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This is not good. Barbados is a small country. That amount of misplaced jobs would have a huge macro effect on the island. This is sad given that Barbados was once seen as a beacon of Caribbean prosperity. Austerity is never the key.
The problem is that the civil service in most parts of the Caribbean is bloated. Hiring people to reward them for their votes, and to disguise high levels of unemployment has long been used by these governments.
Barbados is broke. It is highly indebted. Its tourist industry is in trouble, and likely to get worse as they have been losing some airline service.. Its manufacturing sectors are almost dead as Barbados is not competitive with other Caribbean islands. St Lucia is now attracting more US tourists and St Kitts exports a higher value of manufactured products to the USA than Barbados.
Its long past the time that Barbados should have stopped living above its means.
The problem is that the civil service in most parts of the Caribbean is bloated. Hiring people to reward them for their votes, and to disguise high levels of unemployment has long been used by these governments.
Barbados is broke. It is highly indebted. Its tourist industry is in trouble, and likely to get worse as they have been losing some airline service.. Its manufacturing sectors are almost dead as Barbados is not competitive with other Caribbean islands. St Lucia is now attracting more US tourists and St Kitts exports a higher value of manufactured products to the USA than Barbados.
Its long past the time that Barbados should have stopped living above its means.
Anyone knows why Intel closed the old factory in Barbados?
I assume that you are talking about the plant which closed in the 1980s. The reason was that cheaper labor could be found elsewhere.
Barbados is now considered to be a lower end DEVELOPED nation, on par with the poorer EU nations, and better off than many in Eastern Europe.
The problem is that Bajans aren't the most skilled people, and so their productivity isn't enough to justify their higher wages and good working conditions. Barbados, an island of 280,000, used to generate about 60,000 visits to the USA, per year. Mostly ordinary lower middle class Bajans headed to shop in Miami. They had no problems getting visitor's visas. They also demanded and got 100% FREE university education. Even the British have to contribute something.
They also demanded and got 100% FREE university education. Even the British have to contribute something.
Here in Brazil we also have 100% free university education.
In fact, this is the rule in Latin America, not the exception. Even when the number of students is limited, and not everyone can get into a 100% free university.
I assume that you are talking about the plant which closed in the 1980s. The reason was that cheaper labor could be found elsewhere.
Barbados is now considered to be a lower end DEVELOPED nation, on par with the poorer EU nations, and better off than many in Eastern Europe.
The problem is that Bajans aren't the most skilled people, and so their productivity isn't enough to justify their higher wages and good working conditions. Barbados, an island of 280,000, used to generate about 60,000 visits to the USA, per year. Mostly ordinary lower middle class Bajans headed to shop in Miami. They had no problems getting visitor's visas. They also demanded and got 100% FREE university education. Even the British have to contribute something.
Don't forget the exchange rate. They have an easy currency where they can enjoy imports from the US. The Bajan passport is by far the best in CARICOM. Visa-less travel isn't offered to most people in the developing world.
You're right about the development of the island.However, the global recession took a toll there. The living standards have lowered in the last several years. The economy hasn't fully recovered in the EU, so tourism is taking a hit.
Here in Brazil we also have 100% free university education.
In fact, this is the rule in Latin America, not the exception. Even when the number of students is limited, and not everyone can get into a 100% free university.
30% of Bajans have COMPLETED tertiary level education. A problem has arisen where the govt no longer has the money to pay school fees, and so has implemented cost sharing. They owe the University of the West Indies millions.
Don't forget the exchange rate. They have an easy currency where they can enjoy imports from the US. The Bajan passport is by far the best in CARICOM. Visa-less travel isn't offered to most people in the developing world.
You're right about the development of the island.However, the global recession took a toll there. The living standards have lowered in the last several years. The economy hasn't fully recovered in the EU, so tourism is taking a hit.
And that is exactly the problem. Too much imports beyond the capacity of the island to do so. The result being a much sharper drop in living standards that might have been the case had measures being taken a while back. Barbados used to be a AA credit. They are now a junk credit.
And it appears as if every thing is hitting them at once. Suddenly tourists increasingly chose St Lucia over Barbados, as that island has seen its tourist industry grow right through this Great Recession. And the OECD countries have tightened up on their interactions with off shore financial centers, also hurting that industry and Bajan manufacturers cant compete with Trinis, so are losing even their domestic market.
Result has been more unemployment, increasing crime, and a serious tarnishing of Barbados's image for stability.
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