–highlights challenges such as highest imported inflation on food prices in the region’s history due to international disruptions

PRESIDENT Dr. Irfaan Ali has celebrated the Caribbean region’s remarkable economic resilience in the face of ongoing global crises.
In his address as the guest speaker at the Barbados Labour Party’s (BLP) 85th Annual Conference and Awards Ceremony held in Christ Church on Friday, he expressed admiration for the approach taken by Barbados under the stewardship of Prime Minister Mia Mottley, the leader of BLP.

He highlighted her significant role in shaping global discussions aimed at establishing fairer and more resilient economies.
“Today, Barbados’ leadership in Prime Minister Mottley has contributed significantly to global discussions on creating fairer, more resilient economies. Her leadership has emerged as one that is persistent, whether it’s on climate change [and] crime…,” President Ali emphasised.

He emphasised how, despite challenges such as the COVID-19 pandemic, rising inflation, and climate change, Caribbean nations have demonstrated a strong capacity to adapt and recover.
In the past four years, he said, small economies like Barbados and others in the Caribbean have faced “a perfect storm” of challenges related to climate, food, and energy security.
These countries, Dr. Ali noted, already vulnerable due to their size and dependency on external factors, had to navigate a series of crises that tested their resilience.

He pointed out that the COVID-19 pandemic alone stripped two years of policy and financial space from these nations, as governments redirected efforts to managing public health emergencies.
Simultaneously, he said, the region endured two hurricanes. On top of this, Dr. Ali noted that the highest transportation and logistics costs in the history of the Caribbean dramatically increased the cost of imported goods. Global events outside the region only exacerbated these difficulties.

According to him, the highest imported inflation on food prices in the region’s history stemmed from international disruptions, compounded by the effects of wars, which impacted the global supply of grains.
He noted that Barbados’ ability to maintain a steady Gross Domestic Product (GDP) growth, even amidst economic downturns, is indicative of sound fiscal management and innovative policy-making.

“So, you navigated that as a country. But you did not only navigate this as a country, you navigated through an economy where your debt-to-Gross Domestic Product ratio [in 2017] was 158.3 per cent. You navigated these challenges in 2017, when your import cover was 5.3 weeks. You navigated these challenges in Barbados when your fiscal deficit, expressed as a percentage of your GDP, was 7.6 per cent. The average employment rate between 2009 and 2017 was 10 per cent,” Dr. Ali said.
As a region, however, Dr. Ali emphasised the importance of developing a successful strategy for the future, highlighting that technology integration is crucial.
He said: “The future is a digital future. For too long, as a region, we have taken an individual approach to development. If, by policy, we haven’t done what we were supposed to do by now, trust me, the digital world will force us to do it digitally.”