Governor of the Central Bank of Barbados Dr DeLisle Worrell believes Barbados handled its economic affairs well in 2012 although it did not record any growth.
Addressing the media earlier today at the Bank, he noted that in the face of difficult international economic circumstances, the country’s foreign exchange reserves increased slightly and the exchange rate remained well protected.
“The challenge that faces us is to use our resources and our ingenuity to renew the growth of our economy.
“We know what we must do, improve our competitiveness by raising the quality of our services and upgrading government’s business facilitation services, implement targeted marketing strategies, diversify markets for tourism and other services and continue to enhance the tourist experience,” he said.
Worrell also noted that concerted efforts must be made to achieve a take-off in the domestic production of alternative energy.
“We are not looking for a quick fix. The sustainable path for the growth of the Barbadian economy is through determination, persistence and patience.
“We must intensify the strategies that are working and modify those that are not. We will make mistakes but we should learn from them, adapt our strategy accordingly and press on,” he said.
Full story in tomorrow’s DAILY NATION
