BARBADIAN CONSUMERS are very pessimistic regarding the economic environment in the country.
This position is highlighted in the findings of a pre-Budget survey of consumer confidence, led by Dwayne Devonish, lecturer in management in the Department of Management Studies at the Cave Hill Campus of the University of the West Indies.
The survey points to uncertainty in the areas of prices and buying conditions, business conditions, unemployment, and Government policy.
“In all areas of consumer confidence, there were predominantly pessimistic attitudes among Barbadian consumers, given that 50 per cent or higher reported a negative outlook on current and future personal finances, current and future local business conditions, current buying conditions, and general economic conditions for the next five years,” Devonish said.
Consumers put forward a number of suggestions to deal with the economy ranging from a reduction in VAT and other taxes, a cutback on unnecessary capital projects along with wage cuts or freezes within the public sector. The re-introduction of bus fares for school children was viewed as a step in the right direction.
