Arthur: Barbados must change course

FORMER PRIME MINISTER Owen Arthur has described Barbados’ economic position to that of a ship being caught in a wind shear, where the captain must “pull out and change course.”

He said, “Barbados economy is caught in some very serious crosswinds.”

Arthur said he was not surprised by the latest downgrade of the Government’s bond rating by Moody’s Investor Service which put the country at grade Caa1.

“Anybody who would have read the latest quarterly report of the Central Bank’s governor will not see it as a surprise. And my presentation in the Estimates debate was based on almost entirely on what the Central Bank’s governor report contained,” he said. (TS)

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