AN ECONOMIST and University of the West Indies (UWI) lecturer says Government needs to tell Barbadians the economy is not doing well and is still in recession.
Commenting on the downgrading of the island’s domestic currency rating by Moody’s the international rating agency, Professor Michael Howard said Government should admit the problems facing the country were extremely serious.
“Rather than nit-picking at Moody’s comments on the domestic financial market, government needs to tell Barbadians that the Barbadian economy is not doing well, largely due to a continuing low output level and an unsustainable current account fiscal deficit and high national debt,” Howard told the DAILY NATION yesterday.
“I have been saying for the last two years that the current account deficit and national debt are unsustainable. This is largely because the Barbadian economy does not have either the production capacity or export earning capacity to sustain the high levels of debt especially in the context of the persistently high and rising oil prices,” he added.
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