Rowley: Fresh start for TT in 2021

THE Prime Minister said 2021 will be a better year for Trinidad and Tobago than last year, expressing "a firm buoyancy" in his New Year’s message.

“The first of January 2021 is not just the start of the new year, but it is the day in which we begin to set out what we can see as a new beginning,” said Dr Rowley.

He decried any notion the new year will be an extension of "the awful nightmare of 2020."

“My Government with its ‘boundless faith in our destiny’ holds, instead, to its faith in the people of TT, seeing only hope and opportunities.”

However, he admitted TT still faces the dual shocks of the covid19 pandemic and the collapse in energy prices which saw the world economy shrink by 4.4 per cent in 2020.

“In some countries, the economic decline and the lockdown resulted in job losses on an unimaginable scale, with commodity and other markets grinding to a halt.”

Millions of people had lost their livelihood, while others had lost their lives.

“The health, economic, and psycho-social impact on people's lives have been enormous, causing strains on governments, just like ours, to extend its policy reach, so that ‘No one will be left behind.’”

While the covid19 vaccines are seen as the light in the tunnel, the world's economic scars will take years to heal.

“Nonetheless, the IMF's (International Monetary Fund's) World Economic Outlook projects a 5.1 percent growth in 2021, which is expected to level off at 3.5 percent in the medium term.” He said the IMF projects a 2.6 percent growth for TT this year, compared to last year's minus 5.6 per cent.

“But the real good news is that we have lived to see another year, and 2021 springs eternal hope for us as a people.

“I believe the worst is behind us. With the roll-out of the covid19 vaccine, global demand and economic activity are expected to return; improvements are expected in world energy prices (and) commodity markets; employment in the restaurant, entertainment, and distribution sectors is expected back slowly.”

Rowley promised the Government will continue to steer TT to a place of growth and prosperity under the Roadmap to Recovery.

“The new beginning I speak of will be a re-orientation of the economy, a transition into the digital age, which will create opportunities for small businesses, and increasing employment in this area.” He also eyed manufacturing, energy services, green technology and agriculture.

“The Government, in its role, will be paying attention to emerging innovations, predicting future trends, attracting collaborations, facilitating the re-design of work processes and re-purposing of organisations.”

Regarding food security, he recalled the Government's $500 million agriculture stimulus package for 2021.

“The use of digital technology in agriculture will be increased with a focus on decreasing our food import bill.

“The development of downstream agriculture industries and creating a strong agri-business eco-system are also on the agenda.”

He said the rise in personal income tax allowance from $72,000 to $84,000 will take effect in January. A new ferry will service the sea-bridge in under three hours, starting January.

The PM said a 150-megawatt solar power plant, contracted with Lightsource BP and Shell, will supply 10 percent of TT's total power, in line with the Paris Agreement to reduce greenhouse gas emissions.

“Let us allow our true spirit of unity to guide us as a people, moving us forward as one, not being dominated and motivated by race, colour or class, but focusing on our similarities, our shared heritage, our promised future, our sense of patriotism, and love of country. Happy New Year."