PM: No escaping global crisis
Prime Minister Freundel Stuart has again tied Barbados’ economic woes to the global economic crisis, a point he said he had constantly been “at pains” to make.
Addressing guests at an Ilaro Court reception Wednesday night the Prime Minister said if large and powerful countries could be so severely affected by the crisis, “imagine what small fragile open economies like those of Barbados would have to go through”.
It was the second time for the year the Prime Minister, in collaboration with the Barbados Tourism Authority, hosted repeat visitors and he again stressed how critical the injection of foreign exchange from tourism was to the Barbados economy.
“We are going through a very difficult time now and it is very important to us that in spite of the difficulties of the time, you have decided that you cannot do without Barbados,” Stuart said jocundly, evoking applause from the more than 100 visitors attending.
But in a more serious tone he said Barbados had been affected by every major depression that had hit the world due to the island’s historic economic ties with developed countries which were always the first to feel the effects.