Barbados Private Sector Association Praises Holistic Budget Proposals for Wellbeing and Economic Resilience

In a positive assessment of the Budget, the Barbados Private Sector Association (BPSA) has hailed the proposals as holistic and inclusive, praising measures aimed at enhancing wellbeing and economic resilience.

BPSA Chairman Trisha Tannis commended the fiscal measures presented by Minister in the Ministry of Finance Ryan Straughn, emphasising support for initiatives that boost the quality of life for Barbadians.

Dr Tannis acknowledged the private sector’s support, as part of the Social Partnership, for the government’s approach to governance and social development. She said there could be no objection to any measures aimed at developing the wellbeing and quality of life for Barbadians, including support for paternity leave for males and those that specifically affect the most vulnerable households in Barbados.

The BPSA leader pointed out that while the minister did not announce measures to incentivise businesses to the extent of the prior year’s budget, the measures to stimulate growth, digitisation, and modernisation of key sectors for their development, the reduced water rate to the agricultural sector, and the approach to cybersecurity, were taken as indicators of the government’s commitment to creating an enabling environment for private sector development.

Dr Tannis said: “The private sector, over the coming weeks, will seek clarity on any of the measures where more details for implementation should be forthcoming.”

Though supporting a minimum wage in principle, the private sector has, however, lamented the “continuing lack” of a national productivity mechanism that needs to go hand-in-hand with the minimum wage. In this regard, Dr Tannis has urged tripartite collaboration to address “this deficiency”.

At the same time, the BPSA is pleased with the overall performance of the tourism industry and agreed that the concessions offered to both businesses and employees should benefit the economy. She, however, acknowledged that while the tourism industry continues to perform well as a major contributor to national economic development, the private sector reiterated the need for economic diversity.

As such, the business leader welcomed the progress made to unlock the renewable energy sector and the relief given to the small business industry.

The rebound of the fiscal performance of the economy was recognised, specifically the downward trajectory of debt to gross domestic product (GDP) and the “healthy” foreign reserves levels.