AFTER BEING CRITICISED repeatedly for failing to get the economy firing, the authorities appear to be on a mission to have the last laugh.
The WEEKEND NATION understands Dr Neil Ericsson, a senior economist of the United States Federal Reserve who specialises in econometric modelling and economic forecasting, met this week with his counterparts at the Central Bank as part of early efforts to improve Barbados’ economic forecasting, and improve how officials here are using economic data to measure overall economic growth.
Sources close to the bank said Barbadian officials, including those at the Central Bank, believe that the economic forecasting model in use might not be giving the truest picture of Barbados’ economic performance. Equally, they have concluded that some economic data the island is not using means that there is a real chance that Barbados’ economic growth is being understated and hence the model needs “tweaking”.
The official, who made it clear that the discussion was now at the early stage and hence was not policy, said similar views were shared by representatives of an International Monetary Fund (IMF) team who met with Government officials here about two weeks ago.
Please read the full story in today’s Weekend Nation, or in the eNATION edition.