Barbados unveils nine-point growth strategy
The Prime Minister of Barbados, David Thompson, outlined the region's nine point growth strategy at the Barbados Chamber of Commerce and Industry's luncheon on Monday 25 January stating that it would seek help in recovery from the recession.
The luncheon was held at one of the most luxury Barbados hotels, the Hilton Barbados and was attended by a large number of business executives, technocrats and officials from the public sector. The outline of the 2010-2014 strategy includes seeking help in the country recovering from the global recession, and to set out new policies, reforms and regulations in order to work within the 21st century economy of the world and encourage more international visitors to take Barbados holidays.
The Prime Minister told the conference attendees:
"This strategy has to be a series of reforms that signal change in the way we do business, the way we work, the way we think, the rewards we get and the effort we make. As [United States President] Barack Obama said during his campaign, ‘change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek'."
"These reforms are needed now, and we are the ones who have to effect the change."
The nine point strategy includes "putting Barbados' public finances back on a sustainable footing; ensuring that a balanced budget is obtained by 2014 – 15 followed by a small fiscal surplus by 2015-2016; reducing central government's debt to GDP ratio to near 70 per cent by 2017-18; maintaining an investment grade rating for Barbados; providing a stable fiscal framework that will enable the Government to better achieve national goals and development; maintaining macro-economic stability through sustainable management of the fiscal deficit and debt; increasing productivity and international competitiveness; returning real GDP growth to the sustainable annual average rate of about 3.0 per cent by 2012; and ensuring that Government's social policy enhances the social welfare, well-being and quality of life of citizens, particularly the most vulnerable people and sectors in the society".
With Barbados holidays becoming increasingly popular amongst families, couples and honeymooners and with reports that most of the world is now in recovery from the recession, the pressure is on to ensure that tourists continue to take holidays in Barbados and give the region the tourism boosts it needs.
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