The United Nations Conference on Trade and Development (UNCTAD) is assisting Barbados in identifying key challenges in economic diversification.
This assistance came during a recently held high-level workshop in Barbados on Promoting Sustained Recovery through Economic Diversification, which was jointly organised by UNCTAD and the Ministry of Finance and Economic Affairs.
During the workshop, Minister in the Ministry of Finance and Economic Affairs, Ryan Straughn, reaffirmed Barbados’ intention to reform and reshape its economy.
He highlighted the relevance of the assistance being received through UNCTAD’s Project entitled “Promoting Economic Diversification and Resilience in Barbados for a Sustained Recovery from COVID-19 Shock”, towards this country’s ongoing policy efforts.
Mr. Straughn noted that the project, which is funded by China’s Global Development and South-South Cooperation Assistance Fund, would help Barbados by analysing policy strategies, and building the capacity of policymakers and researchers.
In addition, it would harness the opportunities from regional and broader south-south economic cooperation to strengthen its economic diversification and resilience and achieve sustained recovery from recent shocks.
He pointed out that Barbados’ recovery had begun but its growth had been adversely constrained by unfavourable factors in the external environment, and domestic challenges.
Minister of State in the Ministry of Foreign Trade and Business, Sandra Husbands, in her contribution, noted that the pandemic shocks affected every single country, while some companies made super normal profits that were unquestioned.
Ms. Husbands also expressed concern about the lack of necessary support from the international system to developing countries, including Barbados.
Director of Division on Globalization and Development Strategies of UNCTAD, Richard Kozul-Wright, introduced UNCTAD’s broad mandate, since its inception, in supporting developing countries, in integrating with the global economy through targeted policy strategies.
He shared his observations on global macroeconomic challenges caused by such events as the COVID-19 pandemic, the war in Ukraine, and monetary shocks resulting from policy changes in developed economies.
The workshop consisted of four panel discussions, covering topics related to the global macro-economic situation, digital transformation, regional industrial strategies and south-south economic cooperation in the context of the challenges and policy options of Barbados.
Panellists from UNCTAD, other UN agencies, international and national economists shared their insights around these themes, and there was a general consensus that although the global macroeconomic situation does not appear to be as dire as once feared, significant risks remain. This is all against the backdrop of a worsening climate crisis and the need to ramp up climate action and ambition.