T&T is in an economic slump and needs to do more to raise revenue, Racquel Moses, newly appointed Country Manager, Microsoft T&T, said yesterday.
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Growth ahead for T&T, ECLAC director
T&T’s economy is expected to grow by 0.3 per cent in 2017, according to Deputy Director, Caribbean Region, Economic Commission for Latin America and the Caribbean (ECLAC) Dr. Dillon Alleyne.
“There has been an inching up of hydro carbon prices and we expect that those will hold up. There are a number of explorations that are taking place, that means investments in those areas. We do not think that we will see much more upsurge in Government investments because the deficits are already high. But the growth that we expect will still come out of T&T’s hydro carbon sector,” Alleyne told the media after his presentation at ECLAC’s Chancery Lane, Port-of-Spain office yesterday.
Alleyne spoke after ECLAC Executive Director Alicia Bárcena presented the Economic Survey of Latin American and the Caribbean 2017 publication from Santiago, Chile.
Alleyne said T&T’s growth is still very low because the domestic and international environment is not very good for T&T.
“I get the impression that there is some compression of consumption and some people are losing their jobs.
Of course that will affect expenditure. Internationally, there is no expectation that oil prices will rise significantly in the short run. There are considerable inventories that are still there. Also, Shale Oil will still continue to be there,” he said.
Speaking about the entire Caribbean region, he said there must be a greater relationship between the private sector and public sectors.
“I think in T&T in particular, there is heavy involvement by the Government in the labour market and there may be some distortion there.
So I think that there needs to be better rationalisation of some kinds of programmes which may provide incentives for people to work outside of the public sector and this is not a new issue.
It has been raised before in order to raise labour efficiency both in the public and private sectors,” he said.
During her presentation, Bárcena said all of the economies of Latin America and the Caribbean are expected to grow in 2017, with the exception of St Lucia, Suriname and Venezuela.
In ECLAC’s new projections for Latin America and the Caribbean, Bolivia and Paraguay were tagged to lead regional economic growth in 2017, with four per cent each.