delisle worrell : debating social science issues in the caribbean opening remarks by dr delisle worrell, governor of the central bank of barbados, at the 2016 annual review seminar, bridgetown, 26 july 2016. * * * a warm welcome to the 2016 annual review seminar ( ars ). this conference plays a vital role in the intellectual life of barbados and the caribbean, and it has hugely greater potential to contribute to the global policy debate in years to come. over the years we have seen the ars mature as an incubator for the development of the skills of caribbean economists, especially those in the early years of their career. this event began as an opportunity for central bank economists to share their research, and invite comment, and it continues to be a catalyst for our ongoing work. our seminar is timed to fall at a time when we have interns visiting with us, and we always fit them into our programme. in addition, we issue a global call for papers, and as always we delight in the presence of those of you have come from further afield to join us today. the ars complements the annual monetary studies conference ( amsc ) and the annual salises conference, making for a trio of opportunities to debate social science issues in the caribbean. i see an exciting future for the ars as we go forward, based on the research underway at the central bank of barbados ( cbb ), on policy options in what we are calling the small very open economies ( svoe ). we see an opportunity here to exploit an unfulfilled niche in the global market for ideas. forty years ago the university of the west indies and caribbean economists pioneered research in the economic problems of small size. the late william demas, second president of the caribbean development bank ( cdb ), brought size into the mainstream economic debate with his book the economics of development in small countries, and the new world group of social scientists produced a wealth of deeply researched studies on the challenges and circumstances of small open economies. we understood then that one size cannot fit all, and that the strategies that canada and the united states employ to grow and prosper cannot be borrowed, lock, stock and barrel, and applied to tiny economies like barbados. but that is what we have come to nowadays. whether you are brazil or belize, canada or cayman, mexico or maldives, the international monetary fund ( imf ) insists that your best mix of economic adjustment measures is an independent central bank with an inflation

cleviston haynes : driving change toward the new economy address by mr cleviston haynes, governor of the central bank of barbados, at the opening of the 2019 week of excellence, bridgetown, 25 february 2019. * * * good morning and welcome to the courtney blackman grande salle. when i spoke at this event a year ago, i drew attention to the difficult circumstances in which the barbados economy found itself, the need for urgent decisive action by government and the critical supportive role of the private sector and labour in meeting the challenges ahead. we can all agree that much has happened since that time. the newly elected political administration quickly adopted the barbados economic recovery and transformation plan, with the endorsement of the international monetary fund. the social partners have been actively engaged in helping to develop a programme that achieves its objectives while mitigating the potential adverse effects on the most vulnerable. already, we are seeing encouraging signs. our public finances have been reordered to the extent that we are on target to achieve a primary surplus of 3. 3 % of gdp for fy 2018 / 19. tax refund payments have resumed and the central government is now making payments on a timely basis. the implementation of the domestic debt restructuring has facilitated a reduction in the debt ratio which is now targeted to fall to 60 percent by 2033. our demonstrated commitment to adjustment and structural reforms has garnered the support of the idb and the cdb and our gross international reserves now exceed the benchmark of 12 weeks of import cover. confidence, so necessary for investment and growth, is returning. however, we cannot relax as a sustainable path requires us to build on these successes and implement reforms including those needed to strengthen the financial management of public enterprises, improve the quality of service delivery within the public sector and enhance tax administration. these reforms when fully implemented will be closely, no doubt, aligned with your theme of “ driving change toward the new economy ”. the new economy is knowledge - based and services and technology driven. it promotes innovation and creativity. it is fast paced and customer - focused. the new economy is competitive and it calls for and requires resilience. it is characterised by volatility, uncertainty, complexity and ambiguity. it reminds us that change is constant. as a small open economy, we have transitioned from agriculture to one led by tourism and international business. as demonstrated last year when government altered its corporate tax structure to address external challenges in the international business sector, we have to be prepared