Kevin Greenidge: Research is the compass that guides us through
uncharted waters
Remarks by Dr Kevin Greenidge, Governor of the Central Bank of Barbados, at the
2023 Annual Review Seminar, Bridgetown, 25 July 2023.
* * *
Distinguished guests, esteemed colleagues, and friends joining us.
As the Governor of the Central Bank of Barbados, it is with immense pride and gratitude
that I welcome you to the 43rd Annual Review Seminar. This cherished tradition, which
has spanned over four decades, holds a special place in the heart of our institution. It is
a momentous occasion that not only celebrates the outstanding research of our
dedicated staff, but also opens the doors to fresh perspectives and innovative ideas
from researchers both near and far.
As we gather here in person for the first time since the onset of the COVID-19
pandemic, we cannot help but reflect on the challenges and uncertainties that have
defined these past years. The theme of this year's seminar, "2023 - The Road to
Recovery: Removing Roadblocks and Building Bridges," aptly encapsulates the
spirit of hope and determination that fills the air. Together, we embark on a journey of
exploration and collaboration, seeking innovative pathways to navigate the complexities
of our ever-changing economic landscape.
At the heart of our endeavours lies the importance of economic research. It is the very
compass that guides us through uncharted waters, providing crucial insights and
evidence to inform our policies and actions. In the face of global turbulence, research
has been our anchor, helping us adapt swiftly to unforeseen challenges while keeping
our focus firmly fixed on the goal of fostering economic resilience and prosperity for the
people of Barbados.
As the Central Bank of Barbados, our mission extends beyond traditional monetary and
financial functions. We bear a collective responsibility to ensure the stability and
sustainability of our nation's economy, a task that requires us to be at the forefront of
innovative solutions and cutting-edge research. The seminars of the past have paved
the way for a deeper understanding of our economic ecosystem, and this year's event
promises to be no different.
In keeping with the evolving needs of our world, we have structured a keynote panel
that explores the theme " Innovative Financial Solutions for Climate Resilience. "
Climate change poses a formidable challenge that demands collaborative action and
visionary thinking. By examining how the financial sector can contribute to climate
resilience, we seek to build bridges between sustainable practices and economic
growth, ensuring that future generations inherit a stable and thriving planet.
I would like to express my gratitude to the distinguished experts who will be sharing
their knowledge and insights on this critical topic. Your expertise enriches our
understanding and empowers us to make informed decisions for the benefit of our
nation and the broader global community.
Our panellists and moderator for the keynote discussion are:
Jennifer Doherty-Bigara, Senior Climate Change Specialist, Inter-American
Development Bank (IDB)
Leslie Gittens, Multi-Country Manager (Caribbean), United Nations Global
Compact
Donna Wellington, Managing Director, Barbados and the Eastern Caribbean,
CIBC FirstCaribbean International Bank
Torsten Elhers, Senior Financial Expert, International Monetary Fund (IMF) - He
will be joining virtually
Derek Gibbs, Climate Finance Specialist, Environmental Sustainability Unit of the
Caribbean Development Bank (CDB) - moderator
The panel is just the start, but over the course of the next five days, this esteemed
Annual Review Seminar will take us on a captivating journey through an array of pivotal
economic themes. Our presentations will delve into innovative financing, the labour
market, the housing market, climate change and debt sustainability, trade, the financial
sector, the external sector, health, behavioural assessments, and monetary policy.
Each of these areas holds immense significance in shaping the economic landscape
not only for our beloved Barbados, but also for small open economies worldwide.
Innovative financing has become a beacon of hope for economic growth and
development. As we explore new avenues to secure funding and investment, we
empower our nations to overcome obstacles and capitalise on emerging opportunities.
Understanding its
The labour market lies at the heart of our economic prosperity.
dynamics and challenges is crucial in crafting policies that promote inclusive growth,
protect workers' rights, and nurture a skilled and adaptable workforce.
The housing market is a fundamental pillar of societal stability and individual well-being.
Examining its intricacies will enable us to ensure access to affordable housing for all
citizens while safeguarding against potential risks.
Climate change and debt sustainability are intertwined challenges that call for
urgent attention. By addressing these issues head-on, we pave the way for
sustainable and resilient economies that can weather the storms of environmental and
economic uncertainty.
Trade forms the backbone of global economic interconnectedness. Our discussions on
this topic will explore ways to foster international partnerships, facilitate exports, and
unlock the full potential of Barbados in the global marketplace.
The financial sector plays a critical role in underpinning economic stability. By exploring
best practices and innovations in this domain, we lay the groundwork for a secure and
thriving financial ecosystem.
The external sector and its dynamics warrant our constant scrutiny as they influence the
overall economic health of our nation. Delving into this topic will deepen our
understanding of the interplay between international trade, foreign investment, and
exchange rate policies.
Health is wealth, and never has this adage been more apparent than in the face of the
recent global health crisis. Our examination of health-related economic aspects will
equip us with insights to build robust healthcare systems and safeguard public
wellbeing.
Behavioural assessments shine a spotlight on the intricacies of decision-making and
consumer behaviour. By delving into this fascinating realm, we unlock valuable insights
into economic choices and their consequences.
Lastly, monetary policy remains a cornerstone of our central bank's endeavours. Our
discussions in this area will help refine our approach to achieving price stability,
supporting economic growth, and maintaining financial stability.
Moreover, it brings me immense pleasure to announce that on the final day of this
seminar, we will have the privilege of hosting former Governor Dr. DeLisle Worrell, who
will conduct a book signing event for his latest publication, "Development and
Stabilisation in Small Open Economies." Dr. Worrell's vast knowledge and experience
have been instrumental in shaping the economic landscape of our nation, and his new
publication promises to be a valuable resource for all scholars and practitioners in the
field.
To our colleagues and participants, your contributions to this seminar are invaluable.
Through the exchange of ideas and research, we strengthen the foundations of
economic progress, bolster the resilience of our institutions, and, most importantly,
foster prosperity for all.
As we embark on this enlightening journey together, let us seize this opportunity to build
networks, engage in meaningful dialogue, and cultivate partnerships that transcend
borders and disciplines. Our collective efforts will unlock the road to recovery and pave
the way for a future built on resilience, sustainability, and shared prosperity.
Thank you all for being a part of this significant moment. Let us make the 43rd Annual
Review Seminar of the Central Bank of Barbados a resounding success, and may it be
a beacon of hope and progress in our shared pursuit of economic advancement.