Economic Growth Still On Target

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Minister of Finance, Chris Sinckler

Amidst the current ongoing global economic crisis, Minister of Finance, Chris Sinckler, is confident that the island is on course to achieve economic growth of 2.5 per cent.

He revealed that the latest Central Bank of Barbados figures suggested growth in the region of between 2.0 and 2.5 per cent but cautioned that this was contingent on the economic performance of the island’s main trading partners – the United States, Canada, Continental Europe and CARICOM.

Speaking to reporters following a tour of the Financial Services Commission recently, Mr. Sinckler noted: "The situation remains very unstable and growth in those economies is also equally unstable and anemic.?? It is up one quarter and down the next quarter…when you get a good report today, you get a bad one the next day.?? So, it is extremely difficult for economic planners to be able to reasonably predict what is going to happen."

Given this state of affairs, the Finance Minister intimated that government would continue to monitor and adjust policies to ensure that "we are adaptable enough to take advantage of and to defend those areas where there was likely to be a fall out".

Mr. Sinckler explained that Barbados was a small open economy that was vulnerable to exogenous factors such as increased oil and commodity prices which had impacted heavily on government’s finances.

"We [government] have to continually rejig the figures to see how we are going to manage, but I think in the circumstances, we are continuing to manage that reasonably well.??In light of the situation, we have not gone into a state of free fall or collapse and we have done very well despite the circumstances," he added.??

jwilson@barbados.gov.bb

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