Tobago's economy is in dire straits, according to former THA Finance Secretary Joel Jack, who says there is much concern among business owners as there is no development plan and the pace of development on the island has been slow.
The former finance secretary told Guardian Media that key investments in Tobago are needed to transform the island's economy.
“Currently in Tobago, the business and consumer confidence is at an all-time low,” Joel Jack stated. “In my conversations with businesspersons they are distressed with what is happening on the island with the economic decline year-on-year and over the past year—and I am waiting to see what the numbers are.”
“Among average Tobagonians,” he says, “there is major concern and alarm with respect to the state of the Tobago economy.”
Joel Jack underscores the need for more strategic planning to facilitate economic diversification on the island. He says careful thought must be given to the THA's budget expenditure.
“There is an absence of a formal plan anchoring any budget statement moving forward,” he observes. “You hear these numbers articulated annually, and you’re hearing the utterances coming from the current administration, and you’re wondering what is it based on? What is the framework? What is the socio-economic document guiding Tobago’s direction.”
The former finance secretary says Tobago must reach a position where it is able to contribute to overall national economic development, as well as play a role as a major foreign exchange earner.