NASSAU, BAHAMAS — This nation must have a “workable plan” with measurable key performance indicators towards its economic recovery or will otherwise remain in the crosshairs of international ratings agencies, according to a Bahamian economist.
Rupert Pinder, a University of The Bahamas (UB) lecturer, told Eyewitness News: “There are some very interesting parallels in terms of what is happening in Barbados with the Mia Mottley administration.
“Notwithstanding that Barbados is having its own share of challenges, Barbados got very high marks from the IMF (International Monetary Fund) and that was because they had a workable plan. While we have a report generated by the Economic Recovery Committee, I think if you were to compare and contrast you would see that they (Barbados) had a road map with objectives and measurable key performance indicators.
“One of the challenges I have, in terms of some of the things we have prepared, is that everything is on a conceptual level.”
Pinder continued: “We say that we want to diversify our economy, for example, and reduce our dependence on tourism. It’s one thing to say that; it’s another thing to say that by 2030 we hope to increase the agriculture output by X percent.
“Even as we move ahead with some of the things outlined in the National Development Plan, we need to have a road map, milestones and markers to measure our progress toward those objectives. We need clear and measurable objectives and something that speaks to international audiences. A lot of what is in the public domain doesn’t speak to an international audience.”
According to Pinder, the government must be frank with the populace on the state of the economy.
“There has to be frankness, not to create hysteria but to let people know what the issues are and what the plan is to address them,” he said.
“It may not be easy; we may all have to feel the pinch, but there must be a workable plan.”
He added: “Many people speak of this economy in terms of pre and post-COVID, not recognizing that a lot of challenges predated COVID-19 and Hurricane Dorian.”
Pinder also warned that this nation cannot continue to accumulate debt.
“We cannot simply solve all of our problems through borrowing,” said Pinder.
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