President of the Barbados Private Sector Association (BPSA) Trisha Tannis believes that inflation and the continuing war between Russia and Ukraine could dampen some economic activity in 2023.
As such, she is hoping Government, BPSA and labour can meet early in January to determine the next step with the Social Compact, which was put in place to help control the cost of living.
The Social Partners Food Prices Compact was established on July 21, with businesses agreeing to keep their mark-ups on 44 items no higher than 12-15 per cent until January 31.
“The Government has given quite a bit. The Private Sector has too, and so has Labour, whom we asked to relax their expectations for salary increases. All three have to come back to the table and put skin in the game. We will have to come back in January and see whether or not it is sustainable for all three parties to keep prices down,” the accountant yesterday said after Courts’ special motorcade ended in The City. (Nation News)