The “dramatic” job cuts are a sign of the “dire” economic situation Barbados is facing.
That’s how a Moody’s Investors Service analyst has reacted to Friday’s statement in Parliament by Minister of Finance Chris Sinckler that the Government was laying off thousands of public workers in a move to help stabilize the country’s economy.
“Barbados has been very averse to job cuts for a long time and the fact that they feel compelled to do this at this point is a sign of how dire the situation is, I think,” said Aaron Freedman, Moody’s lead analyst for Barbados. “The question is whether it is going to be sufficient to address the problem, but that’s not something we would wish to comment on at this point.
“We have not come to a conclusion as to whether it is too little too late,” added Freedman.
