IT IS THE TYPE OF NEWS this country needed to hear. The timing could not have been any better to share the positive news which will no doubt set the tone for the rest of the year.
During the early part of December, some retailers in Bridgetown reported they were seeing an increase in sales, with Bajans spending more for the Christmas season. The good news and spending continued to spread into the New Year, with some of the top banking officials reporting that Bajans were borrowing money again.
This is positive news for the economy, which has been in the stranglehold of the global recession. The fact that it is coming with the launch of the 50th Independence anniversary celebrations which took place yesterday is even more welcoming.
While the optimism shared does not in any way mean Barbados is out of the financial woods, it could augur well for our future.
There is no doubt that these are encouraging signs which show a return of some level of confidence in the economy not only by Barbadians, but by some investors. It is just what the doctor ordered to get the economy back on track.
One banker said there was an increase in people seeking mortgages as well as small business loans, all of which speak to an uptick in the economy. A further boost will no doubt come from the construction of a planned $30 million cinema complex at Welches, St Thomas in June, which will bring with it jobs to help ease this country’s high unemployment.
Add to that the expectation from the Barbados Chamber of Commerce and Industry that there will be the creation of more jobs, sparked by increased construction activity expected this year. Outgoing president Tracey Shuffler summed it up succinctly when she said job creation was critical to this country’s economic recovery.
After a full year of doom and gloom, these are welcoming words and signs as the country seeks to be loosened from the economic noose that has been around its neck.
The influx of tourists for the winter season, including a number of celebrities who annually make Barbados their playground, will also be a boost for the country. The amount of money they are expected to inject should bolster our foreign reserves.
This new year has indeed started on a good note for this country and it can only get better. As Barbados claws its way out of the economic doldrums, we all need to focus on the positives to ensure the island continues on this trajectory.
