Bridgetown.
President of the Private Sector Assocation John Williams has warned that if drastic is not taken to stop the downward economic trend, Barbadians will be feeling more pain.
Speaking at the first full meeting of of the Social Partnership since November last year, Williams said that the situation in the country is not normal, although the entire society is not in imminent danger the Barbados’ economy is in imminent danger.
Williams spoke about the problems facing the economy as it tries to resist collapsing under the weight of the worldwide reccession.
"We in the business community are acutely aware of this reality. The recently publicized restructuring of several major companies is a clear sign. This is happening not because these businesses are uncaring but because they have no choice if they are to survive. They are taking hard decisions before it is too late", Williams said.
The meeting was held at the Hilton Hotel and was attended by Prime Minister Freundel Stuart, the Cabinet and trade union leaders.
