READY TO REBOUND
Prime Minister David Thompson leafing through a copy of his gift from author Cynthia Wilson, who presented to him a copy of her latest book, Whispering Of The Trees – A Memoir, yesterday. Thompson also stated at an earlier press conference that Barbados’ economy could rebound if things go well in North America and Europe. (Picture by Nigel Browne.)
BARBADOS is well poised to work its way out of the economic crisis.
But according to Prime Minister David Thompson, it will depend on what happens in North America and Europe.
Thompson was speaking to the Press yesterday on the country’s performance in 2009 and projections for 2010.
“It [2009] is a tough year, the goalposts moved significantly, and I think the decline worldwide was greater than had been anticipated.
“What I will say for Barbados, [is] that we were in a reasonably fortunate position because we were still able to go to the capital markets, which was a vote of confidence in our country; and that we’ve been able to manage our external position quite comfortably.
“However, it is clear that we’ve had to adjust our approaches during the course of the year, according to the circumstances that confront us,” he said, adding that no over-stimulation had occurred.
One of the principal concerns, he said, was ensuring there was no “dramatic increase in unemployment . . . and there has been an attempt to build consensus among the private sector on the strategies that we should adopt”.
“I think that we have managed well. When I compare it to what has happened to other countries, both in our region and otherwise, Barbados has done pretty well in the circumstances,” he added.
While projections were better for 2010, he said the first part would be rough.
“Essentially, we have to see how our tourism season performs and manage our resources through the recessionary period and then look to benefit. There will be a lag, obviously, from what is happening elsewhere . . . barring unforeseen circumstances, Barbados is well poised to work its way out of these economic conditions.”
Meanwhile, Thompson said the various sectors, and the distributive sector in particular, were performing better than had been anticipated.
“Obviously, 2009 has been a tough year, and 2010, based on all of the forecasts, should be the year in which there is a reversal in that. But, obviously, it depends very much on what happens in the United States of America and Europe and Canada, particularly in relation to Barbados,” he said.
The outlook for the tourism sector was encouraging. He said hotels were seeing reasonably good or better than expected bookings, with a lot of late bookings.
He said Government was “optimistic” that with an improved number of seats out of Canada and New York with Jet Blue and WestJet, “that we can help keep our heads above water”.
With regard to the increased departure tax being imposed on passengers flying out of England, he said while British Prime Minister Gordon Brown did not indicate that there would be a reversal of the tax, he had said he would be willing to entertain suggestions on the issue.
The rebranding of Barbados to put it in another category was among suggestions being put forward by Barbados. (YB)(Nation News)