BRIDGETOWN, Barbados (CMC):

Protecting jobs and shielding the poor and vulnerable are key aspects of a plan by Barbados Prime Minister David Thompson to lessen the effects of the global financial crisis on the island's economy.

Thompson told a national economic consultation here Wednesday that his administration was prepared to take the necessary steps to protect the local economy from any possible fallout.

"Government is committed to taking the necessary pre-emptive action to mitigate against any secondary economic and financial fallout. Therefore, we'll aggressively stimulate some level of economic activity that will protect existing jobs and look to create new ones," he said.

The prime minister also announced the establishment of a working group, chaired by former governor of the Central Bank of Barbados, Winston Cox, to identify strategies to deal with economic challenges facing the country.

Moving forward

Thompson said the group, which also includes representatives of the business community and the University of the West Indies, would be required to report their findings to the government by November 28.

"We can identify what our 10, 12 or five-point plan is and commit ourselves to moving forward on the basis of that particular strategy," he said.

The Barbadian leader said a number of government projects would be brought forward in an attempt to avert job losses. He also noted that a proper wages policy was also key and promised to ensure "wages policy guidelines are administered in line with fiscal and monetary policy objectives with a view to protecting and creating jobs".

Thompson told the gathering of public- and private-sector personnel that protecting the tourism industry was "paramount to our well-being" and added that government would embark upon tourism promotion in non-traditional markets in that regard.

Lengthy recession

He also said his administration would look at measures "to enhance support, where necessary, to sensitive sectors such as tourism, international business, manufacturing, agriculture and micro-, small- and medium-sized business owners".

Meantime, government advisor, Geoffrey Bell, said he expected a lengthy recession with drops in tourism and direct foreign investment lasting deep into next year.

"It's clear that tourism is going to be affected. The UK is not in good shape, that is going to affect the willingness of UK residents to come to Barbados or anywhere else in the Caribbean," he told the gathering.

The chairman of the Congress of Trade Unions and Staff Associations of Barbados, Sir Roy Trotman, said his grouping was willing to work with government "to fashion a programme, which first of all stabilises what seems to be unsteady streams at this moment and takes us forward in a manner which is acceptable to all parties".