BARBADOS?may have been given a downgrade, but, according to Prime Minister Freundel Stuart, there is nothing to be downbeat about.
Upbeat and confident about Barbados’ economic prospects, Freundel Stuart says the recent downgrade from the Moody’s Investors Service, was not a cause for alarm in a global recession.
Back home yesterday evening after visiting China and Britain, Stuart said that economically, there was bad weather out there, visibility was blurred and Barbados was on the road trying to keep a firm grip on the wheel.
Stuart said that in the context of the economic turbulence experienced in Europe, namely Spain, Portugal, Greece, Barbados had done well under the circumstances.
“If, in the context of all of that, and Barbados is downgraded by one of two rating agencies, I do not think that that is an occasion for alarm. If Barbados had been downgrading in very normal economic circumstances, I would have to do some very serious introspection and ask where it is we went wrong.
“If Barbados downgraded in the context of trying to keep its entire public service employed and in the context of still maintaining an acceptable level of Government services for delivery to the public, in the context of keeping a low income housing programme going, in the context of ensuring that health care is affordable and accessible, if in that context, we suffer a downgrade, I do not think that we have a lot to be ashamed about.”
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