A top business leader on Tuesday urged companies to brace for a year of global volatility and domestic challenges, saying the private sector’s adaptability and unity will be vital to keeping the economy on track in 2026.
Chairman of the Barbados Private Sector Association (BPSA), James Clarke, said in a year-end message that the private sector remained committed to supporting the country’s national development agenda under Mission Barbados, while continuing to work alongside the government on key and necessary reforms.
He said: “As the Barbados Private Sector Association (BPSA) looks to 2026, the private sector remains firmly committed to supporting the agenda for national transformation… alongside the continued rollout of reforms at Business Barbados and improvements at the Bridgetown Port.”
These initiatives are critical to boosting productivity, lowering the cost of doing business and strengthening the competitiveness of Barbadian enterprises regionally and internationally, he said.
But Clarke cautioned that businesses must remain alert to growing external risks.
“Going into 2026, we are aware of the geopolitical tensions – both regional and international – and remain conscious of our vulnerability to external shocks,” he said, adding that the increasing threat of severe weather events makes business resilience more important than ever.
Companies should ensure their business continuity plans are not only developed but also tested, he said, noting that preparedness is key to long-term survival and recovery.
On the island’s economic performance, Clarke said that while Barbados is projected under BERT 3.0 to achieve five per cent growth, current trends suggest growth closer to 2.7 per cent.
He said: “Achieving the five per cent target will therefore require some ‘heavy lifting’ and the continued development of a favourable business environment to encourage diversification within all sectors.”
He acknowledged that construction and tourism continue to drive economic expansion but expressed hope that other industries – including agriculture, manufacturing, renewable energy and small business – would also see stronger growth in the coming year.
The BPSA chairman also highlighted the increasing pressures facing businesses as they adapt to regulatory changes, cybersecurity risks and the rapid evolution of artificial intelligence.
“Businesses will continue to navigate and evolve processes and procedures to cope with regulatory changes, cybersecurity, and build further fluency and awareness with AI and its impact on business,” Clarke said, adding that workforce development would be critical to meeting emerging demands.
The association would also closely monitor the impact of the minimum wage increase and inflation on business sustainability and the wider cost of living, he added.
Beyond the economy, Clarke said the private sector has a responsibility to partner with government and civil society on pressing social issues.
He identified priority areas including reducing gun violence, addressing drug misuse, tackling non-communicable diseases and improving mental health and wellness.
“The private sector is encouraged to treat with the highest importance all opportunities to be good corporate social partners,” he said, particularly in initiatives aimed at positive youth development.
(SB)
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