The Barbados Private Sector Association (BPSA) has described the 2025-2026 Government of Barbados Budget and Financial Statement as being holistic and inclusive in its focus, evidenced in the fiscal measures presented under the headings, Resilience, Growth, Revenue Efficiency and Well being.

Chairman of BPSA, Dr. Trisha Tannis acknowledged the private sector support, as part of the Social Partnership, for the missions’ approach to governance and social development.  She said there could be no objection to any measures aimed to develop the well being and quality of life for Barbadians. This would include support for paternity leave for males, and the other measures that specifically touched and concerned the vulnerable and all households in Barbados.

Dr. Tannis opined that while the budget did not announce measures to incentivise businesses to the extent of the prior year budget, the measures to stimulate growth, digitization and modernization of key sectors for their development, the reduced water rate to the agricultural sector and the approach to cybersecurity were taken as indicators of the Government’s commitment to creating an enabling environment for private sector development. The private sector, she said, over the coming weeks would seek clarity on any of the measures where more details for implementation of measures should be forthcoming.

The private sector took careful note of the announcement with respect to the minimum wage.  According to Chairman Tannis, the private sector has always been supportive of the principles that underpin the establishment of a minimum wage. However, the private sector bemoaned the continuing lack of a national productivity mechanism as a nexus to the minimum wage and urged tripartite collaboration to address this deficiency.

Dr. Tannis said the BPSA was pleased with the overall performance of the tourism industry and agreed that the concessions offered to the sector, both for business and employees, should redound to the benefit of the economy. She however noted that while the tourism sector continues to perform well, as a major contributor to national economic development, the private sector would reiterate the need for economic diversity.   As such the progress made to unlock the Renewable Energy sector and the relief given to the small business sector was welcomed.

The rebound of fiscal performance of the economy was to be acknowledged, specifically the downward trajectory of Debt/GDP and the healthy foreign reserves levels. However, the private sector, noting the global challenges and uncertainties which currently pertains, anticipated details of the BERT 3 programme which has been advanced by the Government of Barbados.

As in previous years, the BPSA encourages all Barbadians, to take full advantage of all opportunities for individual and business investment as well as to ensure that Barbados realises and sustains its most competitive, efficient and productive state for us to live and do business.