AGM 2011

The Barbados Economic Society held itsAnnual General Meeting (AGM) onSeptember 8, 2011 at the SavannahHotel. The AGM featured a paneldiscussion entitled “FinancingEducation in Barbados”, with panellistsDr. Leonard Shorey, Mr. Ryan Straughnand Professor Frank Alleyne. Thisevent, like the last three of theSociety’s public forums, was very wellattended. The very controversial andcurrent topic evoked plenty ofdiscussion and comments from the floorespecially from key stakeholdersaligned with the University of the WestIndies.

The Annual General meeting was helddirectly after the panel discussion andwas called to order by the presidentDr. Winston Moore. He led with areport outlining the accomplishments ofthe Society since its revitalizationjust over a year ago. Dr. Moore drewattention to the recent publicdiscussions that had been mounted bythe Society and underscored theusefulness of the survey of economists’expectations, television and radioappearances and the blog. Thetreasurer’s report came next, and itwas pointed out that the weakness ofthe revenue stream highlighted the

difficulties that had been encounteredwith collecting membership fees.Suggestions from the floor foraddressing this situation included:

1) The collection of a fee at eventssince the majority of expenditurewent to catering for such events.

2) Reminding members when fees aredue through more ‘aggressive’tactics; for example through emailreminders.

3) Creating a heavier online presenceand exploring the possibility ofcharging persons to view certaincontent online, and

4) A heavier reliance on corporatemembership.

The annual election was also held and anew executive chosen as follows:

President: Mr. Ryan StraughnEx OfficioPresident: Dr. Winston Moore

Vice President: Mr. Hilford MurrellSecretary: Mr. Wayne ElliottTreasurer: Mr. Kester Guy

Public Relations: Mr. JasonLacorbiniere

BES NEWSLETTER Volume 29, No. 1,

December 2011

Floor Members: Prof. RolandCraigwell

Mr. Ronnie GriffithMr. Darrin Downes

Newsletter Editor: Mr. HaroldCodrington

Season’s Greetings.Let me begin byfirst thanking themembership fordemonstrating theirconfidence in me toserve as Presidentof the Society for2011/12. TheSociety is goingthrough a

rebuilding phase which is occurring atthe same time as the local, regionaland international economies are stillin crisis mode after 4 years. Given thestructure of the Barbados economy wecould not escape the financial,economic and now debt crisis thatappears rampant across Europe and NorthAmerica.

That said we have a professionalresponsibility to engage our variouspublics to better inform as to theconsequences of our own economicactions/inactions. All cannot be blamedon international uncertainty and assuch we must be steadfast in thepursuit of sound economic policydecision-making.

As President, I’ve had the opportunityto ventilate some of the views of theSociety, however as we look forward to2012, I want to rebuild the foundationsof the BES by engaging the membershipin three priority areas.

1. Enhance public engagement:Engineering high valued contentfor public consumption in order toboth educate and raise the levelof economic discourse on allmatters affecting the country. TheSociety must further engagegovernment, regulators, labourunions, the private sector,consumer organisations, media andthe wider public at large throughutilising the wide cross-sectionof skills resident within theSociety. In short, we must simplytake back the economics space inthe country.

2. Commercialization of theprofession: Our research output isviewed as academic exercises bestsuited to journals, rather thanthe boardroom. Traditionally, ourfocus has been mostly macro-oriented which was entirelyappropriate given the country’sdevelopment phase. Whilst this is

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still very important given therecent global financial crisis,businesses, consumers and othereconomic agents operating in amore technological and informationage require a more micro-orientedfocus over which this macro viewshould be effectively laid. Onlythen will the private sector,government and other agents beginto understand the true and realvalue of the economist. Itherefore urge the membership topool resources to respondeffectively to the needs of thebusiness community in order todemonstrate our true worth.

3. Credible fiscal reform andconsolidation: 2012 is upon us,and Barbados still possesses apublic sector that is operating asit did in 1966. The Society mustover the course of the next threeyears formulate concrete proposalsand policies aimed atsignificantly reducing the size ofgovernment and its commitmentsover the next generation. Duringthe coming months, the focus willbe on the development of specificinitiatives that, if effectivelyimplemented within a reasonabletimeframe, will result in thetransition of some public agenciesand statutory corporations fromthe status of public entitiesproducing predominantly non-marketoutput to more commercial andeventually fully-privatisedcompanies and institutions thatare producing market output.

I fundamentally believe that forBarbados to successfully continue onits development growth path, the voice

of the BES must be relentless inpursuit of sound economic management.We will be objective in our assessmentof the economic fortunes of Barbadosand in so doing become a trusted voicein the eyes and minds of the populous.The 2012 economic outlook is by nomeans rosy but out of adversity comesopportunity and it is my intention tosee that the BES fully capitalizes onany and all opportunities to cross ourpath.

I look forward to working with all ofyou in the coming year and would liketo extend best wishes from my family toyours over the holiday season and everysuccess in your endeavours for 2012 andbeyond.

Ryan Straughn

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The new President of the Society isformer central banker Mr. RyanStraughn. He has a BSc Economics andMathematics degree, (UWI) with FirstClass Honours, an MSc Econometricsdegree (Manchester University) and is atrained National Accounts statistician(IMF Institute). Mr. Straughn workedfor four and a half years as anEconomist in the Research Department ofthe Central Bank of Barbados, where hisspecialty was econometric modeling.While at the Central Bank, Ryan wasactive in its sports programme and healso is a music afficianado.

In 2005, Ryan migrated to England andgot valuable experience working for anumber of large firms. It was therethat in 2009 he established thepredecessor to the firm he now heads,Abelian Consulting, a businessmanagement and research consultancywhich was incorporated earlier thisyear. Ironically, Ryan is married tothe former Jennifer Griffith, who wasalso a Central Bank econometrician andBES member.

In this issue we present the first partof a paper by Dr. Audley A. Espeut,Former Head of the Post ImplementationEvaluation Unit at the CaribbeanDevelopment Bank and PracticumLecturer/Coordinator M.Sc. Project Managementand Evaluation Programme at theUniversity of the West Indies, CaveHill Campus.

The impact of projects on a targetgroup, a sector or the economy as awhole is of increasing interest andimportance to all Development FinancialInstitutions (DFIs) and other financialestablishments throughout the EnglishSpeaking Caribbean (Region). Theperformance of projects affects thequality of the DFIs' portfolios and byextension the efficiency of theiroperations. The degree of impact,however, is difficult to assess unlesssystems for measuring performance areindicated in the Project Appraisaldocuments, preferably at the projectpreparation stage.

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New President for the Society

Monitoring and Evaluation ofProject Portfolios ofDevelopment Financial

Monitoring and Evaluation (M&E) are twodistinct activities and invaluableproject tools which may be carried outby the same person. Generally theProject Supervisor monitors the projectand evaluates it during implementationin order to take or recommend tomanagement remedial action as may benecessary and uses the monitoringindicators to determine if theappraised targets are being met.However, an overall evaluation orimpact evaluation is done at a pre-determined point in time during projectoperation by the Evaluation Division ofthe lender. In practice the evaluationforms the basis for recommendations tomanagement for decision-making.

Monitoring and Continuous Assessmenttherefore is the process whereby theactivities of a project are monitored.This involves data collection, which iscontinuously evaluated for decision-making. M&E is therefore used to verifythe extent to which the targets of aproject are being met; these are timeschedules, inputs for projectdevelopment, project design, scope andphysical accomplishments/ outputs.This exercise is especially usefulduring project implementation when itmay be necessary to take prompt actionto correct activities in order to reachthe desired goals.

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Staff who monitor and superviseprojects should be astute enough torecognise that certain events, althoughplanned, may change during the courseof the implementation period. Forexample, although the historicalpattern of the rainy season may havebeen taken into account during projectscheduling, the rainy season couldstart earlier or later than anticipatedand therefore establishment will needto start before or after the scheduledtime. Construction of a hotel or amanufacturing plant may need to startat a different time than originallyplanned in order to reach a stage whereinternal work can continue during therainy period. As simple as this may appear, mistimingthe implementation of an activity suchas planting or construction could havethe effect of significant delays andcost overruns, including delays inachieving project benefits. Projectmanagement will need to be aware ofthis for appropriate courses of actionto be taken. It is essential,therefore, that project activities bemonitored and indicators outlined inthe appraisal reports for monitoringthem. The goals or objectives of theproject may be short-term; relatingmore to the implementation period orlong-term, which are concerned withproject operation.

Monitoring indicatorsMonitoring Indicators should be projectspecific and are necessary forimplementation and operation.Indicators for short-term objectivesare generally different from thosemeasuring long-term goals or impact.Monitoring Indicators should be

objective, quantifiable and verifiable.They are used in assessing whether theobjectives or goals of the project asplanned have been achieved or will beachieved. Indicators are thereforetools that are used to more preciselydefine and measure the desiredobjectives against actual outcome. Theyshould indicate for example, how muchmore the farmers' income is expected tobe and how many farmers are expected tobenefit from the project or scheme andthe time frame. They should be specificabout inputs such as fertilizers andchemicals. When and how much should bedelivered and at what cost. Did theyarrive on time, for proper use? If not,why not? With respect to feeder roadconstruction for example, what distanceof road is to be completed and by whattime? Dimensions and specifications ofthe roads andthe quality of material to be used andcost are also indicators to beincorporated into the Appraisal Report.

How about the industrial sector? Willinputs such as cement, steel and lumberalong with other material arrive ontime and in the quantity ordered? Isthe delivery of machinery and equipmentbeing monitored to ensure t-hat theyarrive on schedule and at the agreedcost? Where will they be located? Willplant space be ready for theirinstallation or will storage berequired? If so, where and at whatcost? Each objective should have itsindependent indicators so that therewill be no doubt as to which objectiveor goal the indicators are referencing.In monitoring and evaluating theactivities of the project, the datacollected must be factual and timely

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for sound and quick decision-making byproject management. Although there may not be indicators inthe Appraisal Report for externalfactors, those factors which in theopinion of the monitoring staff willaffect the outcome of the project andits performance should also bemonitored. For example, the source ofmajor material may be disrupted becausethe effects of natural disasters suchas earthquakes or hurricanes willincrease the price of the material; andin other cases the material cannot beprocured from any alternative sources.Such cases necessitate the redesigningof the project or change in scope. Thecost of input may also change due tothe government's policy such as tariffincreases. The reverse may also be truewhich will contribute to the reductionof the project cost.

Those persons monitoring the projectmust be alert to these changes and makerecommendations to project managementso that appropriate intervention can bemade for achieving project objectives.

Post-Implementation EvaluationDepending on the type of project andthe policy of the institution the firstpost-evaluation of a project could bedone six to 18 months after projectimplementation; assuming that operationof the project starts immediately afterimplementation. This is the ProjectCompletion Evaluation (PCE) or TerminalEvaluation which generates the ProjectCompletion Report (PCR).

The primary purpose of the PCE is toascertain the extent to which theproject has achieved its objectives or

has deviated from them duringimplementation andwhat lessons can be learnt as a result.This evaluation involves an assessmentof the performance of the projectmanagement and the activities affectingthe project which entail a review ofthe monitored data and decisionsemanating from them. This also requiresinter alia interviewing projectparticipants such as the projectmanagement staff, engineers,contractors, and other stakeholders forclarification and/or verification ofinformation and data already on file.

Ex-Post EvaluationEx-Post or Impact Evaluation is anassessment of the relevance, efficacy,efficiency, sustainability andinstitutional development impact of aproject or programme that is carriedout some time during its operation. Atthis stage, the achievements and/orexpected achievements are compared withstated long-term objectives. It is alsoat this stage that the evaluator shouldbe able to determine the impact orexpected impact of the project on thebeneficiaries, be it a particulartarget group or a company. If theproject was large enough the impact onthe sector/economy should be indicated.Explanations must also be provided forsignificant variances between projectedand actual project outcome.

If, for example, it is a hotel project,has it achieved the expected roomoccupancy or generated the employmentand foreign exchange anticipated? Otherindicators of achievements are revenuegenerated and net profit, all of whichare quantitative. The qualitativeachievements should also be outlined.

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These include strengthening ofemployees' performance skills,improvement in their quality of lifeand development of peripheralbusinesses because of the project.

In the case of agricultural projects,the crop may be at a stage where it canbe determined whether the impactobjectives will be met. For example,will the yield be achieved? Are pricesfor the commodity holding as projectedso that the farm families' income willincrease and to what extent? Also isthe project generating the amount ofemployment anticipated? If the crop hasbeen harvested and sold the evaluatorwill be in a better position toestimate the impact of the project onthe target group and its surroundings.It should be borne in mind that becauseof a project, social services may beintroduced in the community, such asschools, clinics, hospitals, additionalwater and sewage facilities, so thatthe community as a whole is better off.If there are many projects operatingsimultaneously in the area it may bedifficult to identify unequivocallythat it is as a result of a specificproject that these services have beenestablished. The evaluator may thenhave to consider the group of projectsas a programme contributing to thedevelopment of the area.

With respect to impact assessment, itis necessary for the evaluator to knowthe situation that existed in theimmediate area before the projectstarted so that a valid comparison canbe made. This is facilitated throughthe collection of baseline data. If thebaseline data was not collected, then acomparison could be made between the

present project area which hasdeveloped or is developing with asimilar area nearby which has not beenaffected by the project or has not beendeveloped.

Objectives of Monitoring and EvaluationStudiesThe objectives of monitoring andevaluation are not only to learnlessons, but to feed those lessons backto various individuals, management,banks and government ministries otherorganisations and agencies involved inthe project for integration into futureprojects.

The immediate beneficiaries of theselessons would be the DFIs since theyare usually involved in the projectfrom beginning through implementationto operation. Resulting from lessonslearnt, management of the DFIs may wishto change policies regarding thehandling of projects. Management mayalso wish to review some covenants withrespect to restrictiveness which may benon-developmental or covenants that maybe too liberal and not in the bestinterest of either the lendinginstitutions or the sub-borrowers.

The Project Officers themselves wouldbe interested to learn how they mayimprove the preparation, appraisal,implementation and supervision offuture projects. The project sponsors,investors and operators must also havethis information to help them duringthe implementation and operation phasesof their projects, thus enabling themto see different aspects of theprojects and how they may be handled inthe future. (To be continued)

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It is always timely and acceptable tocontemplate on all those things we havecapitalized on and all theopportunities we have missed. It wouldbe remiss of us as citizens of paradiseto ignore the neglect of our chiefbreadwinner: the environment. Theblatant disregard for our natural,ecological and environmental resourceshas long been one of the limitingfactors that has hindered ouradvancement as a nation with regard tothe quality of our tourism product.Even with the advancement oftechnologies, the introduction ofgreening initiatives and countlessenvironmental campaigns, the resolve ofthe average Barbadian seems to waverwhen it comes to the protection of whatshould be a mainstay of our veryidentity.

Even if we accept the premise that wealter this paradise to make it betterable to meet our requirements, twoquestions come to mind, “When do wedecide that we have done enough?” and,

“Are these alterations really profitingus as a people?” The answers to thesetwo questions come with severalconditions and many varying thresholds.Nonetheless, it remains clear that wehave, and continue to, trash ourresources by overuse and that we makeinvestments that are not in the long-term interest of this little rock.

By now I am sure that you are beginningto recall all those times that you havethrown litter through your window, orthat time that you needed to get rid ofthe old refrigerator and saw the gullyas a nice receptacle. These seeminglyharmless acts caused the Caribbeanregion to report during the 2008International Coastal CleanupConference held in Montego Bay,Jamaica, that a total of 6,781,537garbage items were collected fromshorelines and underwater sites in thewider Caribbean region. Remarkably,almost 90 percent of this amountcomprised debris from land-basedsources (United Nations DevelopmentProgram Annual Report 2004).

We are a proud people and we continueto boast of our tourism product and themerits that the sector has afforded us.However, we should always be cognizantof the reasons why visitors sometimespay large sums of money to travel toour shores. Some may come for businessand ‘stopovers’ but the majority ofvisitors come to enjoy our naturalresources - beaches and fauna - and toimmerse themselves into the Barbadianculture. Moreover, it was estimatedthat the Caribbean is four times moredependent on tourism than any otherregion (Dixon et al, 2001). Given theimportance of the environment to us as

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Are we selling ourselvesshort?

(Wayne Elliott presents some thoughtson attitudes towards the environment)

an earner of funds the followingquestion could now be posed, “Why do wecontinually bite the very hand thatfeeds us?”

Pollution and the general degradationof environmental resources could have adetrimental impact on the tourismproduct of this country. In TheRegional Overview and Action Plan(2008), it was stated that marinelitter especially is a significantpollution issue for the Caribbeanregion. It damages valuable naturalresources, wildlife and sensitiveaquatic and coastal habitats. Itaffects the quality of life of localinhabitants and visitors and impactsthe base economies and sustainabilityof the entire region. Thus, I darerecommend that all citizens takesustainable tourism seriously. It isonly a matter of time before theenvironmental threshold is reached andsurpassed and allows unprecedentedevents to occur on our island.

Our little treasure also faces anotherpotential predator- the effects ofclimate change. Researchers have foundmany interesting trends in weather datathat may have resounding implicationsfor the magnitude of the impacts on theregion. Although Barbados is situatedslightly outside of the normalhurricane path, we are not immune tothe occurrences of hurricane systems.Indeed, systems of late appear to occurwith greater frequency and intensity.Also, as a very flat island that hasbarely managed to propel itself abovethe surfaces of the Atlantic Ocean andCaribbean Sea, Barbados is veryvulnerable to the expected increases insea levels, temperatures and turbulent

waters. [See Holland and Webster(2007), Elsner et al (2008) andGoldenberg et al (2001)]

I believe that we continue to sellourselves short. We seek financialcomfort by causing the obliteration ofthe same natural resources we rely onto market this island as the Mecca oftourism. We seldom take the intrinsicvalue of the environment intoconsideration. We do not acknowledgethe interconnectivity of all thesocial, environmental and culturalcomponents. We focus on the benefitsbut ignore the costs of exploiting ournatural resources.

It is now high tide as we try tomaneuver the waves of globalization andworld financial peril. We as Barbadiansneed to pay closer attention to theenvironment that sustains our verylives since no other citizens of theworld are obligated to do it for us.

By the time these comments arepublished it is hoped that our ownregional Transportation Ministers wouldhave resolved their REDjet concerns, sothat the above would have been answeredwith a resounding NO!

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The arrival of the “Caribbean’s lowfare airline, REDjet” has caused muchdebate in the proposed landingterritories of Barbados, Guyana,Jamaica and Trinidad and Tobago,particularly so among the last two.Though eager travellers (especiallyfirst timers) in each country havealready swiped their credit cards, theMinisters of Transportation of Trinidadand Tobago and Jamaica are reportedly(at least up till the time of writing)still verifying the airline’s agenda,and, rightly so. Ensuring that anyairline which flies within theCaribbean airspace meets and exceedsthe required safety standards is indeedparamount, but one wonders if this isthe role or better yet the competenceof regional Ministers ofTransportation?Given the recent 50 million dollarinvestment by Caribbean Airlines Ltd(CAL) in its Air Jamaica acquisitionand the Government of Jamaica new stake(16% equity) in CAL, the impact ofcompetition on the viability of theregion’s preferred carrier (CAL) isindeed a reasonable concern for bothcountries’ line ministers. Common economic theory indicates thatwhere there is a monopoly marketcompetition increases supply and lowersboth price and the earnings of theincumbent supplier, ceteris paribus.Thus it is easy for CAL and the lineministers in Trinidad and Jamaica toconceive that REDjet may displace CALof its more profitable routes.

The dynamism of today’s market placehowever, warrants the considerations ofother economic realities for CAL andREDjet. One such is the potential for

increased or sustained earnings (forCAL) due to the spillover effect of abroadened market base. Given thatREDjet’s fares are less than half thatof CAL’s the market could be (andalready has been) flooded with drovesof new air passengers. REDjet would notbe able to provide for all theseintended flyers on every trip, as suchCAL can receive some of these as newpassengers where commitments arebinding.

Using that portion of the Trinidad andTobago workforce that earns over US$800monthly (i.e. over 99,000 people) torepresent a third of the broadenedmarket base this gives a market of297,000 persons willing to travelmonthly. Assuming REDjet equates CALwith an average of four flights perday from each of the four destinations,REDjet, with all 149 seats occupiedevery day of the week, can onlyaccommodate just over 70,000travellers per month. Therefore withREDjet only accounting for 24% of thenew travelling class, this leaves aspill of over 200,000 intendedtravellers for CAL to supply.

Graphically the market place postREDjet can therefore take two forms.There is the pessimistic monopoly witha fixed market base of 70,000 peopleper month who will all switch to thenew lower cost carrier, leaving CALobsolete on competitive routes.Alternatively we have the more elasticor optimistic demand for travelresulting from the lower cost carrierwhich leaves CAL’s demand volumeslargely the same for only marginalreduction in the company’s prices.

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In addition to the spillover of newtravellers, CAL should see significantloyalty from several key travellinggroups including business class andtertiary students. Firstly given thatthe business class is not facilitatedon REDjet due to the airline’s rareavailability for last minute travelbooking and its flights selectionoptions which are based solely on priceand not time, REDjet should finddifficulty in attracting Caribbeanprofessionals. Students are alsoexpected to be loyal to CAL,particularly at end and beginning ofacademic terms, when their luggageallowances are not accommodated, withinthe ticket price, of the “low costcarrier”. It is my opinion therefore that thefocus of CAL’s leadership and regionalline ministers’ should be on “shoringup” the market base, that is, ensure(through effective marketing et al)that everyone who can afford to flywithin the region chooses to fly (andallow the market forces do the rest).Moreover with trade proven to be thesovereign road to economic growth andtourism (in its varying forms) a stapleof every Caribbean country, theuntapped economic and social potentialfrom increased volumes and frequency ofregional travel may be enormous. Thuslet us remove the remaining barriers toregional mobility, by relegatingregional air travel to the normal good,it should be.

Though lagging in numbers the role ofeconomists in helping Governments andregulatory agencies unravel theintricacies of cost and pricing in thecommunications sector is as relevanttoday as it has been for decades.

While legal expertise is often givensome prominence, perhaps more thanmerited in the execution of regulation,it is the economist who is called on topull out a tape when it comes tomeasuring prices and costs. Imagine fora second whether the global acceptanceof Price Cap regulation would have beenpossible if then treasury economistwith the British government, StephenLittlechild, did not take the acceptedconcept of applying the variables ofinflation, productivity and efficiencyto design a model for dominant carriersto be regulated in a more equitablemanner.

His report in 1983 led to thedismantling of Rate of Returnregulation of the dominanttelecommunications firm, BritishTelecom, which had previously beenaccepted to encourage inefficiency inhow that firm operated and was awardedrates to charge its customers.

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The application of the RPI-X model,where R is the Retail Price Index and Xa factor calculated to reflectefficiency and productivity, has sincebeen adopted globally to the credit ofthe discipline of economics andeconomists.

Likewise, cost is another factor thatremains current in aiding expansion oftelecommunications networks. Marketfailure could be deemed to occur ifcarriers regard the cost of expandingtheir networks to areas of low incomesand high infrastructure cost to beunattractive in the short or mediumterm. In such a scenario the use ofLocal Loop Unbundling might be avaluable tool, as it allows acompetitor to gain access to thenetwork of a rival to build outinfrastructure and service. Theinterconnection of infrastructure hasbeen a highly contentious issue asowners of networks are usually inclinedto want to offer access to competitors.Hence they may opt to charge for accessor bandwidth at prices that prevent arival from offering service to theconsumer at affordable rates.

The role of the economist is to helpdetermine what is fair and reasonableand in so doing, aid the expansion ofservice and increase productivity.

The Executive for 2011-2012 comprises:

Mr. Ryan Straughn, PresidentTel: 251-0811:

Email: abeliancsi@gmail.com

Mr. Winston Moore, Ex Officio President Tel: 417-4275: Email:

winston.moore@uwichill.edu.bb

Mr. Hilford Murrell, Vice PresidentTel: 228-1936:

Email: hamdenlaw@caribsurf.com

Mr. Wayne Elliott, SecretaryTel: 8225-600:

Email: wayne.elliott@live.com

Mr. Kester Guy, TreasurerTel: 436-6870:

Email: kester.guy@centralbank.org.bb

Mr. Jason Lacorbiniere, Public Relations OfficerTel: 436-6870:

Email: jason.lacorbiniere@centralbank.org.bb

Dr. Roland Craigwell, Floor MemberTel: 417-4474:

Email: roland.craigwell@uwichill.edu.bb

Mr. Ronnie Griffith, Floor MemberTel: 8201069:

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BES EXECUTIVE

Email: homeboyronnie@hotmail.com

Mr. Darrin Downes, Floor MemberTel: 436-6870:

Email: darrin.downes@centralbank.org.bb

Mr. Harold Codrington, Newsletter EditorTel: 436-6870:

Email: harold.codrington@centralbank.org.bb

The Barbados Economics Society wasformed at a meeting convened on January13, 1983 with the aims of:

(a) encouraging greater interaction and interchange of ideas among practising

economists;(b) encouraging greater

professionalism amongeconomists;

(c) stimulating interest ineconomic matters ofimportance to thedevelopment of the Barbados,regional and internationaleconomy; and

(d) providing a forum fordiscussion of such matters.

The Society organises seminars andlectures, prepares two economicforecasts each year, offers a pre-Budget commentary and makesrecommendations to Government andpublishes an informative Newsletter.

Ordinary membership compriseseconomists in teaching, research andindustry, and people who work in areasassociated with economics. Themembership fee is $125 per year.Student membership is open to personspursuing a degree in economics orrelated discipline at a recognisedinstitution. Student members pay $30per year.

Correspondence/enquiries may beaddressed to the President, Mr. RyanStraughn at Tel. No. 246-251-0811.Email: abeliancsi@gmail.com.Subscriptions should be sent toTreasurer, Mr. Kester Guy, Central Bankof Barbados, Tel. No. 246-436-6870,Fax. No.246-427-1431. Subscriptionenquiries should be addressed to Mr.Kester Guy.

Contributions to the Newsletter shouldbe sent to the Editor, Mr. HaroldCodrington, Central Bank of Barbados,Tel. No. 246-436-6870, Fax. No. 436-7836 or Email:harold.codrington@centralbank.org.bb;barbadoseconomicssociety@hotmail.com.We invite submissions of articles, bookreviews or conference reports. Pleasealso send information on members’publications, seminar papers andacademic and professional milestonesand awards.

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