Minister of Finance Chris Sinckler is taking the latest International Monetary Fund (IMF) forecast of 2.1 per cent growth for the Barbados economy this year in stride.
Against the backdrop of the Central Bank’s forecast of 1.8 per cent growth for 2016, which is higher than international rating agency Moody’s projection of 1.5 per cent and the Caribbean Development Bank’s forecast of 0.9 per cent growth, Sinckler said: “I don’t worry my head about those things because those are forecasts.
“As I always say, whether it is Central Bank, CDB, IMF, Moody’s or S&P, a forecast is just a forecast. The actual work has to be done to create growth,” he told the gathering at this morning’s launch of Scotiabank’s 60th anniversary celebrations at the institution’s Broad Street location.
“You don’t grow a tree in the yard by forecasting that it will grow. You have to water it, you have to fertilize it, you have to work with it until it gets to the stage where it grows, and that is what we are doing in the Government of Barbados,” Sinckler warned.
He also cautioned that some targets may not be met and that in cases where setbacks occurred Government would do a re-examination and take the necessary “corrective action”.
Sinckler said the Freundel Stuart administration was focused on keeping the economy stable and attracting more investments while ensuring a decline in unemployment. (MM)