PALTRY GROWTH.

THAT'S how Dr David Estwick has described the performance of the local economy in the first six months of 2007.

The St Philip West representative was speaking during the debate in the House of Assembly on Tuesday on the Central Bank
of Barbados Amendment Bill, 2007.

He said the economy had only grown a paltry 0.7 per cent and it should have been better considering the activity which was ongoing during that period.

"For the first six months of 2007 economic activity grew by a paltry 0.7 per percentage point above 2006 despite having the
World Cup.

Listen to what the Central Bank governor said: " Sir, real economic activity in Barbados grow by an estimated 4.4 per cent for the first six months of 2007, some 0.7 percentage points greater than the rate of expansion experienced? What is the difference Sir?" he asked.

Member for St Michael North-West Clyde Mascoll intervened pointing out that Estwick was looking at acceleration versus speed and was suggesting that the economy had only grown by 0.7 per cent.

However, Estwick refused to back down from his position saying he would defend all he had said.

Estwick said his concern now was that neither the member for St Peter, [Prime Minister] Owen Arthur nor Mascoll had
engaged the public on discussion about the capital account liberalisation.

"It is a fundamental change, Mr Speaker, to our economic structure. It has far-reaching implications.

"There is no evidence that small developing countries that have done so have benefited significantly," he said. (WB)