Cleviston Haynes: Perspectives on growth in the Caribbean

Remarks by Mr Cleviston Haynes, Acting Governor of the Central Bank of Barbados, at the Sagicor Cave Hill School of Business and Management Conference on "Risk management and competitive intelligence", Bridgetown, 26 June 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Master of Ceremonies,

Distinguished guests, Ladies and Gentlemen

Let me begin by congratulating the CHSB for hosting this important conference that seeks to empower our leaders with the tools to manage risk in the dynamic environment in which we operate today. Understanding and adapting to emerging risks and opportunities is essential if firms are to compete successfully in an increasingly technology driven competitive space where barriers to entry are being eroded rapidly. Firms which formerly competed in the domestic market only can now, with a touch of a button, compete abroad or conversely face competition from abroad.  

It is in this context that I am honoured, therefore, to present this morning on the theme Perspectives on Growth in the Caribbean. As a policymaker, I am acutely aware that the long term success of our business sector depends in part on how quickly and effectively we are able to create a policy framework that facilitates growth, builds confidence, stimulates innovation and encourages new investment. This is essential because some of the industries that have served us well in the past may not be viable in the new globalised environment. Our capacity to grow strong competitive firms and develop new industries will therefore be critical. Our responsiveness to emerging risks, whether as policymakers or as producers, is therefore crucial. Understanding the challenges which each stakeholder faces is key to the long term sustainability of the economy and the development of strong competitive enterprises.