TT facing basic challenges to growth

THE EDITOR: As a youth I was led to ponder and question whether a simple economic reality and challenge in our country was being ignored by the myriad of experts in the media who rightly reiterated the need for diversification, ease of doing business and a focus on the digital economy and human capital.

However, could it be that the chronic shortfall in foreign exchange (forex) is a major deterrent to expanding local investment and entrepreneurship in our economy, particularly via the private sector? Could it be that this basic challenge is being overlooked or downplayed?

Economic growth is typically brought about by injections into the economy. How then can we encourage people to invest or become entrepreneurs (provide injections) when forex is scarce?

It is no secret that the resources needed to establish most businesses and ensure they are viable going concerns are sourced from abroad. Would nationals be persuaded to invest? Would our young, educated, passionate entrepreneurs (or potential entrepreneurs) take the risks associated with entrepreneurship, all things being equal?

Due to the forex crisis in the economy, the feasibility of investment is a serious question. New investments and entrepreneurial activities would no doubt create jobs, bring in tax revenue and lead to economic growth. However, some basic challenges need to be addressed – the scarcity of forex not being the least.


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"TT facing basic challenges to growth"

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