Business
Bank of Barbados Governor expresses optimism about economy
He said strategies such as these are pursued by successful companies and countries around the world and that “Barbadians instinctively understand that all those who say our currency is overvalued are in effect saying that the average Barbadian worker lives too well.
“We reject the notion that we should lower our workers’ standard of living in order to become more competitive; the ultimate objective of competitiveness and growth is to raise the workers’ standard of living, after all”.
While private sector entrepreneurs have continued to invest in new and upgraded facilities in tourism and the services sectors of the country’s economy, the Freudel Stuart administration is working to stabilize the economy, to ensure foreign exchange reserve adequacy, and to protect the value of the Barbados dollar.
The Stuart administration continues to resist calls to devalue the country’s currency – arguing that the “value of the Barbados dollar is protected by adequate foreign reserves”. Worrell is optimistic that the country will successfully emerge from the economic downturn given that the government has embarked on an appropriate private-sector-led strategy of growth. -(CMC)
