Employment
The Economy

Jobless rate falls to 9% in 4Q of 2016, says gov't

The unemployment rate at 9.0 per cent was a decrease of 1.2 percentage points compared with the same period in 2015

By

Patrick Hoyos

on

June 14, 2017

Economic sectors
The Economy

On same day, one minister praises social partnership while another insults the unions

On Saturday, July 8, Minister of Labour Dr. Esther Byer Suckoo reiterated Government’s commitment to the tri-partite partnership while Minister of Commerce Donville Inniss dismissed a planned march by the major unions as being valuable only in terms of the members’ losing weight.

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

New Barbados budget will shrink GDP growth, says Dukharan

That shrinkage on the GDP, the economist seemed to be suggesting, could lead to less of the very tax revenues, most of which are from consumption, like the National Social Responsibility Levy and VAT, that the government is relying on to produce the taxes needed to reduce the deficit.

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

Mottley: Budget "tax grab" hurts weakest in society

“You cannot tax your way back to growth,” Opposition Leader Mia Mottley told the House of Assembly on Wednesday, May 31, as she criticized Minister of Finance Chris Sinckler for budgetary proposals which she said were nothing but a “tax grab” that would fail to achieve the desired result of erasing the fiscal deficit.

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

A glimmer of hope from the central bank

Acting Central Bank governor Cleviston Hsynes' second quarter report suggests that the bank might recoup some of the credibility it has lost over the past few years.

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

The BRA clarifies some points on how NSRL will be applied

The levy, which is expected to raise a total of $208 million in the present financial year as well as increase the revenue from VAT by $32 million, has been the subject of some confusion as to how it will be implemented.

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

Abed: "Regressive" budget measures will make Barbados "less competitive"

Chamber president says Government intends to restructure state-operated enterprises so that they are financially viable, and “We fully expect that mergers, privatizations, private-public sector partnerships and the ease of doing business will become part of this narrative."

By

on

Economic policy
The Economy

S&P describes the Dolittle administration at work

There had been recurrent delays in many investment projects, a failure to enact a comprehensive fiscal adjustment plan, and declines in international reserves.

By

Patrick Hoyos

on

June 14, 2017

Regulatory issues
The Economy

FTC says “no deal” to Government’s plan to sell BNTCL to SOL

The commission found that parts of the Sale and Purchase Agreement were “inherently anticompetitive.”

By

Patrick Hoyos

on

June 14, 2017

The Economy
The Economy

IMF says Budget will improve finances - but slow growth and increase inflation

Continued fiscal discipline, along with economic growth, was essential, and over the medium-term, further adjustment would be needed on the expenditure side to “decisively reduce debt and debt service costs."

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

Living in a Parallel Barbados

The writers of the new recovery plan have taken a far more positive outlook on things than the IMF and Standard &Poor's.

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

No matter what, 2-to-1 still rules

But let me ask you if you think my friend Marla Dukharan’s point about the T&T economy last week might have any relevance to our economic situation.

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

IDB: Time for Barbados to undertake IMF's recommendations

Government spending now stands at just over one-third of the country’s GDP - 35.6 percent of GDP at the end of FY2016/17 - and there is little room to manoeuvre, says the IDB, because wages, salaries and interest payments combined account for almost half of the total amount spent.

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

Gov't says pre-2017-budget inflation rate was 3.4%

The latest figure does not reflect the full increase of the levy to ten percent which started in May

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

IMF: Barbados must put debt on “clear downward path”

Reforms of state-owned enterprises should include reduced services, mergers, closures, and privatization.

By

Patrick Hoyos

on

June 14, 2017

Economic policy
The Economy

Government extracts $100 million more from a slowing Barbados economy

The Central Bank of Barbados says tax revenues increased by Bds$98.6 million, due in part, to a $48.8 million boost in receipts from the National Social Responsibility Levy and $46.4 million more from excise taxes.

By

Patrick Hoyos

on

June 14, 2017

Politics
The Economy

Mottley: "Fairness, transparency and accountability" obligatory in government

She said the BLP was not waiting until it won an election to come up with a draft integrity bill. Over the past week, its spokesmen had been discussing it in the media and copies of the draft were now being sent to the social partners for discussion.

By

Patrick Hoyos

on

June 14, 2017

International Business
The Economy

Barbados placed on EU's first "black list: of non-co-operative states

The new list was drafted by the European Council’s Code of Conduct (COC), a group comprised of finance ministers from EU member states, including the UK. Countries’ inclusion is based on whether a state gives preferential treatment to companies enabling them to move profits to avoid charges.

By

Patrick Hoyos

on

June 14, 2017

The Economy
The Economy

Haynes appointed Central Bank governor from Jan. 1, 2018

Minister of Finance Chris Sinckler said the Cabinet of Barbados had approved the appointment of Mr. Haynes to head that institution for a five-year period.

By

Patrick Hoyos

on

June 14, 2017

The Economy
The Economy

Worrell unveils plan to rescue Barbados economy

The NSRL and the 2 percent fee were driving the economy into recession, and the declining reserves have undermined investor confidence, said the former central bank governor.

By

Patrick Hoyos

on

June 14, 2017

The Economy

Barbados' economy requires “decisive stabilisation measures”, says Central Bank Governor

The outlook for the Barbadian economy remains challenging, and “decisive stabilisation measures” are needed to place Barbados’ public finances on a sustainable path,” Governor of the Central Bank of Barbados, Cleviston Haynes said on Wednesday, May 2. Delivering the bank’s review of the economy for the first quarter of 2018, Mr. Haynes noted that “Our efforts to date have not resulted in bringing the fiscal deficit to a manageable level,” and the current borrowing requirement for fiscal year 2018/2019 therefore needed to be reduced.

By

BSJ News Desk

on

April 27, 2018

Economic policy
The Economy

BEC panellists says Bajan dollar "illiquid," and call for refinancing of debt

Calls to refinance the national debt, sell-off state-owned enterprises, make Barbados much more attractive to investors, and perhaps even devalue the Barbados dollar were among suggestions either made or hinted at by presenters on Wednesday, May 9 at the Lloyd Erskine Sandiford Centre when a panel discussion on the topic “The Path Back to Prosperity”, was held by the Barbados Employers Confederation.

By

BSJ News Desk

on

April 27, 2018

The Economy

Barbados economy lags behind others in 2018

CDB: Grenada led the region with growth of 5.2%, as a result of “its home-grown economic reform programme.”

By

BSJ News Desk

on

April 27, 2018

The Economy

“Big Six’ taxes will provide nine out ten new dollars for Gov’t

The total revised estimate of revenue for the fiscal year now ending is Bds$2.862 B, and for the coming fiscal year it is $3.164 B.

By

BSJ News Desk

on

April 27, 2018

Economic policy
The Economy

SOEs: More pain before any gain

In its BERT presentation made soon after taking office last year, the Mottley administration said it would reduce total expenditure by about $100 million by the end of FY2018/19 (which ended March 31) and by the same amount during this financial year.

Economic sectors
The Economy

Stuck in the ditch

You have to realise that this no-growth is purposely built in to the BERT reforms, or is, better said, an expected outcome.

By

on

The Economy
The Economy

Mottley Administration spending only $100m less in new fiscal year

We shouldn’t think the government is cutting $1.3 Billion from expenditure without mentioning the billion dollar part about debt service,

The Economy
The Economy

IMF advising Barbados on bringing taxes back into "balance"

According to the BGIS, Mr. Carrington stated that the IMF tax officials were currently on the island examining various taxes,.

By

on

The Economy
The Economy

In budget speech, Mottley seeks to meet IMF targets and also to grow the economy

In fiscal terms, the government plans to bring in just over $300 million in additional tax revenue.

By

on

The Economy
The Economy

‍Reaching for the low-hanging fruit

Much of what was announced in the speech was in line with restoring the original philosophy behind the Value Added Tax.

The Economy

‍Putting the cart before the horse

One thing you have to say for the Mottley administration: They tell it like it is, even if it means critiquing their own policy.

The Economy

Haynes: Barbados meeting its fiscal targets but economy remains in recession

Despite the gains made from essentially spending less and bringing in more, economic activity remained subdued compared to the first quarter of 2018.

By

BSJ News Desk

on

April 27, 2018

The Economy
The Economy

Making good progress, Barbados passes its first IMF test

The IMF staff team thinks the budget for the current fiscal year provides “a strong basis for the targeted fiscal consolidation,”

By

on

Finance and Lending
The Economy

foreign lenders accuse Barbados negotiators of not acting in "good faith"

The lobby group said that, instead, the Government of Barbados had released so-called “restructuring scenarios” that ignored its suggestions during negotiations over the past several months.

By

BSJ News Desk

on

April 27, 2018