Managing our small open economy cannot be an easy task and uneasily must inevitably lie the heads of those responsible for our economy. The governor of our Central Bank recently gave us his assessment of the country’s growth prospects, and in spite of everything reflecting some gloom, there was a degree of muted optimism that suggested that we should be back on a growth path by 2015.
There was some light at the end of the tunnel, and the plans being laid were likely to bear fruit. The news was heartening and very encouraging although the road was not without some treacherous potholes. Among the bright spots was the signing of the agreement between the Sandals Group and Government for Almond Beach at Heywoods to be redeveloped and returned to the foreign exchange earnings produced by successful operations in the tourism market.
We could anticipate the Sandals marketing muscle and know-how being used to promote the property and, by extension, our country, as we claw our way back to financial equilibrium. The news of 1 500 prospective jobs blazing from the front pages of daily newspapers was a welcome sign.
Coupled with this was the sight of the canalization and beautification of the Constitution River, and if there were any doubters, Minister of Finance and Economic Affairs Chris Sinckler told the memorial service for the late David Thompson that the Democratic Labour Party had crafted an appropriate plan to ensure that this country weathered the difficult times and emerged stronger and better. The feel good factor was coming back.
Along with the above, the same time Government was pushing ahead with the renewable energy programme which was designed to save foreign exchange and bring down the cost of electricity now produced by fossil fuels. Discussions with Barbados Light & Power were taking place and Mr Sinckler was asking the public to persevere and stay focused on the problem at hand.
Mr Sinckler could point to a reduction of the deficit from ten per cent to 4.7 per cent; and growth of just under one per cent in 2011 and the Rihanna show at Kensington Oval slated for Friday was a strategic move to boost tourism just prior to the official opening of the tourist season.
The cancellation of the Rihanna show would, therefore, come as a setback to a major aspect of the plan to assist the tourism market in early November as the show has been marketed throughout the Caribbean. Her last show here in 2011 provided a major tourism and foreign exchange earning boost for the economy, and it was good policy to repeat the show.
But we must not let this cancellation dampen our national efforts to fight our way back to economic balance. We have a duly elected Government which has developed a set of policies, and in the finest democratic traditions the Cabinet is entitled to make those decisions which it thinks are in the national interest. That is our democratic way.
At the same time, the Opposition is entitled to question every aspect of Government policy, especially where that policy brings difficulties to the people of this country.
Like others, we too regret that the benefits of the Rihanna show will now not accrue to our national budget; but in keeping with our never-say-die attitude, the Government must press on with governing, and the country must take every encouragement it can from those events that remind us of our resilience.