#BTEditorial – Towards a new beginning

By now, it has become an inescapable fact that COVID-19 has irrevocably changed life as we know it, even as we try to come to grips with the daily twists and adjust to a new normal.

In the space of weeks, this deadly virus has ransacked our bread-and-butter industry, tourism. Airlines are grounded. Hotels, restaurants and attractions have shut down. Commerce has all but grounded to a halt as only essential businesses continue operations. Some workers are operating from home. Thousands have no job to operate from.

Schools are closed and appear set to reopen in a virtual setting. Churches have moved worship online. And we have to stay indoors to curb the spread of this microscopic enemy that has sickened more than two million people around the globe, according to the latest figures reported by the John Hopkins University today.

One thing must now be clear: there is no returning to the “norm” after COVID-19, nor to recover, to move back to where we were as we move forward.

We have now to create a whole new normal to rebuild our economy, businesses, households.

Every single credible forecast has warned that this is a crisis unlike any other.

On Wednesday, the International Monetary Fund in its world outlook said the coronavirus will leave lasting scars on the global economy.

Gita Gopinath, the fund’s chief economist, warned that COVID-19 had triggered the worst global contraction since the Great Depression of the 1930s.

She said: This is a deep recession. It is a recession that involves solvency issues and unemployment going up substantially and these leave scars.”

The IMF expects the Barbados economy could decline by 7.6 per cent this year and unemployment to rise to over 13 per cent.

Equally grim is the outlook from the World Bank.

In its annual report of the Caribbean and Latin America, it noted: “A steep decline in growth is projected for 2020 due to the COVID-19 epidemic. The fallout to the tourism sector and disruptions to local production are expected to depress growth by some eight percentage points, resulting in the third consecutive year of recession.”

Closer to home, today the Chief Executive Officer of the BHTA Senator Rudy Grant reported that COVID-19 has resulted in the loss of over 5,000 jobs in hotels and nine out of ten properties are closed.

President of the Barbados Chamber of Industry and Commerce Trisha Tannis warned that more job cuts are coming.

Frankly, it’s all staggering.

Still, throwing our hands in the air and delaying the inevitable is pointless.

This is time to begin seriously plotting a new path, building a modern, sustainable economy that puts people at the centre of development.

Back in March, the Mia Mottley administration rolled out a $20 million stimulus package that provided a cushion for the most vulnerable, among other things. Last weekend, the Prime Minister promised a broader economic package was coming.

We hope that it comes soon and is replete with transparent and comprehensive measures that are easy to access by those who need them most.

In the current environment, Government must continue to shield the displaced and the vulnerable, while assisting businesses to stay afloat and jumpstart economic activity.

There is no doubt that much hard work and sacrifices lie ahead. But strong leadership, a solid economic package and the buy-in of all involved can at least ease the pain of COVID-19 – and build Barbados anew.