Mia Amor Mottley addresses the nation, Know highlights

Mia Amor Mottley, Prime Minister of Barbados addressed the nation on 6th January 2024. Here are the key points from the address to the country.

Mia Amor Mottley address to nation
Mia Amor Mottley address to nation

Mia Amor Mottley, Prime Minister of Barbados addressed the nation on 6th January 2024. Here are the key points from the address to the country.

Job creation and skill development

  • Ongoing creation of new job opportunities in construction, hotel, and digital services
  • Thousands of Barbadians trained for emerging job roles, addressing unemployment and fostering economic growth.

Inflation management and economic stability

  • Government measures led to a significant reduction in inflation to 4.4% by August 2023.
  • Contrastingly, Latin America and the Caribbean experienced a higher average inflation rate of 13.9%.

Agricultural growth for food security

  • Food crop production increased by 24.3%.
  • Marked progress towards the 2030 goal of reducing the food import bill and achieving food and nutrition security.

Tourism resurgence

  • Strategic marketing and increased airlift resulted in a notable rise in tourism arrival.
  • UK visitor’s numbers surpassed pre-pandemic levels, while USA and Canada reached 87% of pre-pandemic levels.

Strengthening the National Insurance Scheme (NIS)

  • NIS is placed on a sound Footing for sustainability.
  • Recapitalization of the NIS Unemployment Fund and Reinforcement of the public sector pension scheme.

Improved Public Safety.

  • Murder rates reduced by more than half, from 43 to 21 in 2023
  • Enhanced public safety is attributed to police efforts and government social intervention.

Broad-based economic recovery

  • Barbados achieved a 4.4% growth in 2023, post – covid 19, with healthy foreign reserves.
  • Gross International reserves stood at $2,989.1 million, providing over 31 weeks of import cover.

Fiscal Responsibility and Debt Management

  • Lower public debt than it has been at any time since 2018, with debt to GDP ratio falling to 114.9%.
  • Successful adherence to economic strengthening markers under the BERT programme, earning positive international ratings.

Positive economic indicators and investor confidence

  • Transitioned from downgrades to positive indicators highlighting successful economic policies and fostering positive global perceptions.
  • Meeting all economic strengthening markers under the BERT programme.
  • Receiving high marks from international rating agencies for economic performance
  • Increased investor confidence marked by tangible returning investment.