Measures ‘didn’t work’
The opposition Barbados Labour Party (BLP) says Government’s fiscal measures so far have been an abysmal failure.
Responding to the Central Bank’s release yesterday of its half-year report on the economy, party spokesman on economic matters Dr Clyde Mascoll said the fiscal adjustment package of last August failed to achieve any of its objectives.
“There is no evidence of economic growth. There is no improvement in fiscal deficit in spite of a barrage of taxes and expenditure cuts.
“The unemployment rate has to be over 13 per cent in the face of 3 000 public sector job losses in the first quarter of this year.
“The Central Bank’s foreign reserves declined by $51 million in spite of the foreign borrowing of almost $450 million between December 2013 and the first quarter of 2014,” Mascoll pointed out. (GE)