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Bank exec says govt needs economist
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Posted on Mar 16 2006
If the Fitial administration is serious in focusing on the economy, it would best serve the purpose if it gets its own economist, says a local-based bank executive.
“The administration needs an economist. There’s no question about that,” said returning Bank of Hawaii CNMI District Manager John Sheather in a recent interview.
Sheather, who also holds the position as BoH senior vice president, said the government needs an economist to interpret hard data, understand economic trends, formulate needed strategies, and guide the government in its economic programs.
He said a government economist would have a lot to do in government, beginning with the release of necessary statistics that the public needs for analyses and studies.
“We want hard data. Is it available?” asked Sheather.
Further, he said that how the government uses its data is crucial.
“If you have the data, what are you going to do with it? What does it tell you? It’s very important [that somebody] in the government knows that,” he said.
He said that, in the case of Bank of Hawaii, it has been conducting its own economic study “to understand the situation and know when to invest and how to react.”
“We have to look forward. And we need to know how to get there,” he added.
Gov. Benigno R. Fitial and Lt. Governor Tim P. Villagomez have described themselves as “economy governors.”
They said they would put the economy back on track by bringing in new and bigger investments and implementing “business-friendly” policies.
Press secretary Charles P. Reyes Jr. said yesterday that the administration simply lacks funding to hire an economist right now.
“Right now, we can’t afford to hire a high-priced economist. We’re still putting the financial house in order,” he said.
