Sunday, April 21, 2024

Cox: Better management ‘key for economy’

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Barbados’ current economic condition, as seen in anaemic growth and falling foreign reserves, can be traced to inadequate economic management.

Former Governor of the Barbados Central Bank, Winston Cox, said that situation would only improve with effective and timely decision-making when it comes to changing the “dynamics” of the economy.

Speaking from his home in Quebec, Canada, Cox said that whatever economic model Barbados chose to examine or adopt, whether it was Iceland’s or that of another successful country, it would ultimately depend on the quality of management of that model.

As an example, Cox cited the relatively slow pace at which Barbados moved to reduce the size of the government’s fiscal deficit during the past decade.

“We could have moved faster to cut the deficit,” he said.

Sir Courtney Blackman, first Governor of the Central Bank, agreed with Cox, insisting that sound management was essential for Barbados’ economic success.

“I would agree that [inadequate] management was at the heart of Barbados’ problems. I would agree with that, yes.

“We have to pay close attention to the way we manage our situation,” he added.

Cox said Barbados has a well-trained public service that was capable of effectively managing the economy but much would depend on government’s policy on the allocation of public funds.

He insisted the problems facing Barbados could be solved.

“I don’t think the economic consensus in Barbados is that the situation in the country is too far gone as to render it impossible to reverse,” he added.

Both Cox and Sir Courtney shared the view that ultimately much would depend on the pace and quality of decision-making. (TB)

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