By Liliana Rojas-Suárez, Desmond Thomas, Editors
Symptoms aspect to the necessity for Barbados to opposite contemporary losses in competitiveness in foreign markets, a problem that the rustic is thankfully good situated to fulfill. during this publication, specialists speak about different points of the problem and boost particular proposals for addressing the competitiveness problem dealing with Barbados.
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Additional info for Barbados: Meeting the Challenge of Competitiveness in the 21st Century
A lack of entrepreneurial/business skills is identiﬁed as a major weakness in Barbados. So is inadequate access to formal sources of ﬁnancing. Investment and business planning is also hindered by insufﬁcient survey and other data. In general, there is a need to strengthen the provision of business-support services and training to promote small-business growth. Additional insights on public-sector institutional constraints to competitiveness are presented by Weigel (2005). For example, long delays in obtaining titles to land and limitations in the ability to use land as collateral have been identiﬁed as barriers to private investment.
Exploiting those niches, however, requires improvements in complementary infrastructure, such as hospitals, health facilities and spas. Most importantly, improving competitiveness in the tourism sector implies keeping operating costs down. ” The Dominican Republic, Mexico and Jamaica stand as strong competitors offering highvalue products at lower prices. These issues, of course, relate to the deﬁciencies in the labor market discussed above. Another prominent possibility for export diversiﬁcation within the services sector is the development of the information and communications technology (ICT) sector.
This can impede/slow the growth of the economy’s potential output and employment in “normal periods”. The other, in danger of being manifested when the economy is undergoing “stress”, is the likely emergence of a bias by the authorities toward unsustainable compensatory increases in public spending, leading quickly to the emergence of debt vulnerability. Different episodes of economic difﬁculties for the periods 1991–92 and 2001–03 give some indication of how both of these biases can emerge and operate in day-to-day practice.