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Some local business gurus are positive about Barbados’ ability to revive its economy, but are frustrated with the lack of follow-through and implementation.
Speaking on Starcom Network’s Brass Tacks Sunday, chairman of the Private Sector Association, John Williams, said the level of Barbadians’ education provided a solid base for their ability to pull themselves back up, but there was a challenge in implementing solutions.
“I go back to the Minister of Finance’s address to the Barbados Chamber of Commerce and Industry (BCCI) in April 2011, where he listed a number of statutory corporations like Transport Board, National Housing Corporation and so on which needed reform. We’re coming along now where very shortly it will be 2014 and I would challenge anyone to show me reform.
“What happened at one stage was that transfers and subsidies were cut but the underlying reform didn’t happen so those entities built up debt, whether to other businesses or to Value Added Tax, National Insurance and so on. So it is very frustrating,” said Williams. (RJ)