BRIDGETOWN, Barbados – gainst the backdrop of less than favourable reports coming out of the Central Bank of Barbados last week on the performance of Barbados’ economy and with the ensuing comments from the business leaders, some are questioning whether our approach to riding out the recession has been right all along. Traditional industries are crying out for more stimulus and non-traditional sectors claim they are being starved of the necessary attention needed to take them forward. The consensus seems to be, “no more talk, we need action… and this time around, we really mean it!” However, the problem seems to be that we cannot reach an agreement on where that action needs to take place. Two weeks ago during a lecture which kicked of the inaugural National Services Week, the business community was reminded of its role to drive economic growth instead of sitting back and waiting on Government to initiate it. That initiation can be in the form of financial stimulus or policy. In the case of the first, Government says it does not have the extra cash to spare. In the case of the second, the private sector has at times, some would suggest, lost sight of how much power it really does have to lobby Government to make necessary moves to enable and facilitate business. Whichever way you look at it, the private sector is being called upon more to stop looking to government and start working together to get things happening in the economy.
