson said.

Instead, Mr Thompson suggested, long term sustained growth in the Barbados economy could only be achieved by adopting strategies for stimulating the manufacturing, tourism and agriculture sectors.

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