Tourism still lead­ing

From Page 18.

Daily Nation (Barbados) - - Front Page -

included the rad­i­cal sug­ges­tion of 4 500 pub­lic sec­tor work­ers job cuts over­time, in­clud­ing $270 mil­lion in sep­a­ra­tion pack­ages, and Bar­ba­dos en­ter­ing a fiveyear struc­tural ad­just­ment pro­gramme with the In­ter­na­tional Mon­e­tary Fund (IMF).

Econ­o­mist Pro­fes­sor Michael Howard called Wor­rell’s pre­scrip­tion in­sen­si­tive and in­hu­mane and the search for eco­nomic an­swers con­tin­ued. The latest pre­scrip­tion was the Bar­ba­dos Sus­tain­able Re­cov­ery Plan 2017, which was yet to be fi­nalised, far less im­ple­mented, be­fore the year ended.

Tourism con­tin­ued to lead the way for Bar­ba­dos eco­nom­i­cally. Ar­rivals grew, air­lift in­creased, ex­ist­ing ho­tels were re­fur­bished and San­dals opened a sec­ond prop­erty in Christ Church. Work on Wyn­d­ham Sam Lord’s Cas­tle con­tin­ued, but the pro­posed Hy­att Cen­tric prop­erty in Bridgetown stalled as so­cial ac­tivist, at­tor­ney at law David Comis­siong waged a bat­tle against it in court.

While tourism flour­ished, even while threat­ened by the stench and leak­age of sewage on the South Coast, the in­ter­na­tional busi­ness sec­tor con­tin­ued to be chal­lenged. To make mat­ters worse, the Euro­pean Union named Bar­ba­dos on a list of un­co­op­er­a­tive low tax ju­ris­dic­tions. Gov­ern­ment vowed to clear Bar­ba­dos’ name.

As eco­nomic mat­ters go, 2017 will also be re­mem­bered as the year when, af­ter an eight-year wait, CLICO pol­i­cy­hold­ers were on the verge of get­ting what they were owed. There was, how­ever, no pos­i­tive word on the stalled Four Sea­sons project, which like CLICO, col­lapsed in early 2009.

Not to be left out was the Na­tional In­sur­ance Scheme. The 15th ac­tu­ar­ial re­view of its funds raised con­cerns about the un­timely fil­ing of au­dited re­ports, in­vest­ment pol­icy, gov­er­nance, and its over­all ad­min­is­tra­tion.

The Au­di­tor Gen­eral’s Re­port also raised sim­i­lar con­cerns about fi­nan­cial deal­ings across Gov­ern­ment’s var­i­ous min­istries and de­part­ments.

Twenty-seven­teen will cer­tainly be re­mem­bered as the year when the econ­omy was the ma­jor is­sue. Un­like sev­eral of its Caribbean neigh­bours, Bar­ba­dos’ econ­omy was spared the rav­ages of the 2017 hur­ri­cane sea­son. As 2018 quickly ap­proaches, though, the is­land re­mains in an eco­nomic storm.

Newspapers in English

Newspapers from Barbados

© PressReader. All rights reserved.