Challenges facing Trinidad and Tobago economy

THE EDITOR: Major points highlight the multifaceted challenges facing TT’s economy, infrastructure, and consumer protections. The high cost and short lifespan of imported gas, combined with rising transportation and food prices, place significant burdens on citizens.

Reviving local industries such as Petrotrin on a smaller scale and reactivating Lake Asphalt could serve as vital steps toward economic diversification and self-sufficiency. Similarly, efforts to keep boats operational at Teteron and boost maritime activities would help reduce costs and improve the supply chain.

On the security front, increased police presence in hot spots is essential for curbing crime, which remains a barrier to revitalising tourism. As crime comes under better control, the prospects for cruise ships and international travel entering our ports – particularly for events like Pan FIFA – would improve, enhancing tourism and boosting foreign exchange.

The Port Authority’s stagnation for over 50 years, with outdated systems and slow operations, hampers both cargo movement and efficiency. Although Navis (a global terminal operating system used to manage container and cargo movements) has introduced online allocation, further modernisation is needed.

Regarding food imports, past efforts involving food inspectors aimed to control prices, but inconsistent enforcement allows prices for the same products to vary significantly across shops. Many of these overpriced goods remain on shelves, leaving consumers exploited.

Finally, the effectiveness of VAT exemptions on basic food items remains questionable. If the intended benefit was to lower prices and ease the burden on consumers, evidence suggests that many benefits are not reaching the average citizen, due to poor enforcement and market dynamics.

The government must evaluate whether these measures genuinely serve the people or need reform.

GORDON LAUGHLIN

via e-mail