The current state of Trinidad and Tobago’s economy is the consequence of years of poor policy choices, political patronage and the appointment of individuals to key ministries based on loyalty rather than competence or proven performance.
While the energy sector still accounts for roughly one third of GDP and about 75% of export earnings, it employs only about 5% of the workforce, leaving the majority of citizens dependent on a narrow and vulnerable economic base exposed to global shocks such as pandemics, conflicts and price volatility.
Cabinet must urgently act to reverse decades of complacency by securing new oil and gas investment with credible international partners, immediately refurbishing the refinery, expanding agriculture and agro processing, aggressively promoting “Made in Trinidad and Tobago” manufacturing to reduce imports, and encouraging foreign investment in tourism infrastructure such as major hotels to stimulate job creation.
At the same time, higher taxation on luxury consumption, regional trade exhibitions with CARICOM partners, and decisive action against crime through the combined use of local and international security expertise are necessary to restore investor confidence and economic activity, as Trinidad and Tobago remains a price taker in the global economy and can no longer afford policy inertia, inefficiency or a winner takes all business culture that fails to reinvest in national development.
Gordon Laughlin,
Westmoorings
