Two Leading Economists advise Barbados to find way out of Global Recession – Implementation of Technology & Easing Creation of Small Businesses: Dr Avinash Persaud & Clyde Mascoll at BWU Labour College, Mangrove

Barbadians were given a rare treat the other night at a special Panel Discussion held at the Barbados Workers’ Union Labour College in Mangrove, St Philip. There was a panel discussion on the current Global Recession and what is the way forward for Barbados to maneuver itself from this financial morass. Held as a public service to Barbados, the initiative was created by the branches of St Philip East, West and South by the Barbados Labour Party with co-chairs of Indar Weir & Roger Smith.

The Opening Remarks were delivered by the BLP’s Political Leader and Leader of Barbados’ Opposition, the Hon. Mia Mottley. The panel consisted of Dr Avinash Persaud (former Professor of Gresham University who’s also advised G-20 Leaders), Lindsay Holder & Clyde Mascoll.

Patrons after the detailed talks were treated, free of cost, to a fully stocked bar and snacks & desserts afterwards

Patrons after the detailed talks were treated, free of cost, to a fully stocked bar and snacks & desserts afterwards

The shared view was that Barbados unlike most other countries had not dipped in and out of Recession but dragged through and wallowed in the current hard times every Bajan is commenting on. In Clyde Mascoll’s view, part of the problem lay in spending after an Election and not before which reduced reserves already strained by a previous bolstering of Barbados’ infrastructure.

Mascoll also sees that by seeking to resolve Barbados’ economy that an administrative approach is essential if one is to have a thriving economy {CLICK ON FOLLOWING LINK FOR FULL AUDIO};-

He says Technology is the only way that many of Barbados’ challenges can be solved, which is amazing when you consider how Mascoll, as DLP President, ridiculed the notion of Edutech for motivating Barbadian schoolchildren into becoming involved in Technology.

Clyde Mascoll makes a point to the crowd at Mangrove Labour College

Clyde Mascoll makes a point to the crowd at Mangrove Labour College

The newspaper columnist recommends for Barbados to start looking far down the road now to seek a more lasting solution against the current fiscal crisis {CLICK ON FOLLOWING LINK FOR FULL AUDIO};-

Politics, not at its base level where who is to blame or find a target for pelting dirt, but Politics as a means of providing service to one’s people and answering neeeds for their community can offer no greater reward in Mr Mascoll’s view.

Mr Holder felt the strain Barbadians feel is derived from a longer symptom which can be traced in the last two decades in his view, he sees Governmental budgetary restructuring as critical to easing Barbados from its ongoing crisis. However, Dr Persaud added another aspect which appears to be another contributory factor – in all other countries which are also struck by recessionary measures since June 2008, Barbados is the only one to raise taxes and not look at wages reform. He feels this is why Barbados has not been able to step in and out of the economic difficulties, unlike many other areas in the planet who have had a temporary blessing.

Professor Persaud using the mic, seated between the Co-Chairs of that night's session

Professor Persaud using the mic, seated between the Co-Chairs of that night's session

The financial expert says Barbados’ approach at reaching important decisions needs to be drastically sped up, Dr Persaud says this is why he regretted undertaking a solution to get the Four Seasons’ franchise functional once more {CLICK ON FOLLOWING LINK FOR FULL AUDIO};-

While Four Seasons’ resurrection may have been a bad choice, it nevertheless provided insight to problems which impede Barbados’ Financial community.

In the Professor’s view, Barbados legislature needs to remove many deterrents which impede the creation of small businesses for this island, he says Entrepreneurism needs to be “decriminalised” but do not limit such solutions to Tourism alone, apply it across the board or what led to challenges with Four Seasons’ resort will happen again {CLICK ON FOLLOWING LINK FOR FULL AUDIO};-

The main impetus which allowed the revival of Four Seasons to stay on peoples’ minds if not their focus, is that it will happen – but because no one was ensuring that efforts actually did get underway, this is what has led to the fact that if Barbadians are lucky then the resort will be complete and open for business by November or December… If not January 2011.

Former Barbados' Consul to Miami, Ben Martinez, was among those attending the event

Former Barbados' Consul to Miami, Ben Martinez, was among those attending the event

The packed auditorium learned that Dr Persaud also wishes to see when Barbados moves forward that it avoids jingoism and xenophobia by restoring National Pride and it remembers that Community is what built the country and it is this same Community which will restore its development – if Barbadians at all levels do not adopt this recipe, he warns, then previously ridiculed Guyana and Jamaica will be Paradise compared to Barbados!

One Response

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.

Pingbacks

Comments

add a comment

Some HTML is OK

or, reply to this post via trackback.