delisle worrell : increasing labour productivity in barbados welcome remarks by dr delisle worrell, governor of the central bank of barbados, at the national productivity council ’ s annual week of excellence, bridgetown, 23 february 2015. * * * it is because barbados is a relatively prosperous and competitive economy, by international comparison, that the focus of national economic policy must be squarely on increasing labour productivity. barbados'prosperity has been achieved by selling tourist services, international business services, and other exports of goods and services in a competitive international market. with the foreign exchange we have earned, we have imported the products and services that support our modern lifestyles. going forward, that is what we must continue to do. barbados has established a reputation for the quality of its tourism and other export products and services, and we have enhanced their quality and appeal, with the addition of yacht marinas, first class golf and polo facilities, the new kensington oval, the olympic swimming facility, bushy park, st nicholas abbey, the atlantis submarine, harrison cave, lime grove, our acclaimed rums, oistins, our various culinary offerings, our festivals, and in many other ways. what makes our business and financial services special is our legal and regulatory framework, and the growing levels of knowledge and expertise that we offer to the international investor. if you are successful in any business you will attract competitors, and as we all know, barbados has always had competition from within the caribbean and beyond. it's a dynamic world, and to stay ahead of the competition, you need to keep getting better. barbados has been getting better, in terms of the quality and variety of its products and services. the most comprehensive report on global competitiveness is the global competitive report, published by the world economic forum. in its 2014 - 15 report barbados ranks number 55 in the world, and highest in the english speaking caribbean. however, barbados has not made commensurate progress in terms of labour productivity. we have seen increases in output for each unit of labour, in the past decade. but they have only been sufficient to enable us to maintain our standing in the late forties to early fifties in the competitive ranking. in today's world you cannot prosper by standing still. faster growth in the productivity of our labour force is necessary, if we are to further improve our relative competitiveness. increasing labour productivity is also essential to improving the living standards of our workforce. barbados is a prosperous economy,

##s reaching us, at this far distance. this has whetted the appetite of many, and there is growing interest and curiosity about the possibilities for networking, exchanges, travel, culture, entertainment, sports, commerce, conferences and all the many ways our societies might interact. the barbados - china friendship association ( bcfa ) intends to provide a central node for a multifaceted network covering all areas that might be of interest to members and the general public. there is an opportunity for all those who might have an interest in the chinabarbados relationship to join the association and help us shape its agenda. the bcfa is a sponsor with the chinese embassy and the central bank of the fish and dragon festival, which we are introducing to the public today. the association will have a booth at the festival, with information on membership, the association ’ s actual and future activities, information on resources for mandarin language training, information on training and travel opportunities. if you already have an interest in interacting with china and the chinese we need to hear from you. and if you are merely curious there will be plenty to pique your interest and give ideas and inspiration for a deepening of your involvement with the bcfa and with china. we invite you to visit and like the festival ’ s facebook page entitled fish & dragon festival. we plan an exciting, entertaining and informational festival, which is sure to be enjoyed by all. and after the festival the bcfa will keep things going, with the assistance and engagement of all those who share our passion for an intensification of the china - barbados relationship. bis central bankers ’ speeches