Business Barbados 2022

B A R B A D O S B E L I E S I T S S I Z E Connie Smith Managing Director Tricor Caribbean Limited, Caribbean Corporate Services Ltd. Barbados Emerges as a Global Leader Amid Pandemic Turmoil If there was a period that demonstrated the remarkable strength of character and resilience of the people and Government of Barbados, it was the year just ended. While the world is expected to continue on a trajectory in which more economic and social shocks are quite probable, Barbadians are arguably much better prepared to confront these scenarios due to strategic decisions of the Government and its partners in the private sector and civil society. A common feature of 2021 was disruption. There was upheaval in the provision of global travel and tourism services, as countries introduced mitigation measures intended to combat the spread of COVID-19. In so doing, one of the island’s main economic pillars - tourism, was destabilised in a way unseen in recent history. The pandemic has led to unprecedented levels of unemployment, as many hotel and tourism-related service sector employees were displaced. But that does not tell the whole story of Barbados’ remarkable response to events that could have devastated the very foundation of the island nation’s economic and social base. The Mia Amor Mottley-led Government developed the island-appropriate Barbados Economic Sustainability & Transformation (BEST) programme, which provided over $300 million in targeted assistance to the tourism sector. Among the key features of the BEST programme were calculated investments in tourism-based entities to re-engage all their employees on 80 per cent of their normal salaries for up to two years. This move afforded participating companies space to allow them to be repositioned for an optimistic COVID- free 2023 season. Importantly, workers in these establishments did not lose their existing severance pay rights if laid off again at any point within the next 12 months. Another transformative feature of the programme was its requirement of participants 13 BUSINESS BARBADOS 2022 B A R B A D O S B E L I E S I T S I Z E