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More gloom

Marlon Madden

More gloom

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The president of the Barbados Economics Society (BES), Ryan Straughn, has suggested that the economy can further worsen unless the Government moves swiftly to correct its ills.
“The only Barbadians that shouldn’t be worried about the state of the economy are the deceased,” Straughn said in responding to last week’s downgrade of Barbados’ credit rating by Moody’s Investors Service.
In addition, the economist has warned of imminent job losses in the private sector.
Last Thursday, the Wall Street credit rating firm – one of the world’s big three – lowered the island’s foreign and local currency bond ratings from Baa3 to Ba1 – into so-called junk territory – with a negative outlook.
Minister of Finance Chris Sinckler said the downgrade was not unexpected.