Weekly Column

“The Barbados economy has been well shepherded for most of the past forty years, but past success no longer foretells future success…the world has changed.

It will no longer be enough for us as Barbadians to keep our house in order. We must now contend with the success of other countries.

For forty years we delivered 3-4% growth in economic activity and this was enough to sparkle in our neck of the woods. Our levels of growth compared well to the large, developed economies of both hemispheres.

But recently something has happened. In the last few years emerging markets have shifted a couple gears. China and India, once desperately poor countries, now post 10% growth rates per year every year.

Today our growth remains above par within the Caribbean, but is now below par relative to the rest of the world. This means three new things.

First, our image as a successful developing economy is being usurped.

Second, the image of dynamic, fast growing opportunities elsewhere will lure our youth and talent abroad.

Third, the example of other developing countries has redrawn the possible and demands that we re-imagine our future.

While that approach has worked reasonably well for us and will continue to do so for about another decade, there is a finite amount of land that can generate the sustained attraction of that capital.

Tourism will face a limit on the basis of our carrying capacity and it is likely that this will be in our lifetime.

We therefore need to broaden our productive base, be it the offshore energy sector, a diversified international business sector with more opportunities for our artistes and sportsmen, our educators, our health practitioners and generally our professionals.

And in doing so, we must create real opportunities for the creation of wealth for as many Barbadians as we can.

The nurturing of small businesses, especially in the services sector, will be critical to our future. Exploiting these new initiatives will take as much as a decade so we have no time to waste if there is not to be a hiatus in our development.

Our politics must be strategic and less tribal, must not be so conceived as to dismiss 50% of the population in the course of nation building.

We cannot have a 20th century government and 20th century politics catering to the needs of a 21st century population.

By far however the biggest challenge of our generation will be to engage in a National Conversation designed to boost our individual self-confidence and self-esteem. This has traditionally not been seen as a priority for governments.

However, it affects whether we are prepared to take the risk to invest overseas. It affects how we treat each other in the workplace, it affects how much we produce, it affects how we care for each other, it affects our levels of confidence whether we like ourselves and by extension other people. We must resolve it in order to progress.

This is not a trial run, a practice match, a dress rehearsal, this is the real thing and Barbados needs and Barbadians deserve an active, pro-active government with a strategy to put us back on par with the best, not with the rest.”
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