‘End of recession’ an April fool’s joke, UNC senator

OPPOSITION Senator Taharqa Obika said Trade Minister Paula Gopee-Scoon’s assertion that TT’s domestic economy is out of the recession, has to be an “April fool’s joke”.

“This statement belies the fact that we are on the wrong side of an economic slump realising GDP levels that are lower than it was roughly a decade ago. In fact, when petroleum and chemical products which historically form part of the energy sector are removed from the computation of manufacturing, the sector has declined by 7.7 per cent since 2015,” Obika said in a media release, citing the Review of the Economy as his source.

As she addressed the TT Manufacturers Association’s (TTMA) general meeting on Tuesday, Gopee-Scoon remarked that the country had seen some small growth for 2018, but Obika noted that challenges of the manufacturing sector have not been addressed by the minister’s assertion.

Obika commended newly-elected head of the TTMA, Franka Costelloe-McKenzie.

“The statement of the minister also ignores the fact that over 55,000 jobs have been lost since this PNM government has come into office. In effect, the PNM has taken away potentially more jobs than those added by the government led by Kamla Persad Bissessar from 2010 to 2015.”

“The only positive in the economy are the energy projects put in place from 2010 to 2015 as cited by the Central Bank TT in their recent economic bulletins, namely TROC, Juniper etc. The repeated statements by the central bank on the economy speak to the proper management of energy resources from 2010 to 2015 a harvest we are now reaping from given the long-time horizons in the upstream energy sector.”

He said recent attempts by the Prime Minister, “via his abrasive blame strategy to now accuse BPTT of attacking arrangements in the energy sector shows the PNM is not prepared to responsibly facilitate energy sector development. What in fact is realised is a misplaced focus on a failed Dragon gas deal on one hand and direct involvement in gas price negotiations on the other, the latter leading to open conflicts with gas users based in TT.” Obika also stated that the current shortfall in forex reserves with just about 8.5 months import cover means manufacturers and the rest of the economy will struggle in the foreseeable future to find forex to do business.

He said the United National Congress is rolling out the party’s agenda and will facilitate wider development of the economy through their 12 key prosperity initiatives, that will result in the creation of growth poles across the country.

Via this plan, he said, the manufacturing sector which is reeling now will be incentivised to be a contributor to our economic gains.

“The East-West Corridor which has been hit hard by continual slowdown of economic activity since 2015 will benefit as a growth pole focusing on renewable energy at Tamara, a Biotech manufacturing zone and Piarco will be transformed to an aero park.

These key prosperity initiatives will ensure opportunities abound for jobs to be created in line with the demands of the technologically advanced global marketplace of the fourth industrial revolution.”

He said from Manzanilla to Rio Claro, Guayaguayare and Mayaro will witness the formation of a new development zone ­– projects in tourism, agriculture and maritime and Port development together with a highway from San Fernando to Mayaro which will open the southeast to untold possibilities.