By Liliana Rojas-Suárez, Desmond Thomas, Editors
Symptoms element to the necessity for Barbados to opposite contemporary losses in competitiveness in overseas markets, a problem that the rustic is thankfully good located to fulfill. during this ebook, specialists talk about the several features of the problem and increase particular proposals for addressing the competitiveness problem dealing with Barbados.
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Extra info for Barbados: Meeting the Challenge of Competitiveness in the 21st Century
On the one hand there is the propensity to a deﬂationary bias when times are “normal” and on the other there is a propensity to rising government expenditures leading to debt vulnerability when times are stressful. These contradictory impulses complicate efforts to pursue sound macroeconomic management, a necessary requirement for a positive impact on national competitiveness. Third, several conclusions derive from our brief review of the performance of the external sector and its outlook, including: • • • • • • • • • • the slow growth of merchandise exports; the stagnation and decline of its major component, sugar; the consistent but still only modest growth of the services sector; the failure of overall export dynamism to perform at the average rate of the global economy; the high product concentration of export trade and the need for diversiﬁcation of both its merchandise and services exports; the high volatility of all components of export, although this is less so in the case of travel and tourism; the limited diversiﬁcation of export markets; the country’s reliance on preferential market access and the strong threat of preference erosion; the growing merchandise trade gap and the signiﬁcant level of the resource gap/ current account deﬁcits, in the absence of large-scale capital inﬂows; and the positioning of merchandise exports in the non-dynamic components of global demand.
All rights reserved. org/pub Table II-4. Annual Change in Merchandise Trade for Barbados, 1985–2003 (percent) Clive Y. Thomas Table II-5. 5 Source: Jessen and Vignoles (2004). Table II-6. 08 Source: Government statistics. Figure II-2. 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Years All Industries Source: Barbados Statistical Service. Manufacturing period 1990–2001. Next in importance is the commercial services sub-sector (24 percent). The government and transportation sub-sectors remain small (3 and 2 percent respectively).
Each succeeding Protocol has deepened the consultation process and introduced further activities aimed at enhancing competitiveness and productivity. Of note, the Second and Third Protocols covering the years 1995–1998 were both signed in periods of prosperity, so that the arrangement is not crisis-driven. The ﬁrst Protocol focused on 1) maintaining parity of the currency, 2) securing growth through competitiveness and enhanced productivity, 3) wage restraint, and 4) economic restructuring. The second Protocol added price restraint along with public- and private-sector reform to improve competitiveness.