Key government officials and representatives from financial institutions in Barbados are now better equipped to develop and implement National Transfer Accounts (NTA), enhancing their ability to analyze population dynamics and improve economic planning. This follows a one-week training workshop on NTA, held from September 23-27, 2024 at the UWI School of Business, Cave Hill Campus.
The workshop was a part of the Sustainable Development Goals (SDGs) Joint Programme on Integrated Population Data and Policy Solutions to Accelerate SDGs Achievement in Barbados and Montserrat. It included in-depth sessions conducted by top experts from the United Nations Population Fund (UNFPA), the Latin American and Caribbean Demographic Center (CELADE), and the Population Division of the Economic Commission for Latin America and the Caribbean (ECLAC).
From left to right: Mitch Hartman, Economist, Economic Affairs and Investment
Division, Nicole Griffith, Senior Housing Planner, Ministry of Housing, Lands and Maintenance
and Sharon Bishop, Research Officer, Ministry of Youth, Sports and Community Empowerment.
The workshop fostered collaboration among government officials to enhance technical capacities in producing NTA. This will enable the analysis of the economic and social impacts of demographic changes, helping the government formulate long-term, evidence-based policies that incorporate gender perspectives and promote inclusion. Participants also received hands-on training and practice with real-world data, including capacity building in the use of the computational statistical software R, delivered by Dr. Jackeline Romio, Programme Specialist in Population and Development at the UNFPA Latin America and the Caribbean Regional Office (LACRO). This training prepared them for the second phase of the workshop, scheduled for October 2024.
De-Jane Gibbons, Liaison Officer for UNFPA Barbados and the OECS, in her remarks at the opening, emphasized that the NTA workshop is a foresight analytical experience that brings an interdisciplinary perspective on economic growth, gender and intergenerational equity through solidarity, public finances, and other vital aspects of the economy. This understanding aims to improve policies to ensure that no one is left behind.
During brief remarks, Senator Chad Blackman, Minister in the Ministry of Economic Affairs and Investment, underscored the importance of the NTA program in both the private and public sectors. With Barbados facing an ageing population and a declining birth rate, the NTA framework provides essential insights for navigating internal and external economic challenges. Senator Blackman expressed his gratitude to the UNFPA United Nations Population Fund and experts from CELADE and ECLAC for their ongoing support in preparing Barbados to address these demographic shifts effectively.
Dr. Ivan Mejia, Research Consultant at the UNFPA, explained how government members, economists, and social analysts can benefit from the knowledge provided by the NTA framework to better understand the socio-economic challenges that society will face in the medium and long term, particularly in the context of demographic shifts such as aging populations and growing inequalities.
Raul Holz from CELADE-ECLAC gave a virtual presentation on the importance of NTA inclusion in the Latin American project. Drawing parallels between Latin America and the Caribbean, Holz highlighted that both regions are projected to become "adult societies" by 2043 and "aging societies" by 2053.
With Barbados' declining population, these demographic shifts could greatly affect the sustainability of family support, state welfare programmes, and the financial market. Investing in NTA studies can help the government build a resilient, prosperous society, promoting gender equity and strong social protection by linking economic growth to youth development. As such, the NTA framework will be pivotal in shaping future policies related to health, social care, and the labor market. The ability to analyze these changing variables will empower policymakers to design forward-looking solutions that address the challenges of aging populations and demographic transformations.
Participants of the workshop included representatives from institutions such as the Ministry of Finance, Barbados Statistical Service, Ministry of Health and Wellness, Ministry of Youth, Sports and Community Empowerment, Ministry of Education, Central Bank of Barbados, and the Bureau of Gender Affairs.
