Barbados: Meeting the Challenge of Competitiveness in the 21st Century

TABLE OF CONTENTS......Page 5
LIST OF TABLES......Page 6
I-1: Key Indicators of Banking System Strength in Barbados......Page 21
I-2: Barbados and Other Caribbean Economies: Non-performing Loans as a Share of Total Loans......Page 22
I-3: World Bank Governance Indicators......Page 27
I-4: Index of Economic Freedom Components......Page 29
I-4: Barbados: Human Development Index......Page 31
I-6: Barbados: Labour and Competitiveness Indicators......Page 32
D. Some Conclusions—and a “Preview” of the Book......Page 35
II-1: Basic Indicators, 2005 or Most Recent Year......Page 44
II-2: GDP Growth, Sectoral Growth, and CPI Changes......Page 47
II-3: Growth Volatility by Decades......Page 48
II-1: Visible Trade for Barbados, 1985–2003......Page 49
II-2: Industrial Production Index......Page 50
II-7: Score and Ranking in Core Group Sample (93 Countries), CIP Index......Page 55
II-9: Components of the CIP Index......Page 57
II-10: Industrial-cum-Technological Advance (ITA) Index......Page 58
II-11: Performance Indicators: Index of Economic Freedom, Barbados and Selected CARICOM Countries......Page 59
II-13: Governance Indicators......Page 61
II-3: Sectoral Labour Productivity in Barbados, 1982–2002......Page 62
II-15: Unit Labour Costs......Page 63
II-16: Results of Growth Decomposition: Total Factor Productivity Measures......Page 66
II-17: Growth, Investment Ratio, Factor Contribution, and TFP Comparison......Page 67
II-5: Gross Domestic Investment Ratio......Page 68
II-20: Unemployment Rate......Page 69
II-22: Travel and Tourism Satellite Accounts Comparison, 2004......Page 71
II-24: TFP, Efficiency Change, and Technological Change in Agriculture......Page 72
II-25: Basic Health Indicators for Barbados......Page 73
II-26: Safety Net Programs in Barbados......Page 74
D. Microeconomic Considerations......Page 75
II-28: Industries by Types of Ownership......Page 81
II-30: The Knowledge Economy Index and the Knowledge Index......Page 89
II-5: Key Challenges Identified from the Diagnostic Assessment......Page 96
II-33: Major Pressures on Barbados’ Social Welfare System......Page 97
III-1: Labour Force, 1995–2004......Page 111
III-2: Labour-Force Participation Rates by Sex, 1995–2004......Page 112
III-3: Labour Force by Industry Group......Page 113
III-1: Adult Population Passing No Examinations, by Age Group, 1990, 2000......Page 114
III-5: Population 15 Years and Over by Nature of Training, 1980, 1990, 2000......Page 117
C. Employment: Reflecting Socio-economic Change......Page 118
III-7: Sectoral Distribution of Employment for Selected Years......Page 119
III-9: Unemployment by Educational Attainment, Both Sexes......Page 123
III-10: Unemployment Bene. t Recipients for Selected Years by Number of Days Paid......Page 124
III-11: Employees Severed, by Sex Distribution, 1995–2002......Page 125
E. Wages, Productivity, and Competitiveness......Page 126
III-2: Trend in Real Wages and Labour Productivity, 1995–2002......Page 127
III-15: Wages and Salaries in Central Government, 1995–96 through 2004–05......Page 128
III-16: Employment and Earnings by Industrial Group,Quarter Ending September 2003......Page 129
III-17: Labour Productivity by Sector, 1995–2003......Page 130
III-18: Indicators of Competitiveness, 1995–2003......Page 131
III-3: Change in RULC and REER, 1995–2003......Page 132
III-4: Value Added Per Person Employed in Barbados, Jamaica,St. Lucia, and Trinidad and Tobago......Page 133
F. Labour-Market Regulation......Page 134
III-22: Hourly Wages within the Retail, Manufacturing, and Construction Sectors in Select Caribbean Countries, 2001......Page 135
III-23: National Insurance Contributions for Selected Years......Page 137
III-25: Holiday with Pay Provision in Selected Caribbean Countries,October–November 2004......Page 138
III-27: Labour-Market Indices for Selected Caribbean Countries......Page 141
III-28: Labour Legislation Features in Selected Caribbean and Latin American Countries, 1999......Page 142
III-29: Unionisation in Barbados, 1995–2004......Page 143
III-30: Number of Man Days Lost Due to Work Stoppages......Page 144
IV-3: Sector Composition of Exports, 1994–2004......Page 167
IV-2: Comparative Advantage in Exports to the World, 1990–93 and 2000–03......Page 172
IV-3: Comparative Advantage in Exports to CARICOM, 1990–93 and 2000–03......Page 174
IV-4: RCA Trends by Destination, 1990–93 to 2000–03......Page 175
IV-5: Barbados’ Share in CARICOM Countries’ Imports......Page 189
IV-6: CARICOM: CET and National Applied Tariffs, 2003......Page 192
A-IV-1: Barbados: Merchandise Exports to World and Selected Partners, 1994–2004......Page 209
A-IV-2: Barbados: Merchandise Re-exports to World and Selected Partners, 1994–2004......Page 210
A-IV-3: Barbados: Merchadise Imports from World and Selected Partners, 1994–2004......Page 211
A-IV-4: Barbados: Composition of Trade, 1994–2004......Page 212
A-IV-5: Barbados: Services Exports by Area, 1990–2003......Page 214
A-IV-6: Barbados: Tourism Statistics, 1992–2003......Page 215
APPENDIX II......Page 216
V-2: Benchmarking of Barbados by Market Niche—All Tour Operators......Page 229
V-3: Minimum Monthly Wage in the Tourism Sector, 2003......Page 230
V-4: Comparative Revenue and Cost Factors......Page 231
V-14: Strengths Identified within the U.K. Tour Operator Survey......Page 235
A-1: Six LAC Countries: Public Expenditures in Agriculture by Object,Plus Indicators of the Scale of Agricultural Expenditures, circa 2001......Page 241
A-2: Barbados: Distribution of Commercial Bank Credit to Agriculture, Sugar Cane,Livestock, and Food Crops, Three Selected Years, 1989–2002......Page 254
LIST OF FIGURES......Page 8
I-1: Yearly Inflation in Barbados and the United States......Page 20
I-2: Public-Debt Ratios in Barbados and Selected Areas......Page 23
I-3: Indicators of External Vulnerability......Page 24
II-4: Real Effective Exchange Rate Index......Page 65
C. Merchandise Trade: Trends and Performance Indicators......Page 163
IV-2: Merchandise Exports by Destination, 1994–2004......Page 164
IV-4: Competitiveness of Top 30 Exports, 1998–2003......Page 169
IV-5: Services Exports by Area, 1990–2003......Page 177
IV-6: Stopover Arrivals by Origin, 1992–2003......Page 179
V-1: Seasonally Adjusted Percentage of Arrivals......Page 222
V-2: Percentage Visitor Expenditure by Item......Page 223
V-4: Major Interests of Visitors to Barbados......Page 224
V-5: Main Competitors to Barbados......Page 226
V-7: Average Visitor Expenditure Per Tourist by Barbados and Its Competitors, 2002......Page 227
V-8: Rating of Barbados Product Characteristics on Destination......Page 228
D. Strengths and Weaknesses in Tourism Services......Page 232
V-11: Top Types of Holidays with Potential for Barbados......Page 233
E. Conclusions and Recommendations......Page 234
LIST OF SCHEDULES......Page 9
II-1: Investment Climate: Rating Factors......Page 78
II-2: Adaptation of the Framework: Design and Schedule......Page 91
II-3: E-Readiness Framework Analysis......Page 92
II-4: Key Strengths Identified from the Diagnostic Assessment......Page 95
II-6: Suggested Priority Interventions......Page 98
NOTE ON SPELLING AND PUNCTUATION......Page 11
CONTRIBUTORS......Page 13
FOREWORD......Page 15
A. Introduction......Page 17
B. The Economics of a Small Economy: How Does Barbados Perform?......Page 19
C. The Competitiveness Challenge: Institutions and Markets......Page 25
REFERENCES......Page 37
A. Introduction......Page 39
B. Context, Development, and Outlook......Page 42
C. Barbados’ Competitiveness Indicators......Page 54
E. Conclusions and Recommendations......Page 94
REFERENCES......Page 99
A. Introduction: Labour as a Factor in Competitiveness......Page 109
B. Evaluating the Labour Supply......Page 110
D. Unemployment......Page 122
G. Labour Market Reform Initiatives......Page 146
H. Recommendations......Page 150
APPENDIX 1......Page 153
APPENDIX 2......Page 154
APPENDIX 3......Page 157
REFERENCES......Page 158
A. Introduction......Page 161
B. The Importance of Trade in the Economy......Page 162
D. Trade in Services......Page 176
E. Trade Policy Objectives: Global Integration, Special Treatment......Page 187
F. Trade Policymaking: Institutional Issues......Page 200
G. Trade and Integration: Challenges and Strategies......Page 202
APPENDIX I......Page 208
A. Introduction: Questions in Need of Answers......Page 217
B. Recent Trends......Page 220
C. Competitors and Competitiveness......Page 225
APPENDIX 1 – REFERENCES......Page 237
APPENDIX 2 – LIST OF SOURCES CONSULTED......Page 238
A. Strategic Vision and Policy Framework......Page 239
B. Public Resources and the Agricultural Institutions......Page 240
C. Major Current Policies and Programs in Agriculture......Page 243