Annual Review Seminar Keynotes Offer Critical Insights

In 2018, as Barbados was preparing to enter into a fiscal adjustment programme with the International Monetary Fund (IMF), economist Wendell Samuel told a tale of two nations undergoing macroeconomic adjustments. In hindsight, Samuel’s keynote address at the 38th Annual Review Seminar was not just a fable to deliver a message, but rather a preview of how small states like ours should navigate through financial crisis.

Samuel’s “story” about the orthodox policies and macroeconomic adjustments of small states is but one example of the Central Bank’s 41-year history of insightful keynotes from experts in their fields. As we prepare to discuss “Pursuing Resilience in the Shadow of COVID: Overcoming the Pandemic’s Economic Fallout” online on July 27-30 we share some of the insights from our past keynote speakers.

Returning to Samuel’s address he suggested that key issues linked to restoring economic stability would include crime reduction, enhancing productivity, and resilience to disaster and climate change. In his presentation, he explained that competitiveness was critical for countries with fixed exchange rates, and stressed the important role dedicated civil servants would play in any recovery. Implementation of critical reform called for highly skilled workers - those who can exercise “a lot of flexibility, agility, and thinking” he said.

The elements Samuel identified as contributing to the success of an adjustment programme have all proven to be factors in Barbados’ efforts in the years since his presentation.

The following year, Dr. Dillon Alleyne explored the subject of “Growth Through the Re-imagining of Traditional Economic Sectors”. In his address, he cautioned “the fourth industrial revolution was giving rise to new actors” that would present new challenges and opportunities, and explained that re-imagining new sectors would call for knowledge generation, the need for “an information and communication technology (ICT) system that embraces all people”, and innovation. Embracing creative production and a totally new way of thinking about human development and economic growth, he explained, were necessary for development.

Having modern infrastructure and the need to differentiate our sectors are critical to development now, as he foresaw two years ago.

In 2020, Dr. Justin Ram shared similar views in his presentation, “COVID-19: Building Comprehensive Resilience”. Like past keynote speakers, he saw the value in competitiveness, however he also believed that achieving development and sustained growth would involve inclusivity. Ram advised that rebuilding efforts should have a social conscience, and must address the issues exacerbated by the crisis, such as inequalities, social injustice, and climate change.

Like Samuel, Alleyne, and Ram, the Annual Review Seminar’s many keynote speakers throughout the event’s 40-year history have offered insight, analysis, and even a sneak peek into what it will take for Barbados and the Caribbean region to achieve sustained economic growth and development.

The 2021 keynote promises to do the same as Elliot Gervasse Warner, President and Group CEO of Massy Holdings; Dr. Gene Leon, President of the Caribbean Development Bank; and Michelle Doyle, Advisor to the Governor, Central Bank of Barbados come together to discuss “Rebuilding Economies for the Future: Opportunities for Resilience through Diversification.” Register now to attend all four days of the 41st Annual Review Seminar or for the keynote panel discussion.