This is truly a cause for celebration especially for those persons working in construction, manufacturing, agriculture and the services industry. For the thousands of workers employed in these industries, the strong performance of the economy underwrites the security of their jobs and enhances the scope for expansion of the operations to create even more employment opportunities, higher incomes and social advancement.

Since 1994 this country has adopted the slogan "Job #1 is Jobs", and the score the results speak for themselves. Year after year, quarter after quarter, the relentless destruction of joblessness has brought renewed hope to all Barbadians. This is in direct contrast to the situation under the Dems when David Thompson this country’s youngest ever Finance Minister in response to the growing challenge of high unemployment offered the "earth shattering" solution of "bus-fare and lunch money". At that time the unemployment rate was almost 25%, threatening the old record of 27% that they set in 1973.

That the manufacturing sector is once again taken its rightful place among the contributors to GDP, is proof that the policies and programmes initiated by this BLP administration are working. The private and public sector linkages coupled with the capitalization of this sector has borne fruit and we know that its rebirth will continue.

Tourism continues to be the main sector of improvement, with long-staying visitors growing by 4.1 per cent. Our tourism planning and investment strategy in the Caricom market has yielded dividends with a huge 15.5 percent increase in that market. All other major markets recorded an increase.

The continuing rise in international oil prices has had a negative impact on the overall cost of energy resulting in an increase in the price of almost every conceivable good and service purchased by Barbadians. This led to the increase in our rate of inflation. However the current rate is already showing signs of decline having falling from 6.1 per cent to 5.9 per cent.

With unemployment expected to remain in single digits for some time, the overall economic picture for Barbados looks impressive. But this has not always been the case and Barbadians must never forget the dire straits in which this BLP administration found this country in 1994. At that time, there was abject despair and despondency the likes of which we had never seen before in this country. The social climate was hostile, our currency was being rejected in the region and investor’s confidence in the country was at an all time low. Uncompleted government projects dotted our landscape, an IMF employee had virtually taken over the office of the then Minister of Finance, David Thompson at Government Headquarters and a general malaise pervaded the offices of government.

We have come a long way since then thanks to the strong and enlightened leadership of Prime Minister Arthur and his team of able Ministers. With God’s help we will continue to keep this country strong.
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