As the scent of black cake and ham wafts from ovens this Christmas Eve, the somewhat sour economic reality of 2016 will be temporarily pushed from our minds. But 2017 is coming and while hope prevails, there is no guarantee of an increase in T&T's fortunes. Our people, however, are resourceful and this time of year holds both opportunity and good offerings.
You may have noticed an increase in the number of people "making a hustle" on the streets, from homes and even offices. Economists refer to the man hawking limes at the intersection, or the woman selling home-made pastelles from her kitchen as members of the informal or grey economy.
The person moonlighting outside of their day job selling ponche a cr�me to co-workers or chive from the back yard and the friend selling home-made cakes and cookies, are part of it too. Using their wits, they have pursued micro-enterprise to keep body, mind and spirit together, seeking out opportunities in an unstable economic environment.
Getting accustomed to fluctuating earnings demands fortitude and creativity. It is perhaps a truism that during a recession, as unemployment creeps up, the informal economy expands. Within this space there is both opportunity and risk.
The T&T Guardian recently published the story of a former construction worker killed while using his car as a PH taxi. However, the greater hazards are usually much less dramatic, like the vegetable vendor's children finding their cupboards without Christmas treats this year because their mother has been sick.
For the state, the informal economy presents a dilemma. Income tax revenue is almost never guaranteed, but it also takes some of the burden off the State's social safety nets. If a citizen can find a way to turn their knowledge of gardening or pottery into an income generating micro business rather than applying to Cepep for employment, the demand on state coffers is reduced.
The question is how we as a people can be sensitive to the grey economy. Is the need for regulation and taxation weighted the same as entrepreneurial endeavour? How can a government support the vulnerable workers of the grey economy without explicitly endorsing its existence? The long-running battle between mayors and street vendors is a prime example. Chase them, regulate them, or tax them? With each mayor comes a different strategy.
As usual, we are woefully short of national statistics on the numbers "employed" in this sector because it is notoriously hard to quantify. It is time we make an effort to change this. An idea of the sector's size and the income generated is urgently needed to put into context the real state of the economy.
Very often, references are made to SMEs and their growing importance to the country's economic well-being and the issue is becoming more significant with the current thrust toward economic diversification. The reality is that this type of information is what decision makers across various sectors should be going after.
This is the type of data that should inform policy towards the woman selling black cake and pastelles to neighbours. She, like a growing number of our fellow citizens, deserves the attention, respect and support, for the spirit which keeps this country afloat.