In a comprehensive year-end address, Barbados Private Sector Association (BPSA) Chairman James Clarke delivered a dual message of cautious optimism and urgent preparedness for the coming year. The prominent business leader emphasized that Barbados’ economic stability during global uncertainties will depend heavily on the private sector’s adaptive capacity and collaborative spirit.
Clarke reaffirmed the business community’s steadfast commitment to national development objectives outlined in the Mission Barbados framework. He highlighted ongoing cooperative efforts with government authorities to implement essential reforms, particularly through Business Barbados initiatives and operational enhancements at the Bridgetown Port. These structural improvements, he noted, are fundamental for increasing productivity, reducing operational expenses, and strengthening the international competitiveness of Barbadian enterprises.
The BPSA chairman issued sobering warnings about multiple external threats, citing escalating geopolitical conflicts both regionally and internationally alongside increasing vulnerabilities to climate-related disruptions. Clarke stressed that business continuity planning must evolve beyond theoretical documents to regularly tested protocols, noting that organizational resilience has become critical for long-term viability in the face of potential crises.
Regarding economic projections, Clarke revealed a significant discrepancy between official forecasts and current indicators. While the BERT 3.0 framework anticipates 5% growth for 2026, real-time data suggests expansion closer to 2.7%. Achieving the higher target, he cautioned, would require substantial effort and continued cultivation of a business-friendly environment that encourages cross-sector diversification.
Although construction and tourism remain primary economic drivers, Clarke expressed optimism about growth potential in agriculture, manufacturing, renewable energy, and small business enterprises. He additionally addressed contemporary operational challenges, including adaptive responses to regulatory changes, escalating cybersecurity threats, and the transformative impact of artificial intelligence on business processes.
The BPSA will meticulously monitor how minimum wage increases and persistent inflation affect business sustainability and living costs. Beyond economic matters, Clarke emphasized the private sector’s vital role in addressing social challenges, specifically identifying gun violence reduction, substance abuse prevention, non-communicable disease management, and mental health advocacy as priority areas for corporate social responsibility initiatives, particularly those focused on youth development.