No economic boom, no bust, but eyes on the US election

Do not expect much of a boom in the Barbados economy despite the several measures being put in place by Government and planned investment. And neither should the economy go bust because of the continued impact from the ongoing COVID-19 pandemic.

This is according to Minister in the Ministry of Finance Ryan Straughn, who suggested that how the pandemic is managed globally in the future would depend heavily on the outcome of the November 3, 2020 US Elections.

“Leadership is what matters now with respect to this pandemic. And the result whether we like it or not, on November 3 will play a significant role in terms of the path that Barbados and the rest of the world will have to navigate, because it requires a significant policy change and shift, leadership and mindset in order to change the trajectory with respect to how the pandemic is managed globally,”
said Straughn.

“That is where we have some concern as any right- thinking persons would have those concerns, but whatever happens, Barbados must chart its own path with respect to being able to ensure that we can do right by the people of Barbados first and then those who care to visit this country, that we also do right by them once they are here,” he said.

Straughn, who was addressing a gathering today on the topic Boom or Bust For Barbados, stressed that the Mia Mottley administration was committed to adequately responding to the social fallout from the pandemic.

“In my mind there is no notion of bust, and there is no notion so much of a boom. It is about how do we establish and maintain a very serious social compact that allows all Barbadians to move forward with confidence, knowing that I have your back and you have mine, and no matter what happens on November 3 or any other date that may come about in the future that Barbadians and those who chose to live in Barbados know that we would be capable of overcoming any challenge that may be presented to this country,” Straughn said.

He added: “Your Government intends to lead this country through this pandemic in a way that allows us not just to respond to the social fallout from the economic downturn with respect to the pandemic, but equally to focus on how do we transform Barbados even in this very intense time”.

“In this environment, the social stability of Barbados is perhaps more important than the economic side of things because we are a small island.”

Struaghn said Government would ensure that a number of projects were implemented over the next 12 months, stating that the pandemic had created the opportunity for the country to fast-track a number of infrastructure and reform projects that have been on the cards for some time.

In fact, he said government was at a stage where it was seeking to, in collaboration with the private sector, “unleash” investments that would spur economic activity that would allow “every Barbadian family, every single business in Barbados the opportunity to remain open first and foremost, for families to ensure they can keep their heads above water, and that bankruptcy or insolvency, whether at the individual level, household level or business level we can keep that at a minimum”.

(MM)