The biggest concern for Barbados should be restoring confidence among investors.
This suggestion from Oliver Jordan, partner at PricewaterhouseCoopers, who told Barbados TODAY it was imperative that the private sector worked closely with the Government “for us to come out of the recession”.
“The biggest concern is restoring confidence in the economy. When you look at the difference between a recession and when times are good it really comes down to the level of confidence,” he said.
“So I think now the Government is trying some things to [improve] its whole financial position. But there is the private sector as well, the private sector needs to play a role in helping to restore confidence in the country and encourage foreign investment to come back in the country,” explained Jordan.
He suggested that private sector entities identify projects that they themselves could invest in while encouraging foreign investment.
“At the end of the day we can’t just rely on Government to really drive the economy. So the private sector has to play a role. It takes two hands to clap so Government and private sector has to work hand in hand,” he said.
“Certainly, if you listen to the pronouncement recently from the Minister of Finance, there are a number of major national projects which the Government is seeking to help encourage economic growth, I think if we can play a role in the private sector to help that happen then I think that is better for the country,” added Jordan.
The former chief executive of Deloitte Consulting Limited also stated that workers who were displaced should use the opportunity to be retrained “in other areas”.
“That is an area that we can play a role in the private sector as well. Certainly with the layoffs in Government it is going to be a large number of people released from the public sector to the extent that some of these people can be absorbed in the private sector and that is a benefit for the country,” said Jordan.