by Michael Ray
There has been contraction and drastic decline in the local economy. Several workers have lost their jobs. There has been obvious reduction in disposable income and a concomitant slowing down in the cycle of economic activity, particularly at the local level. If a vital lesson is well learnt, then it is easy to conclude that a Barbadian economy that is thriving is supported by a significant level of employment and related business.
On the contrary, a poorly performing economy usually exists within an environment of high unemployment and a scarcity of business activity. With all that has occurred over the past months, it stands to reason that the working-class of Barbados has an important role to play in the economic survival of our country.
The value and importance of the working-class is best understood by the utterances of leading businessmen calling for the relaxation of COVID-19 restrictions, for workers to get back out to work and the reopening of businesses. Based on all that has taken place on island Barbados during the past number of years, there is scarcely any doubt that workers who are employed and adequately remunerated are the props on which the local economy rests.
In the absence of work and workers then there is no income. Where there is no income, there is no trade. Where there is no trade, there is no economy.
If this was not the case, then businessmen would have no reason to fear lockdowns, layoffs and the disappearance of businesses, some that may never be salvaged.
Hopefully, the idea of retaining workers is clearly understood as a way of keeping the cycle of economic activity turning over.
The notion that businesses can only maintain workers on their payrolls in the good times is indeed shortsighted and detrimental to the survival of businesses and the overall economy.
It will be interesting to observe what strategies business managers will adopt during the immediate post-COVID period and into the future.
Whatever plans, policies or programs are put in place, it should always be remembered that he who ignores history is doomed to repeat it.
