Increased labour productivity is a major aspect of Barbados’ development strategy, and will enable Barbados to become even more successful in an increasingly competitive international market.
These sentiments were expressed by Dr. DeLisle Worrell, Governor of the Central Bank of Barbados in the Bank’s March Economic Letter to business people on the performance of the Barbadian economy.
Dr. Worrell noted that “Barbados’ prosperity has been achieved by selling tourist services, international business services, and other exports of goods and services”, and that Barbados’ business and financial services were special due to its legal and regulatory framework, coupled with the “growing levels of knowledge and expertise” that is offered to the international investor.
Citing Barbados’ ranking of 55th in the world in the 2014-15 Global Competitive Report, as well as the ranking of 59th globally in the 2014 United Nation’s Development Programme’s Human Development Report, the Governor indicated that “Barbados has been getting better, in terms of the quality and variety of its products and services.” He however opined that “faster growth in the productivity of Barbados’ labour force” was necessary in order to further improve the country’s relative competitiveness.
“If you are successful in any business you will attract competitors… Barbados has always had competition from within the Caribbean and beyond. It’s a dynamic world, and to stay ahead of the competition, you need to keep getting better,” said Dr. Worrell.
Read the full text of the Bank’s March 2015 Economic Letter.