Business
Barbados economic growth projected to be less than 1 percent in 2014 – Governor Worrell
It said it would also institute a “strict program of attrition” across the central public service, filling posts only where it is absolutely unavoidable, over the next 5 years, ending 2018-2019.
“This attrition is expected to reduce central government employment levels from approximately 16 970 to 14, 612 jobs – a projected loss of 2 358 posts; and savings of BDS$121 million (US$60.5 million).
Over the current 19-month adjustment period public sector employment will be reduced by an additional 501 jobs with a projected savings of BDS$26 million (US$13 million),” said Economic Affairs and Finance Minister Chris Sinckler.
The National Union of Public Workers (NUPW), which represents the majority of the 28,000 public servants, has accused the government of already retrenching workers through technical maneuvers.
The government said it intends to trim the service by 3,000 jobs starting from January 15.
Worrell said the current economic recession in Barbados, which hit its lowest point in 2009, is the fourth since the mid-1970s. He said previous recessions in 1981-82 and 1991-93 were deeper and more prolonged, even though the challenges faced then were nowhere as daunting.
“Economic growth in Barbados is driven by the sectors that earn foreign currency. Small countries like Barbados specialize in the export of a few categories of goods and services that are produced profitably at prevailing international prices. The foreign exchange earned is used to fuel economic growth, which requires a range of consumer and producer goods for which there are no domestic substitutes.”
