To cushion any impact from the global economic meltdown, the Ministry of Economic Affairs and Empowerment, Trade, Industry and Commerce, has devised a short and medium term action-plan to help Barbados tackle this financial crisis.
This was the main item on the agenda of the Special Working Group on the Economy during the third special meeting of the Social Partners. The meeting was held
at the Lloyd Erskine Sandiford Centre recently. The revised action plan is designed to lay the framework for the island’s response to the global economic and financial challenges that may arise.
During the session, the panel heard submissions from the private sector agencies; the Small Business Association; the cruise sector; the labour movement; the agricultural sector; international business; international transport and Government. Following the submissions, each sector pledged to maintain a harmonious relationship with each other and gave assurances of no job cuts.
The labour market, as well as the public and private sectors, also gave the working group an update on their preparations in the event of a negative fall-out from the recession.
In outlining the pertinent aspects of the action plan, Chairman of the Special Working Group, Winston Cox, who underscored the urgency of the situation, said key macroeconomic indicators coming out of the United States, pointed to a weakening of the economy, a further decline in the employment rate and diminished consumer confidence.
Cognisant of the challenges that lie ahead, the Social Partners will be holding another meeting on February 27. At the end of the meeting, the findings will be made public at a later date.