by Brian Francis

UNDOUBTEDLY the Barbadian economy has performed relatively well over the past few years.

The rate of unemployment has fallen to seven per cent in 2007, the tourism industry performed well, and
the country continued to stand out among regional economies in the areas of competitiveness and human resource development.

As admirable as these achievements are, there is still much to be accomplished with respect to agriculture, manufacturing and international business.

As the election campaign intensifies leading up to next week's ballot, the various candidates and political parties will continue to outline policies, plans and programmes addressing what they perceive to be the most pressing problems confronting the economy. And as they do, they ought to take on board not only issues of a local nature, but also those with regional and international overtones.

At the local level, the various candidates and political parties must propose sound economic policies, plans, and programmes geared to reducing the cost of living and alleviating some of the more pressing problems in relation to housing and land, health, and education; boosting the country's export competitiveness, and enhancing agricultural and manufacturing capacity particularly in goods and services that can substitute for certain imports; developing our cultural and sporting industries so that more foreign exchange can be generated from these activities, and creating employment opportunities for those graduating from various levels of the education system.

Adjustments in policies

On the regional and international fronts, the issues of the CARICOM Single Market & Economy and the Economic Partnership Agreement, rising food and oil prices, and a possible slowdown in the growth of the United States economy will pose special challenges for the local economy and would all warrant certain adjustments in domestic economic policies.

How the economy positions itself to deal with the challenges emanating from these issues must be a major concern for the next Government. Therefore, in addition to measures aimed to alleviate some of the domestic matters alluded to earlier, I would expect to hear from the various candidates and political parties how exactly they intend to manage the affairs of this country, taking into account the potential implications of regional and international developments often outside our control.

High expectations

Given the serious nature of these issues, no one can deny that there are challenging times ahead for the Barbadian economy. The problem in Barbados is compounded; because the economy has done so well in recent years and the population attained a reasonably high standard of living, peoples' expectations will continue to be high.

The new Government will therefore be expected to not only maintain the achievements that have been made but to also build upon them – that requires not only effective leadership, but also a clear vision. I am hoping that clear vision will be articulated in the various manifestos, and that come January 15, the electorate of this country will be well placed to choose those deemed best able to take this country forward in difficult times.