between west africa, brazil, and caricom, emphasising green trade and the sdgs, and identifying opportunities for reducing trade barriers and investing in infrastructure. the central bank of barbados wants to add to these efforts of making uwi a beacon for the region's development : we are pleased to announce that we will be working with the src and the cave hill campus to organise and digitise the works and files of pm owen arthur so that they can be made available to the researchers to draw inspiration from. conclusion 9 / 10 bis - central bankers'speeches in conclusion, i want to emphasise that we're not just passive witnesses to the transformation unfolding in the caribbean - we're active participants, changemakers, shaping our narrative. the goals i've outlined for environmental sustainability, human capital development, and tech innovation aren't distant landmarks ; they're stepping stones in our daily journey. every effort, every initiative, brings this vision to life, reflecting our unwavering spirit and resilience. we stand on the brink of unparalleled opportunities, illuminated by the golden jubilee of caricom and our strengthening ties with africa. our growth is tangible, felt in the lives of our people, the preservation of our environment, and the enriching of our regional and global partnerships. we're not confined to the echoes of the past ; instead, we're scripting a dynamic future where prosperity, inclusivity, and resilience are not aspirations but our lived reality. our reflections are not abstract but grounded in actionable insights. owen arthur's advocacy for functional cooperation is not a vestige of the past but an enduring framework. as we venture into intricate dialogues on growth, arthur's words serve as both a compass and catalyst. his belief that, " the future of each is bound up in the future of all, " encapsulates our journey of weaving individual progress into collective prosperity. our engagement tonight isn't a culmination but a continuation. each idea, insight, and aspiration contributes to a narrative enriched by diversity and solidarity. in the esteemed words of owen arthur, " in unity, there's not just strength but an invincible resilience, " a testament to our collective journey of crafting a caribbean narrative where sustainable and inclusive economic growth isn't a distant aspiration but a living, evolving reality. thank you! 10 / 10 bis - central bankers'speeches

* total income equals primary income minus current transfers paid. † government transfers equals current transfers received. ‡ diposable income equals total income plus government transfers. sources : statistics canada and bank of canada calculations while disposable income increased, the impact of the pandemic on household spending was even greater. canadians, on average, spent about $ 4, 000 less in 2020 because of the pandemic. lockdown measures and fear of the virus kept wallets shut ( chart 3 ). 2 to analyze this further, we can divide spending into four categories : essentials ( such as food and clothing ), non - essentials ( such as cars and other durable goods ), hard - to - distance items ( primarily services such as travel ) and shelter. 3 hard - to - distance items represented more than half of the decline in spending, which reflected a significant reduction in sales at restaurants, bars and hotels. i know many of you felt this acutely. 2 the weakness in spending was mostly due to services consumption ( about 75 percent ). 3 the consumption categories are based on those used in j. macgee, t. m. pugh and k. see, “ the heterogeneous effects of covid - 19 on canadian household consumption, debt and savings, ” bank of canada staff working paper no. 2020 - 51 ( november 2020 ). essentials includes groceries, clothing and medical products as well as urban transit, education, communication and financial services. non - essentials include vehicles, appliances and jewelry. hard - to - distance ( hospitality ) includes food and beverage services as well as accommodation services. hard - to - distance ( others ) includes recreational, cultural and transportation services as well as travel expenditures by canadians abroad. shelter includes spending related to the ownership, rental or maintenance of a dwelling. - 6this drop in spending was greatest in the second quarter of 2020, when the lockdowns were widespread and stringent. in the second half of the year, as restrictions were relaxed, spending rebounded. the strength came primarily in non - essential goods such as motor vehicles, recreational goods and furniture, as people spent more time outdoors and activity in the housing market picked up. however, spending on high - contact services barely moved. chart 3 : canadians spent on average $ 4, 000 less in 2020 gap between actual per capita consumption and a linear trend ( quarterly data are nominal and seasonally adjusted at annual rate ) dollars 1, 000 - $ 3,