Central Bank of Barbados Governor Calls for Increased Productivity

Increased productivity could help speed Barbados’ economic recovery. This is the view of Central Bank of Barbados Governor Cleviston Haynes.

Speaking at the launch of the 2018 Week Excellence, which has as its theme “Productivity: The Heart of our Future”, Haynes asserted that for Barbados to survive and thrive in the modern era, Barbadian companies have to be high performing. “To compete in the globalised economy where size often acts as a constraint to penetrating markets and to growth, our firms need to enhance their competitiveness.” He encouraged businesses to be innovative and adaptable to new technologies to ensure they remain apace with their international competition.

Haynes made it clear that the need for higher levels of productivity extended to the public sector. Referencing the World Bank’s Doing Business 2018 report, which rated Barbados at 132 out of 190 countries, the Central Bank head asserted that “this ranking is incompatible with our goal of creating an investment friendly environment”. He also said that complaints by the private sector about the bureaucratic challenges it faces must be taken to heart and addressed.

After urging the nation’s workers to embrace new skills and stressing the importance of Barbados having an educational system that produces a population that can easily adapt to the frequent technological and other changes that are now a global reality, the Central Bank Governor ended with a call to action: “Accelerating innovation, productivity, and improved service delivery have the potential to drive our economic fortunes. Let us act.”