High production costs, related to high wage rates, and a dearth of abundant natural resources place Barbados at a disadvantage vis-à-vis its CARICOM counterparts, in the production of most goods. This means that higher levels of productivity will be required of Barbados.
It also suggests that we may have to look at our capital labour ratios and retool our enterprises to make greater economies and make greater use of state-of-the-art equipment. At the same time, where Barbadians see the opportunity for operating competitively elsewhere in the Caribbean, they should seize it. This option is now open to potential investors.