ECON 110 – CRN 30462

Assignment 3

GROUP PROJECT

Country Analysis of Barbados

Group 1 members :

• Anika Bernard 00043498

• Rhonda Debance 00051289

• Hazel Griffith 00036028

• Shedel Hamilton 00048835

• Isha Moore 00027698

• Raquelle Rollocks 00040643

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BARBADOS

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1. What type of economic system does this country have? Explain some
of the benefits of this system to the country and some of the
drawbacks.

2. What is the dominant type/s of market structures that exists in this economy giving
examples of the type of market structure?

3. What is the dominant type/s of firms that exist in this economy?

4. Collect 10 years of data on inflation, unemployment and national income for this
country and analyze the data with respects to the trends and the implication to the
economy.

5. What role does the government play in the economy and to what extent do they
intervene in the economy?

6. Collect 10 years of data on the country’s imports and exports. What does the data
indicate? Is the country experiencing a trade surplus or deficit? What are the
country’s largest import and export commodities? Which country serves as their
major import and export partner?

7. Are there any trade restrictions with respect to importing certain goods?

8. What type of Exchange rate system does this economy have? How does this type
of exchange rate affect imports and export?

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 TABLE OF CONTENTS

 Demographics 5

• Type of Economic System 7

• Market Structure 9

• Dominant Type/s of Firms 10

• Inflation, Unemployment, National Income Analysis 13

• Inflation 13
• Unemployment 14
• National Income 16

• Government role in the economy 18

• Import and Export Analysis 21

• Trade Restrictions 22

• Exchange Rate System 23

Effects on Imports and Exports 24

References 26

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 Demographics

A brief history

The majority of history books state that Barbados was originally inhabited by the Amerindians.
It is important pinpoint that as a result of recent archaeological discoveries unearthed at the site
of Port St. Charles and archaeological evidence indicating settlement sometime around 1623
B.C., the history of the early settlement of Barbados is currently being rewritten

Although the Portuguese were the first Europeans to set foot in Barbados, the British first
established colony on the island in 1627, where they in grew tobacco and cotton. The year 1640s
the British had switched gears to cultivate the enormously profitable sugar and slaves, which
were brought in from Africa to work the plantations.

The slaves were granted emancipation in 1834, enfranchisement of women in 1944 and adult
suffrage in 1951, Barbados moved toward the formation of an independent society. There
eventually emerged a two-party system and a cabinet government during the 1950's, making
Barbados well prepared for independence, which was finally granted in 1966 on November 30.

Sir Errol Walton Barrow was the first leader of Barbados was an independent of the Democratic
Labour Party (DLP). The current Prime Minister, Freundel Stuart is also the current political
leader of the DLP.

Geography

Barbados is one of the Caribbean islands that are most easterly, located at longitude 59 degrees
west and latitude 13 degrees north. The island is 21 miles long by 14 miles wide. Its capital city
is Bridgetown.

Climate
Barbados has a tropical climate, moderately high average temperatures and humidity of between
31 and 23 degrees Centigrade. These conditions are tempered by the cool influence of the North
East trade winds.

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The dry season runs from February to March and a wet season between July and November. The
island lies within a hurricane belt but has not suffered serious natural disaster since 1955. Natural
resources are oil, fish and natural gas.

Population
The population of 273,000 is largely of African descent (94 per cent), along with Caucasian (2.7
per cent), East Indian (0.2 per cent) and other ethnic groups make up 0.2 per cent

Language

The official language is Standard English that is being spoken in formal setting example
conversation to a visitor or function .in the even there is an intimate setting among local dialect is
being used.

Religions (based on a 2010 estimate)

Protestant 67%- (Anglican 40 %; Pentecostal 8%; Methodist 7%); Other Protestants 12%
(Moravian, Seventh Day Adventist, Jehova’s Witness, Baptist, Church of Jesus Christ of Latter-
Day Saints); Other – 12% (Islam, Judaism, Baha’I, Hinduism, Rastafarianism), Roman Catholic
– 4%. No religious affiliation - 17%.

Currency The Barbados dollar (BDS$) fixed at a rate of 2:1 against the $US

Government: Barbados uses a Parliamentary democracy governed by a two-chamber

Parliament that consists of a 21-member Senate and a 28-member House of Assembly, elected
by popular vote every five years.

National Holidays:
January 21 - Errol Barrow Day
April 28 - National Heroes Day
November 30 - Barbados Independence Day.

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1. Economic System:

Like most Caribbean countries, Barbados has a mixed economy, i.e. reflecting characteristics of

both free economies and planned economies, where both government and private citizens are

allowed the freedom to own the factors of production land, labor, human, physical capital and

entrepreneurship.

Some Benefits of a Mixed Economy:

 The majority of business and industry can be left to private firms. These firms are

usually more efficient than government agencies because they are driven by the profit

incentive.

 In the midst of the government wielding a certain amount of control in the economy, via

regulations it formulate a sense of security to sellers and buyers on the market. This helps

maintain a stable economy.

 A mixed economy is competent in creating a greater equality of life and provides a

‘safety net’ to prevent people living in absolute poverty.

 A mixed economy is able to allow people to enjoy the financial rewards of rigid work and

entrepreneurship.

 Mixed economies enable some government regulation in areas where there is market

failure, example subsidy or state support for goods and services, which tend to be under

consumed in a free market.

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 Some Drawbacks of a Mixed Economy:

 The public sector is a drain on a mixed economy because of its inefficient work ethic

brought on by bureaucratic control. Common problems such as: red-tape, overstaffing,

nepotism and corruption, leads to reduction of production.

 Within the private sector in a mixed economy, there is always the fear of the possibility

of industry nationalization/privatization.

 There is a tendency that a mixed economy could become a closed economy, impeding

globalization and foreign trade, and in turn depriving citizens of the benefits of an

interdependent global economy.

 Mixed economy systems encourage state monopolies, higher tax to GDP ratio and

overriding public finances, making the government of the day the dominant economic

player as compared to individual or corporate bodies.

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 2. Market Structure

Market Structure can be defined as the components or composition of a market. The market

structures that exist in Barbados are: Monopoly, Duopoly, Oligopoly and Monopolistic

Competition.

In Barbados, an example of a Monopoly is where one firm exists in the market like the Cable

and Wireless (C&W). This has become even more evident with C&W's recent buyout of

Columbus Communications (Flow), giving the company total control of the fixed broadband and

telephone, and Internet-based cable TV services.

In Barbados, a Duopoly is where two firms exist in the market and exists in the

telecommunications sector /cellular phone market with Digicel and Cable and Wireless (C&W).

An Oligopoly is a type of market structure that occurs over most of a market. They usually

create barriers preventing new firms from entering the oligopoly. The banking sector in

Barbados is an example of an oligopoly, example a small number of large firms existing in the

market. Barbados' banking sector comprises seven (7) commercial institutions such as:

Republic Bank (Barbados) Limited, First Citizens Bank (Barbados) Ltd, The Bank of Nova

Scotia, First Caribbean International Bank Limited, First Caribbean International Bank

(Barbados) Limited, RBC Royal Bank (Barbados) Limited, and Citicorp Merchant Bank

Limited.

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 A market structure that can be described as Monopolistic Competition – a large number

of smaller firms existing in the market is in the fast food industry, which includes the

popular Chefette's and of course KFC.

3. Dominant Firms

Types of Firms in Barbados

50%

40%

30%

20%

10%

0%
Small
Medium
Large
Overall

Limited Partnership Partnership Sole Proprietor Limited Liability Publicly Listed

Data courtesy Compete Caribbean Enterprise Survey Country Bulletin

The types of firms existing in Barbados are Sole Proprietors, Partnerships, Limited Partnerships,

Limited Liability Companies and Publicly Listed Companies.

Overall, Sole Proprietorships and Limited Liability firms are the dominant types of firms existing

in Barbados that accounting for 34% and 26%, respectively, of the firms in the country.
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Sole Proprietorships do not have many employees and the owner is usually in charge of the

business and benefits directly from increased profits. Most sole proprietorships enjoy close

personal relationships with the customers as appose to the others.

Although Limited Liability companies may operate slightly differently from country to country,

essentially the management of the company cannot be held personally liable for any debts or

liabilities that the company may incur.

In the small firm category, the majority that is (45%) are Sole Proprietors. In this category

Limited Liability firms account for 34 % in this category.

Limited Partnerships account for 47% of the medium-size firm category. In this type of firm,

although two or more partners conduct business jointly, one or more of the partners is/are

accountable only to the degree that he/she has invested. Limited Partnerships in Barbados are

governed by the Limited Partnerships Act Ch. 312 .It allows a maximum of 20 partners unless

the business is banking, in which case the company is allowed 10 partners.

In the medium category Partnerships (business under the ownership and control of two or more

individuals) account for 32%. According to the country's Partnerships Act Ch. 313, it is not

necessary for partnerships to be registered, neither is a written partnership agreement necessary.

Partners are liable for the all debts of the partnership and apart from tax returns, partnerships

have no filing requirements.

In the large-size firm category, Partnerships dominate with 37% and Publicly Listed firms 33%.

A Publicly Listed Company (PLC) is a company, which has offered shares to the general public

and has limited liability. Anyone can acquire the stock of a PLC but are only limited to possibly

lose the amount paid for the shares. Two examples of PLCs in Barbados are Banks Holdings

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Limited– manufacturers of the famous Banks beer and Pinehill juice concentrates, and Bico

Limited, manufacturers of ice cream.

In Barbados there are many primary industries in the area of agriculture. While the cultivation of

sugar cane has been a major part in this economy, many other farmers grow crops including

yams, sweet potatoes and cassava. Others are sole proprietors in the fishing industry, and many

artisans create craft items and souvenirs, operating businesses in line with the country’s

flourishing tourism industry.

In the secondary industries the manufacturing sector is blooming. It is estimated that

approximately 10,000 Barbadians work in the manufacturing industry. The construction boom

which itself linked to tourism has helped develop the economy of Barbados. In both the

manufacturing and construction industries there are both sole traders and partnerships.

Among the tertiary industries tourism has been one of Barbados's most significant economic

activities since the 1960s. Barbados has numerous internationally known hotels, some operating

as sole traders, others as partnerships and other types of firms.

In Barbados all these different types of businesses are thriving in an economy aiming to be the

smallest island with the highest standard of living. All these types of firms are sole trader,

partnership, Limited Liability Company or limited partnerships, in tandem with the government,

which contributed to the development of this economy.

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4. Analysis - Inflation, Unemployment, National Income (2005-2014)

Inflation:

Inflation is measured by the consumer price index. It reflects the annual percent change in the
cost to the average consumer acquiring a basket of goods and services that may be fixed or
changed at stated intervals, for example annually.

In 2005 inflation was at 6.1%, 2006 at 7.3%, 2007 at 4.0%, 2008 at 8.1%, 2009 at 3.6%, 2010 at
5.8%, 2011 at 9.4%, 2012 at 4.5%, 2013 at 1.8% and 2014 at 1.9%.

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2 Column1

0 Series 1
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Data courtesy World Bank World Development Indicators

This chart above shows that over the ten-year period being discussed, inflation in Barbados has

fluctuated. There are several theories that explain these trends. Most inflation trends are

formulated on the basis of demand pull and cost push theories. The demand pull theory says that

inflation results from the rise in total demand. Demand-pull theory involves price changes as a

market clearing strategy and inflation is seen as a result of excess demand in commodity and

factor markets. Demand pull inflation is influenced by factors that include government spending,

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money supply and the price level in the world rest. The push-cost theory, inflation is known as

the result of factor prices accelerating more quickly than factor productivities. It happens as a

result of decreases in collective supply. This may be due to an increase in wages or the price of

raw materials; such increases can lead to a reduction in the employment rate and a fall in output.

The effect that inflation has on the island of Barbados’ economy is its currency loses value

because it takes more dollars to buy the same quantity of goods. Income redistribution at high

inflation rates has a regressive effect on lower- income homes and the elderly in society. A rise

in inflation led to a fall in real incomes.

Unemployment:

14
12
10
8
6
4
2
0
2004 2005
2006 2007
2008 2009
2010 2011
2012 2013

Data courtesy World Bank World Development Indicators

In 2004 the overall unemployment rate was at 9.8%, it decreased in 2005 to 9.1 2006 to 8.7%

and 2007 to 7.4%. In 2008 unemployment increased by 07 points to 8.1% and further increased

in 2009 to 10.0%, 2010 to 10.8%, 2011 to 11.2%, 2012 to 11.6% and 2013 to 12.2%.

The unemployment rate still lies well above that recorded for the more developed and

industrialized countries such as: the United States, Canada and the United Kingdom.

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Unemployment in Barbados is considered to be one of the main indicators of economic health

and growth and affects the economy in a number of ways, including the financial cost associated

with unemployment. Both the government and the citizen suffer because the government has to

support the unemployed. The more people that are unemployed and the longer they remain

unemployed the more money the government has to put out. Also, the spending power of the

people may change because they will save more and spend less, which will have an overall effect

on the economy. Recession has also arisen within the ten year period and with the fluctuating

rates of unemployment other economic factors were significantly affected such as: per capita

income, health care costs and the quality of the standard of living and poverty.

Youth Unemployment (15-24) Long-term unemployment

% of total unemployment % of total unemployment
2004 19.8 2004 12.5
2005 20.6 2005 12.6
2006 19.8 2006 12.6
2007 16.9 2007 13.6
2008 18.55 2008 12.2
2009 22.8 2009 13.9
2010 24.7 2010 16.3
2011 25.74 2011 17.0
2012 26.1 2012 19.5
2013 27.0

Long-term unemployment refers to the number of people with continuous periods

of unemployment extending for a year or longer.

National Income:

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Gross National Income (GNI) is regarded as a more relevant measure than Gross Domestic

Product (GDP), of the standard of living in a country because it is a measure of the income

earned by the residents in a country, whether this income was generated at home or abroad.

National income is important for assessing a country’s rate of economic growth; any changes to

average standard of living, and changes in income distribution.The calculation of national

income is a very important statistic whereby a country can:

 Determine its overall performance during a given financial year. It is used to calculate

the income earned by every individual (per capita income).

 Map the movement of a country’s rate of economic growth and its standard of living in

comparison with rest of the world.

 Determine its rate of economic growth – whether the economy is growing or declining.

If the national income is growing then the economy is developing and if it has reduced

when compared to the previous period then it is declining.

 Check the distribution of wealth - National income can be used to check the distribution

of wealth among different categories of income such as salaries, wages or rent.

 Use the calculations when forming a national budget, using information such as levels of

consumption, saving and investment. This makes national income a very effective tool

for planning and control.

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 National Income (per capita) 2005-2014

$16,000 $15,520$15,760$15,730 $15,760

$15,710
$15,000 $14,670
$14,880
$13,640 $14,880
$14,000 $14,316
$13,000
$12,000
1 2 3 4 5 6 Series2
7 8 9 10

Data courtesy World Bank World Development Indicators

According to the above chart, National Income in Barbados rose significantly between 2005 and

2007, remained at that level up to 2011, saw a drop in 2012, a further drop in 2013 and has seen

a slight growth in 2014. National Income data is not always as accurate as it could be because of

the following scenarios:

 If no allowance is made for depreciation of capital and the figure for gross investment

is used instead of the figure for net investment.

 If adjustments are made regarding output from firms owned by residents abroad.

 If net property income from abroad is omitted in cases where income is produced by

firms owned by residents at home.

 If the amount subtracted when taking stock appreciation into account in the

calculation of national income is insufficient.

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  In mainly underdeveloped countries where there is a non-monetary sector example

bartering.

 In countries where the levels of illiteracy are high and persons do not keep track of

the goods and/or services they have produced.

5. Role of Government in the Economy

The nature of mixed economies like Barbados means that government has an important role to
play, particularly in regards in formulating legislation to protect businesses, and citizens.

One of the roles o Barbados government implement is to manage the private sector, its strategy

on tariff and its rallying of overseas financing in their main categories. According to Potius

(2004) overall, the government of Barbados has, since the second term of PM Errol Barrow

(1986-87) taken a solid stance against government interference in the operation of the nation’s

economy. Government influence in the economy is exercised in a more direct manner through

public sector investments, developed and coordinated in conjunction with the country’s five-year

economic development plan.

As stated in Gwartney and Lawson 2002, 5), the US State Department in 2014 rated Barbados as

having a low level of corruption, relatively high level of economic freedom, and a moderate

ranking on the Ease of Doing Business index of the World Bank.

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Economic freedom is the degree to which a market economy is in a place, where the central

components are voluntary exchange, free competition , protection of persons and property; this

freedom then contribute to an improved quality of life and thus creating better channels for

economic growth. Barbados has one of the freest economies, placing number seven out of twenty

nine countries throughout South and Central America and Caribbean. Since of this Barbados

has one of the highest standards of living among developing countries.

Another major role of the government is to regulate fiscal policies, i.e. direct and indirect taxes,

public expenditure and borrowing.

An illustration of government’s role regarding Fiscal Policy

The government also ensures that monetary policies are regulated, by ensuring that the economy

grows at the desired pace. By controlling the circulation of money, adjusting interest rates and

tax rates and controls access to credit the government control inflation or decline in the economy.

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 Differences between Fiscal and Monetary policies

Within the future, the Government must continue to encourage the development of financial

services, informatics, e-commerce, tourism, educational and health services and cultural services.

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6. Analysis - Imports and Exports(2004 – 2013)

Export/Import data - 2004 - 2013

$2,500,000,000

$2,000,000,000

$1,500,000,000

$1,000,000,000

$500,000,000

$0
2004 2005
2006 2007
2008 2009 2010 2011 2012 2013

Exports Imports
Data courtesy World Bank World Development Indicators

The above data indicates that every year for the past ten years Barbados’ imports have exceeded

its exports, meaning that over that period the country has been experiencing a trade deficit. This

deficit has been particularly high for the years 2011, 2012 and 2013, with 2013 experiencing the

highest deficit amount of US$556.5 million – 13% of GDP for that year. In recent years this

increasing trade deficit has become a cause for concern for the International Monetary Fund

(IMF) and other international lending agencies.

Barbados’s largest export commodities are mainly agricultural in nature. These include; rum,

molasses, honey and sugar. Also listed among export commodities are electrical equipment;

medications, disinfectants and pesticides.

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The majority of Barbados’ exports are to the US (15%); Trinidad and Tobago (10%); the UK

(10%) and Jamaica (4%).

Most imports come from the US (36%); Trinidad and Tobago (21%); the UK (6%) and Japan

(5%).

7. Trade Restrictions

The following is a list of restricted import items that may or may not be released by the relevant
authority after inspection and clearance, once restrictions are met:

All arms and ammunition except those licensed and issued by the relevant government authority
under the Ammunition Act or the Firearms Act.

 All fruits
 Vegetables
 Pets and animals
 Plants
 Cuttings
 Seeds and/or unprocessed plant products
 Cannabis in all its forms or in any mixture with other herbs, unless it is licensed by the
Director of Medical Services.
 Any item bearing a design or logo resembling or imitating Barbados bank notes or coins,
without relevant approvals from the Comptroller of Customs.

 Some alcohol (Barbados manufactures its own Mount Gay rum)

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  Tobacco in the form of cigars or cigarettes above specified weights, as well as
tobacco extracts

 Items bearing or resembling the British Coat of Arms unless under Her Majesty’s
authority.

8. Exchange Rate System

The Barbados dollar ($BDS), is managed by the Central Bank of Barbados and has, since 1975,

been pegged or fixed to the US dollar at an exchange rate of 2:1. This came about due to a short

stint of devaluation pegged against the sterling, this according to Cari Bank, 2000.

The Barbados dollar, along with the EC (Eastern Caribbean) and Bahamas dollars are the only

three currencies in the Caribbean Region that remain fixed.

To the government and people of Barbados, their currency is a symbol of stability, particularly

where some of the major economies in the Caribbean region have had to adjust their exchange

rates. Even in 1991 when the country experienced some economic turbulence, the government

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adopted other measures including cutting public servants’ pay as well as their numbers, rather

than float the exchange rate.

According to Global Finance magazine 2015, Barbados has a per capita GDP of over $15,702,

stable political traditions and a relatively strong social safety net. The country enjoys an

impressive standard of living but the economy is greatly dependent on its export earnings -

which come largely through tourism -in order to maintain macroeconomic balance. This is

particularly so because of the country’s penchant for imported consumer goods. The report

further added that there continues levels of this society an accord that maintaining the existing

currency anchor with the US is essential to maintaining macroeconomic stability”.

Affects on Imports and Exports

Barbados’s fixed exchange rate is beneficial for the export and import trade in that it supports the

competitiveness of the country’s goods and services sold abroad. For example, because the US

dollar is much stronger than the Barbados dollar, an item will cost quite a bit more to produce

and manufacture in the US than in Barbados.

This lower production cost is another advantage with regard to trade relationships. When

manufacturers in Barbados convert their earnings from US$ back to BDS$, there is an even

greater amount of profit made because of the exchange rate. Keeping the exchange rate fixed

therefore also ensures profitability at home, adds to local manufacturers’ earnings position, and

supports a rising standard of living and overall economic growth in Barbados.

For the reason that foreign exchange fluctuations have been known to unfavorably affect an

economy and its growth prospects, a fixed exchange rate can more effectively protect the

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economy of Barbados. By shielding the domestic currency from unstable swings, the Barbados

government can reduce the possibility of a currency crisis.

However, in order to maintain this fixed exchange rate there is always need for large amounts of

reserves as the Barbados government is continually buying or selling its local currency. The

problem is that large currency reserves can generate higher inflation. The more currency

reserves that exist, the higher prices will raise, leading to instability.

Thailand is a good example of a fixed exchange rate economy that has failed. The Thai baht, at

one time considered to be a highly valued currency, was once pegged/ fixed to the USD.

Following hostile market events around 1996-1997, however, the baht experienced a serious and

rapid depreciation by as much as 40 per cent, mainly because the Thai government was either

unable or unwilling to use up what reserves it held to protect the baht. The Thai government was

forced to float its currency and eventually had no choice but accept an IMF bailout.

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Economic Forecast for Barbados

Q4 2015 Q1 2016 Q2 2016 2020

GDP 4.49 4.52 4.56 5.53

UNEMPLOYMENT 12.24 11.93 11.57 10.97

INFLATION 0.87 0.95 1.11 1.25

BALANCE OF TRADE $150,936.00 $162,479.00 $148,100.00 $172,934.00

EXPORTS $72,400.00 $72,177.00 $81,069.00 $72,096.00

IMPORTS $223,337.00 $234,656.00 $229,169.00 $245,030.00

Data courtesy Trading Economics

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