Trinidad and Tobago: Economists Advocate for Strategic Budgeting in Trinidad and Tobago

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Trinidad and Tobago is facing significant economic challenges as the government prepares for its first budget presentation under Finance Minister Davendranath Tancoo, scheduled for early October. During an online pre-budget forum organized by the University of the West Indies (UWI), former planning minister Dr. Bhoendradatt Tewarie highlighted the critical importance of avoiding a “populist budget” that could worsen existing economic issues.

Tewarie pointed out that the country is at a crucial juncture where issues such as waste, corruption, and policy drift must be effectively addressed. He emphasized that the upcoming budget should not merely function as an accounting exercise but should instead embody a strategic vision for the nation’s economic future.

Economists Dr. Indera Sagewan and Professor Roger Hosein supported Tewarie’s views, advocating for continuity, diversification, and competitiveness as vital components for economic recovery. Sagewan underscored the urgent need for non-energy diversification, noting the considerable revenue potential in sectors such as agriculture, manufacturing, and tourism. She criticized previous administrations for not fully capitalizing on energy revenues and called for the establishment of clear targets aimed at reducing the country’s annual food import bill, which stands at $7 billion.

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Hosein highlighted the importance of medium-term planning to tackle structural weaknesses within the economy, including low labor force participation rates and high non-energy fiscal imbalances. He cautioned against relying on short-term solutions without a clear strategic direction, asserting that the forthcoming budget will serve as a defining moment for both the government and the nation.

The economists collectively stressed that the decisions made in this budget will have a significant impact on Trinidad and Tobago’s economic trajectory in the years to come. They urged the government to prioritize effective resource allocation and to implement measures that would foster sustainable growth.

In summary, the upcoming budget is seen as a critical opportunity for the government to set a course for economic recovery and stability. The emphasis on strategic planning and diversification reflects a broader recognition of the need for a comprehensive approach to address the challenges facing Trinidad and Tobago’s economy.

As the government prepares to unveil its budget, stakeholders from various sectors are closely monitoring the developments, hoping for a plan that not only addresses immediate concerns but also lays the groundwork for long-term economic resilience.

In conclusion, the insights from economists indicate a consensus on the need for a thoughtful and strategic approach to budgeting, one that prioritizes the country’s economic health and future prosperity.