Wednesday, April 24, 2024

‘We can’t handle devalued dollar’


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THE BARBADOS economy is so fragile that a currency devaluation would hurt it more than any other Caribbean country.
Economist Dr Clyde Mascoll made this assessment Monday night in a presentation at the National Union of Public Workers (NUPW) during a symposium titled Conversations With Tom Adams: Economic Crisis, Trade Union Relevance And An Almost Hung Parliament.
“A currency devaluation here would be more devastating than anywhere else in the region . . .  Barbados is the least resilient country in the region,” Mascoll said.
“Barbados [has] no farming, subsistence, any such thing. Jamaicans can survive. Guyanese can survive. But I have severe doubts as to whether or not Barbadians can make the adjustment with a devaluation. A devaluation is a very cruel thing economically and Jamaica has not recovered after 35 years.”

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