Best Brains Needed to Tackle the Recession

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The best and brightest brains are needed to lift the country out of the current ongoing economic recession, described by economists as the worst in over a century.

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Senator Jepter Ince, Parliamentary Secretary in the Ministry of Finance and Economic Affairs. (FP)

This view was expressed by Parliamentary Secretary, in the Ministry of Finance and Economic Affairs, Senator Jepter Ince, last Friday, while delivering the feature address at the Ministry’s Research and Planning Unit’s Lecture Seminar Series.?? The talk, under the theme Recovery Growth and Development, was held in the Warrens Office Complex.

He said the island’s future growth must be hinged on innovation and critical thinking.?? "We need to think critically…we need to have that reservoir of talent both academically and theoretically to carry this country forward.?? So, many of the principles that drove an economy five, 10, 15 years ago, may not necessarily work today and we have seen it demonstrated."??

Despite the financial challenges in Europe and the United States, Senator Ince intimated that Barbados continued to hold its own.

"…Once we [government] are able to be creative, control expenditure by minimising wastage and how we do business, I am confident, that at the end of the day, we are going to have a successful plan as far as the recession is concerned,"?? he underlined.

Senator Ince pointed out that he was not a "fan" of the International Monetary Fund (IMF) and stressed that the island’s economic recovery would not be at the expense of individuals and businesses owners.

"I have never seen a country that has undertaken the rigours of the IMF and has survived.?? The way forward for Barbados is embedded in our Medium-Term Development Strategy, the Medium-Term Fiscal Strategy, along with all other initiatives currently being undertaken by Government," he stressed.

He acknowledged that the two strategies were not perfect, but had so far, proven to be the right prescription for the country’s economy.

julie.wilson@barbados.gov.bb

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