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A Mission-Oriented Strategy for Inclusive and Sustainable Economic Growth in Barbados
Authored by Professor Mariana Mazzucato
2 November 2023
UCL Institute for Innovation and Public Purpose, policy report no. 2023/05
Written by
- Mariana Mazzucato | Professor in the Economics of Innovation and Public Value, University College London, Founding Director of the UCL Institute for Innovation and Public Purpose
Reference
Mazzucato, M (2023). A Mission-Oriented Strategy for Inclusive and Sustainable Economic Growth in Barbados. UCL Institute for Innovation and Public Purpose, Policy Report 2023/05. Available at: https://www.ucl.ac.uk/bartlett/public-purpose/Barbados Policy Report 2023
About this report
Barbados has the potential to shape an economy that is resilient, inclusive and sustainable, and to turn some of its biggest challenges into opportunities for investment, innovation and growth. Over the past year, the UCL Institute for Innovation and Public Purpose (IIPP) has worked with the Government of Barbados and its industry and labour partners to support the development of a mission-oriented strategy for economic transformation. Prime Minister Mia Mottley and Barbados’ Social Partnership announced six missions in May, 2023 that were informed by this partnership. These missions are now in the process of being implemented.
This report sets out the opportunity for bringing sustainability and inclusion goals to the center of economic policy in Barbados. It details key considerations to guide the implementation of Barbados’ mission-oriented strategy, related to coordinating a whole-of-government approach, building critical public sector capabilities, designing mission-oriented policy tools and institutions, engaging the people of Barbados, and crafting a renewed social contract between the government, labor and industry that, in the words of Prime Minister Mottley, “shares the burden and the bounty".
About our work with Prime Minister of Barbados Mia Mottley and the Government of Barbados
IIPP has worked with the Government of Barbados and its partners over the course of a year to explore opportunities to align economic growth with critical policy goals. In May 2023, the Government of Barbados and the Social Partnership – a group of leaders from government, labor and business – announced six missions that were informed by our joint work and are now being carried forward into implementation. These missions relate to climate resilience, social cohesion, food and water security, public health and safety, worker empowerment, and digital inclusion. Prof Mazzucato’s report, A Mission-Oriented Strategy for Inclusive and Sustainable Economic Growth in Barbados, summarises this work and key considerations for the implementation of Barbados missions’.
Report Launch
Prof. Mariana Mazzucato traveled to Barbados to launch the report, A Mission-Oriented Strategy for Inclusive and Sustainable Economic Growth in Barbados, in the context of her Sir Winston Scott Memorial Lecture on Monday, 27 November 2023, hosted by the Central Bank of Barbados. She presented the report, and then discussed its implications for Barbados alongside Prime Minister Mia Mottley. Watch below:
