World Bank revises TT growth projections after Govt protests

The World Bank has revised its economic growth estimates in 2018 and 2019 for TT from negative to positive after the Ministry of Finance queried the projections.

The Bank has now changed its 2018 growth estimate from negative one to 0.7 per cent and updating the 2019 projection from negative one to 0.9 per cent.

Finance Minister Colm Imbert, with dramatic flair, read an e-mail from the World Bank outlining the change to reporters today during a press conference at the ministry in Port of Spain. In the midst of explaining the Government’s concerns about the World Bank’s data sources, Imbert was handed a piece of paper from one of his staff. “I just got something and I am quite shocked. Is this accurate (permanent secretary) Mr (Vishnu) Dhanpaul? Hot off the press April 18, 11.45 am. Based on our meeting with the World Bank technical team they have revised the gross domestic product growth in TT in 2018 from negative one to plus 0.7 per cent.”

He said the initial discrepancy was because the institution had been using informal data sources, including newspaper reports. Not missing the chance to chide the media, he added, “That is why people have to be very careful what they write in the newspaper because these international people are reading it.”

He also hit back at his critics. “All the commentators went on a rampage and said oh look at that the Minister of Finance is cooking the books. He’s not telling the truth and the economy is shrinking! It is in free fall! I’m pleased to report to you that based on our meeting with the World Bank and submission of proper data to them they have revised the GDP growth.” He added that when the Central Statistical Office comes with the actual official data for 2018, likely in a month’s time, he expected those figures to be improved. “This is a 1.7 per cent correction. That’s significant.”