Happy New Year, but more tough times ahead

THE EDITOR: As I add my voice to Happy New Year greetings, I urge the people of TT to prepare for another period of major social and economic challenges.

The dawn of a new year is always a time of reflection and review, of excitement and emotion.

While we indulge in the customs of the season, I ask that we brace for a 2023 of further decline in the national economy, expressed in weakening trade, contraction of the small business sector and higher unemployment.

Despite vacuous boasts by the Government, all economic sectors are in reverse gear, while there are still no purposeful efforts to steer away from the unreasonable dependence on the faltering energy industry.

Under this Government's mismanagement, TT has slumped into a debt hellhole, the cost of borrowings is going up, and the foreign exchange crisis is worsening.

The country is enduring the worst inflation rate in 40 years, and the forecast is for even higher food prices in 2023.

The Government has still not made any measurable efforts to stimulate agriculture and agro-processing, while floods routinely wipe out crops produced by our hard-working farmers.

This Yuletide season has seen the most expensive vegetables in living memory, causing huge distress to wholesalers, vendors and consumers.

The Government has refused to nurse the small and medium-sized enterprises (SME) sector to its pre-covid19 era of 18,000 businesses, employing 250,000 workers and contributing 30 per cent to gross domestic product.

In one of the most appalling economic tumbles, the country has moved from a net recipient of US$1.5 billion in direct foreign investments in 2015, to investors fleeing at an average annual value of US$450 million.

Doing business in TT remains a nightmare, and the Government still refuses to utilise the efficiency-boosting single-window measures implemented by the Kamla Persad-Bissessar administration.

The digitisation of the public sector remains stalled despite TT being the only country in the region with a specifically assigned Government minister.

The unchecked crime scourge is impacting society at all levels and businessman Derek Chin is correct to say that it is “really out of hand and is affecting business in a big way.”

SMEs are particularly hard-hit by the crime epidemic.

The Government has not created the enabling environment for our manufacturers to deliver on their promise of doubling exports and venturing into new markets in the short term.

Against that troubling backdrop and with a failed and visionless administration, TT is destined for a year of more economic hardship, including poverty and the disintegration of our middle class.

But we must all recommit ourselves to our respective families, friends and communities. Stay safe, focused, ambitious and purposeful.

Trinidadians and Tobagonians have always displayed fierce resilience, abiding patriotism and an invincible spirit.

Those virtues would permit us to prevail through these tough times.

Happy New Year, everyone!

RUSHTON PARAY, MP

opposition spokesperson

on trade and industry