The next general election in Barbados, constitutionally due in 2008 will focus on two very critical issues. The twin issues of leadership and the management of the economy will once again engage the attention of the electorate primarily because of the rapid progress Barbados has made towards becoming a world-class destination and a first world Nation. Barbadians are pleased with the management of the local economy and the repositioning of the country within the regional and international arena.

Barbados no longer has a government that travels abroad begging alms as it did under the last DLP administration, when bullet loans and debt rescheduling were the order of the day. To the contrary, Barbadians now live in a proud Nation that pays it way in a growing economically hostile and highly competitive world. We have proven repeatedly that we have the ability to take firm positions on matters with regional and international nature and still enjoy the respect of all. Whether it is the issue of our territorial boundaries with Trinidad or the Harmful Taxation Treaty with the OECD countries, we have demonstrated that size is not factor in the recognition of territorial sovereignty and the pursuit economic justice. Barbados has pursued an economic and political policy that has been bedrock of its local politics and foreign policy. It is a policy that recognizes and accepts that our greatest asset is our people and that if we are to take our rightful place among the developed countries of this world, we must continue to prepare our people for the challenges of globalization.

We must become greater exporters of skills, goods and services if we are to continue to enhance the standard of living of Barbadians. Barbados will therefore have to compete within the Global economy and must embrace the technological mindset which is pervasive in many countries.

Since 1994, under the visionary leadership of Prime Minister Arthur, Barbados pursued an economic policy that has seen the transformation of the Barbados economy from a Sugar economy to a provider of services. It is this diversification of our economy that positions us to take full advantage of the enormous opportunities arising out of CSME and other major economies around the world with whom we have trade partnership agreements. It is beyond a shadow of a doubt that Prime Minister Arthur has a very clear vision and understanding of the trends in the global economy and has carefully mapped out Barbados’ economic course so as to maximize our benefits from the growth in the world economy.

The July update of the IMF’s World Economic Outlook (WEO) recently reported that for the first half of 2007 the global economy expanded and noted that developing countries were leading this expansion. There has been strong growth in the financial markets and Barbados stands to benefit from this growth. Its own efforts at tightening its laws and other control mechanisms will only further bolster its position as a safe and secure financial domicile.

The evolution of the Barbados economy is now set to be a major player in the global market for services, productive factors and financial assets. The continuing development of our indigenous companies into Trans National Companies must be an attainable goal. No effort must be spared in crossing this economic Rubicon. In a globalised economy narrow nationalistic rhetoric has no place.

Since leadership and economic management are the two factors influencing the outcome of the next election then clearly Prime Minister Arthur has obviously set the bar.

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