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People are the core of the economy, says Walters

by Barbados Today
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Former Democratic Labour Party (DLP) candidate Ryan Walters believes that discussions around the economy should become more people-centred.

Remarking that when you take care of the people, the economy will take care of itself, Walters said too often when the word economy is discussed it is repeatedly about the GDP (Gross Domestic Product), inflation, international reserves, debt, surplus or deficit and the IMF.

Acknowledging the significance of metrics and numbers in decision-making and planning, the businessman however, contended that if people are to fully appreciate the
discussion on the economy and cost of living, the conversation must be expanded to speak about the most important factor – the people.

Walters’ comments were made at a joint meeting of the St Michael North West and the St Michael West Central branches of the DLP on Sunday night at Fairfield Cross Road, Tudor Bridge where the topic: The Barbados Economy and Cost of Living was addressed.

He joined former DLP leader Verla DePeiza and political colleague Kemar Stuart to speak at the meeting.

Walters said that tourism, construction projects, the expansion of business are all drivers of the economy but the underlying similarity that each of these key sectors has is that people are at the core.

 “When all is said and done the economy is really about … our people – you the citizens of this country. Not enough is said about how important you are to this economy. Your livelihoods matter more than any other metric. Yet you don’t hear enough, if at all, anyone measuring those things that impact you significantly.”

 Touching on education, crime, community infrastructure, household finances, poverty and the shrinking middle class, Walters suggested that the numbers that boast of achievements were not adding up.

 Pointing out the recent Central Bank financial review of 2022, which painted a picture of 10 per cent growth, the former DLP spokesman on small business and entrepreneurship stated that on the contrary, the same report revealed that on average, the cost of goods has risen by 8.5 per cent over a year.

 “At November, prices were reported to be 8.5 per cent higher than for the corresponding period 12 months earlier. Which means $1 last year is now worth $0.92 today! What I am saying is, numbers are good, we need to look at them, but it is time we also start to look at the non-financial so we can get a better understanding of where our economy is and where it is heading,” he said.

 Stressing the need for a social review, Walters maintained that it would serve well to ascertain on a frequent basis, how Barbadians are doing and coping. He suggested that if there is no consistent reporting on this area as with other aspects of the economy, there would be no drive to make things better at the grassroots level.  

 “I want to be part of a government that wants to see improvement in the lives of people. I want to be able to sit at a table and say with pride, our poverty level is X and we have been able to reduce this because we did A, B, C over the last few months. I want to be part of a government that when we talk about health, we address the root cause of the long waits at A&E (Accident & Emergency) rather than spend millions with family and friends to fix the lobby of the department.

“I want to be a part of a government that has a firm and achievable timetable for infrastructural projects of drainage and road development and housing and beautification in our communities, a government that will come every three to six months to give an update on these works and be held accountable,” he said.

 “I want to be part of a government that is able to measure the impact of social programmes whether through culture, sport etcetera on the development of our youth, so we can increase on what is working and address what needs attention. I want to be a part of a government, that instead of being misled by a national unemployment rate that is sometimes unbelievable when compared to the reality on the ground, is able to measure community by community, neighbourhood by neighbourhood, constituency by constituency, if our young people are getting work, if our people are employed or underemployed. Because if we know maybe we can do something about it, if we don’t know we definitely can’t attempt to improve or make a difference. That is the direction I believe that any responsible government and the next DLP government should be heading towards,” said Walters. (KC) 

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