Bridgetown.
Head of the Private Sector Association John Williams, says Government and the Private Sector will have to restructure their operations and cut costs going into the new year. They will also have to make strategic long term investments.
Williams told Trakker News the private sector was expected to be challenged with low domestic demand coupled with great uncertainty in the international market.
Noting that this uncertainty would have a negative impact on the tourism sector, Williams said the economic situation would be aggravated by challenges to the international business sector.
Asked about the challenges ahead for the country, he said:"The national macro economic situation is unsatisfactory with regard to the national debt and fiscal deficit".
Williams, the chief executive officer of Barbados' Cave Shepherd &Co, Ltd, cited the need for prudent expenditure, he also stressed tht both the public and private sectors still needed to invest in key areas.
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