Introduction:
Economic growth has long been hailed as a key measure of a nation’s progress and prosperity. Governments and economists often celebrate rising GDP figures as a sign of success, claiming that economic growth will trickle down to benefit everyone.
However, the reality for the average person on the street is often far removed from these promises of prosperity.
In this article, we delve into why economic growth means nothing to the average man or woman in Antigua and Barbuda and why alternative measures should be considered to truly gauge the well-being of a society.
- Unequal distribution of wealth:
One of the main reasons economic growth fails to impact the average person is the unequal distribution of wealth. “Equal distribution of wealth” was one of the pillars that the Prime Minister Gaston Browne campaigned on in 2014,2018 and again in 2023 that has not materialized.
While the overall economy may be expanding, the benefits are often concentrated in the hands of a few wealthy individuals or companies or even politicians.
Income inequality has been on the rise in many countries, with the top earners capturing a significantly larger share of the economic gains.
Consequently, the average person’s standard of living remains stagnant, or in some cases, even declines.
- Job quality and insecurity:
Economic growth alone does not guarantee job creation or improved job quality. Many developing nations like Antigua and Barbuda experience significant growth rates while still grappling with high unemployment and underemployment rates.
Moreover, the jobs created during periods of economic growth are often low-paying, seasonal, temporary, or lack stability. This leaves the average person struggling to make ends meet, despite the overall economic growth figures.
- Rising cost of living:
While economic growth may boost corporate profits and the wealthy, it seldom translates into an improvement in the average person’s purchasing power.
The cost of living tends to rise alongside economic growth, fuelled by inflation and increased demand. Basic necessities such as housing, healthcare, and education, food, become increasingly unaffordable, eroding any potential benefits of a growing economy.
- Neglect of social and environmental factors:
Economic growth often comes at the expense of social and environmental well-being. Policies aimed at maximizing growth frequently overlook the negative externalities, such as a rise in crime, resource depletion, and social dislocation.
The average person bears the brunt of these consequences, experiencing adverse health effects, displacement, and a deteriorating environment. In this context, economic growth becomes a hollow indicator that fails to capture the true cost of progress.
- Alternative measures of progress:
To truly gauge the well-being of a society, alternative indicators beyond economic growth should be considered.
Measures like the Human Development Index (HDI), which takes into account factors such as education, healthcare, and income distribution, access to constant running water, and better infrastructure provide a more comprehensive view of a nation’s progress.
By focusing on the quality of life and social equity, these measures can better reflect the impact on the average person and guide policymakers towards more inclusive and sustainable development.
Conclusion:
While economic growth remains a central objective for governments and economists, its significance to the average person on the street is often overstated.
The unequal distribution of wealth, job insecurity, rising costs of living, and neglect of social and environmental factors undermine the benefits that economic growth claims to bring. It is crucial to consider alternative measures of progress that prioritize the well-being of individuals and communities, ensuring a more equitable and sustainable future for all.
Isaac H
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Well said
Take a closer look at that picture..
Couldn’t you find a better pic?
That is a very horrible looking individual,
That face looks like a crook, and
Schister
Oh my!!!
Hmm…wow!
Sir: Your stance is well proffered and, I concur: Now go explain that to our Indomitable Boss Coon.
All of this growth yet govt workers can get a decent raise. Vendors are owed for months. Carnival contestants still can’t get their prize money. People know the truth. Every year Gaston come with this nonsense. He needs a new joke writer. His joke dem stale!
The article writers must have blinders on. In the Budget statements since the government was elected, in 2014, they have talked about measures put in place to deal with inequality, hence ensuring the majority of persons benefit from the growth. The government’s push to subsidize housing was one of these measures. Over a thousand families have benefited from said program. The push to invest in education has also been a measure to deal with said inequality: Existing public schools capacity has been increased, New schools have been built, the UWI landed campus in A&B are all proof of these measures. The PM scholarship program was expanded ten fold. The writer also ignores the measures which helped ensure more persons had access to their own vehicle, via the government move to extend duty free on vehicles to the masses.
The writer prefers to ignore the fact that the sectors where the growth comes from (construction and the hotel) are manned by persons most likely to be impacted by inequality. Before 2014 many skilled construction workers were unemployed. A&B GDP after 2008, up until the UPP was defeated, was in the negative, except for a meager 2% in 2012. It is a well known fact that its near impossible these days to find available skilled workers in the construction sector, due the construction boom A&B has experienced since 2014. The newly constructed Harrison’s center purpose is to help provide more skilled workers for the booming construction sector.
There can hardly be any economic growth for regular business people and working people when you have a serious issues at the port with the exorbitant amount of taxes the government charges for imports. And (2) the labour unions have to fight harder for its customers(the workers under their banner) for better wages to balance out the burden the businessman suffers at the port.
The government can only encourage economic growth, and that’s through tax reforms and certain regulations. That’s what they are in control of..so Antigua needs a Gov that better regulate it’s tax burden on the general public so that it’s people can sustain a decent lifestyle. No matter how much tourist money comes into the island, the regular man would not see the benefits if those two things are not met by the government first, and then the labour unions.
I love this article!!! I knew there were intelligent Antiguans. A fair take on the topic.
Excellent, well-written article,highlighting all the failures of this government .
Glad to see people ignoring the infamous @tenman. He has the audacity to accuse the writer of having blinders on.
Congratulations to the PM for becoming one of the wealthiest man in the region. I am sure by the time you leave office you will be a multi-billionaire. I am impressed on how wealthy Caribbean politicians get as soon as they get into office.
You mentioned happily that George Walter went to 1735. After the 2028 elections and the New government is formed. They need to seek international help to investigate the previous government ministers.
Then hurry through parliament laws and have government assets returned. To include lands up Devils Bridge area. If this is not done the ABLP will quickly turn you into a one term government.
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