THE BARBADOS ECONOMY is galloping from bad to worse with no effective plan from the Government to rein it in. Instead, the Freundel Stuart-led administration continues splashing around like a drowning man and blaming everyone for their predicament except themselves for their poor management of the economy.
Meanwhile, noted economists from outside of Barbados are forecasting extremely tough times ahead due to the Government’s inaction and bungling.
Noted Caribbean economist Marla Dukharan is one of them. The respected Group Economist for RBC Caribbean says the foreign reserves picture appears to be getting gloomier, and that in February 2017 the reserves had recorded “its fastest pace of decline” since November 2013.
Earlier this month (April 2017) Dukharan’s views on our economy were carried in a Caribbean Strategic Research special report on Barbados with Global News Matters.
In that interview Dukharan stated that our traditional currency peg of BBD$2:USD$1 “currently seems unsustainable”.
She argued that given the deterioration in our foreign reserves and the doubling of the domestic monetary base in three years “the current ratio is over BBD$7:USD$1, meaning that a significant correction of some sort is needed”.
Imagine having to spend seven Barbados dollars to buy just one US dollar!
This is what this highly respected economist is saying our currency is really valued today – see Special-Interview-with-Marla-Barbados.
This is what the Democratic Labour Party Government has done to our economy. They have ruined Barbados yet again.
That Damn Lying Party has brought Barbados down with their ill-advised policies as they did back in 1994.
Read the full interview with Dukharan to see clearly how serious a mess the Democratic Labour Party has created, and how their poor management has jeopardized the well-being of all Barbadians.
Though we have a different strategy to Dukharan’s to get Barbados out of this crisis, her views are instructive of where we are and how much work the Barbados Labour Party will have to do once again to rescue Barbados.
But, like in 1976 and 1994 when we were also called upon to save this country after the Dems messed it up, we are focused and ready to do so.
Be assured that we have plans to get Barbados working again in the interest of all Barbadians. And in the fullness of time they shall be revealed.
