Sunday, March 3, 2024

Wood: Place growth in context


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Economist Anthony Wood is warning Barbadians to temper their excitement about the news that the economy grew during the first half of this year as revealed by the Central Bank.

“The recent revelation by the Central Bank Governor Cleviston Haynes that the Barbados economy grew by 10.5 per cent during the first six months of the year is fodder for the Mottley administration and its supporters,” he said.

Wood, who was a minister in the Barbados Labour Party administration between 1994 and 2008, but resigned from the party two years ago, said the governor’s revelation should be placed in proper context as there was a pressing need to stimulate higher levels of sustained activity in all sectors, rather than continue to rely heavily on tourism.

“The warning signs are there and those who choose not to take heed will do so at the economy’s peril,” he said.

The former Member of Parliament for St Philip South added it was common knowledge that the economy declined by almost 20 per cent during the coronavirus pandemic.  (AC)


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