BRIDGETOWN, Barbados – PRIME MINISTER David Thompson has reassured that his government would exercise caution in ensuring that Barbados’ fiscal policy does not reduce the current level of employment.
According to Caribbean Net News, he issued these comments at a recent luncheon held by the country’s Chamber of Industry and Commerce.
Thompson revealed the government’s intention to implement projects and programmes that would aid in job creation and stimulate the economy. He noted that special attention would be paid to policies that support the balance of payments and protect the country’s foreign exchange rate.
The Prime Minister also urged the private sector to refrain from using the current global economic situation as an excuse to lay off workers.
“Widespread unemployment is not good for business or for social cohesiveness and stability. It makes more sense to accept a smaller profit margin in these trying times and stay in business a while longer than to insist on maintaining current profit margins by firing workers and then going out of business due to lack of demand,” he stated.
Thompson called on the manufacturing sector to engage in networking as opposed to competing and for distributors to find alternative and less expensive sources for their products.
He also encouraged trade unions to be cautious in their wage demands when negotiating for higher wages on behalf of workers, noting that they should remain cognisant of the current situation and therefore sensitive to the capacity of employers to pay and maintain current wages in light of the global financial crisis.
Barbados News