Phillips cites continued impact of global recession on the Caribbean

Opposition Leader and President of the People’s National Party (PNP), Dr Peter Phillips, has stated that the Caribbean region is still being affected by the 2008 global recession.

“Caribbean development has been threatened by, and in fact, is now prolonged due to the economic crisis of 2008,” Phillips said Sunday as he addressed the 80th annual conference of the governing Barbados Labour Party (BLP) in Bridgetown.

Phillips noted that what became known as the ‘Great Recession’ in some quarters, left Caribbean states reeling as a result of declining earnings from tourism and mineral exports, commodity exports and unfair trading.

In the case of Jamaica and Barbados, both of which were forced to turn to the International Monetary Fund (IMF) for assistance, Phillips said high debt,…

Read More