An error by the bank, Governor?
By Nicholas Headley | Thu, May 17, 2012 - 12:01 AM()
In his last economic review in April, Central Bank of Barbados Governor Dr Delisle Worrell stated “we have now used the international recommended definitions for Government debt and the ratio is actually much less than 100 per cent”. He said Barbados’ debt to gross domestic product (GDP) ratio was 74 per cent.
Am I, a citizen of Barbados, to understand that for 40 years this elite, prestigious organization has not been using “international recommended definitions for Government debt”? Why didn’t the World Bank or International Monetary Fund bring this error to the attention of the Central Bank? Was the University of the West Indies and the economic experts in Barbados and the Caribbean unaware of this mistake? How many other Caribbean countries are making this error?
Using this new method, is it true that Barbados’ debt to GDP ratio in December 2007 was 68 per cent or less?
Perhaps, the fact the Barbados economy before 2008 has been revalued (upward) by about 15 per cent will account for the new favourable debt to GDP ratio and several other pre-2008 economic indicators!
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