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Author Topic: The Future of (the economy of) T&T  (Read 13295 times)

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Offline Tiresais

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The Future of (the economy of) T&T
« on: May 08, 2014, 01:52:54 AM »
Quote
Between 1994 and 2008, the country’s output grew at an impressive average rate of 7.1%. Yet, most of this growth can be attributed to the performance of the oil and gas sectors supported by high energy prices. Over the last decade, average annual GDP growth in the petroleum sector averaged 9.7%. The non-energy sector on the other hand exhibited much slower growth rates with a decade mean of 3.6%5. T&T’s economy has historically been quite volatile and particularly vulnerable to commodity
price shocks (see Figures 1.1 and 1.2).

At current rates of resource extraction, it is estimated that by 2025-2030 gas and oil fields will be fully depleted. This brings into sharp focus the issue of diversification. While successive governments have developed growth strategies to balance economic activity and raise activity in the non-energy sector, there is little evidence of success over the last 25 years. This highlights the issue of identifying and alleviating the binding constraints to T&T’s economic diversification. How can the country achieve a sustainable and balanced growth? What is there to be learned from the experience of other resource rich and commodity exporter countries? What are the drivers and obstacles of economic diversification in T&T?
...

...Based on the analysis of both macro and micro data, the [Hausmann, Rodrik and Velasco (2005)] found that the most important factors limiting growth opportunities in T&T are deficiency human capital, high macroeconomic volatility, an inadequate development of infrastructure, limited access to foreign markets, rising criminality, lack of innovation, corruption and a burdensome bureaucracy.

From a World Bank Working paper published in April; Read more here

Thoughts? How can T&T move from an oil and gas based economy? Or will we end up like Saint Lucia when they lost their banana export markets due to American pressure in the WTO?

Offline asylumseeker

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Re: The Future of (the economy of) T&T
« Reply #1 on: May 08, 2014, 02:48:39 AM »
One would think the World Bank would be able to render a proper introductory sentence.

Offline Tiresais

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Re: The Future of (the economy of) T&T
« Reply #2 on: May 08, 2014, 04:51:48 AM »
It's not their intro, the first half of the paragraph is as follows;

Quote
Trinidad and Tobago (T&T) is a high-income country, rich in natural resources, with a well-developed globally competitive oil and gas industries. The country can be characterized as a dual economy. Its energy sector is very productive, export-oriented, and exhibits high rates of returns to investment. However, while the energy sector represented 65.8% of exports and 44.0% of gross domestic product (GDP), it only employed 3.1% of the labor force over the last decade. On the other hand, the non-energy sector is underdeveloped, attracts little investment and, for a significant part, depends on government subsidies and transfers.

I just cut it to the important bits :p

Offline asylumseeker

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Re: The Future of (the economy of) T&T
« Reply #3 on: May 08, 2014, 08:31:30 AM »
It's not their intro, the first half of the paragraph is as follows;

Quote
Trinidad and Tobago (T&T) is a high-income country, rich in natural resources, with a well-developed globally competitive oil and gas industries. The country can be characterized as a dual economy. Its energy sector is very productive, export-oriented, and exhibits high rates of returns to investment. However, while the energy sector represented 65.8% of exports and 44.0% of gross domestic product (GDP), it only employed 3.1% of the labor force over the last decade. On the other hand, the non-energy sector is underdeveloped, attracts little investment and, for a significant part, depends on government subsidies and transfers.

I just cut it to the important bits :p

« Last Edit: May 08, 2014, 10:16:41 AM by asylumseeker »

Offline Tiresais

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Re: The Future of (the economy of) T&T
« Reply #4 on: May 08, 2014, 10:07:16 AM »
Yup, but that's got a limited shelf-life for 2 reasons

1) rate of extraction as above

2) Shale Gas exploitation in the next decade.

Both are threats to T&T's economy, as the other parts aren't as modern or competitive as its resource extraction sectors

Offline asylumseeker

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Re: The Future of (the economy of) T&T
« Reply #5 on: May 08, 2014, 10:20:06 AM »
Yup, but that's got a limited shelf-life for 2 reasons

1) rate of extraction as above

2) Shale Gas exploitation in the next decade.

Both are threats to T&T's economy, as the other parts aren't as modern or competitive as its resource extraction sectors

smh ... :rotfl:

Offline Michael-j

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Re: The Future of (the economy of) T&T
« Reply #6 on: May 08, 2014, 11:00:22 AM »


Tiresais, I think Seeker was pointing out the grammatical error in the statement......


Offline Toppa

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Re: The Future of (the economy of) T&T
« Reply #7 on: May 08, 2014, 12:59:45 PM »
Quote
Between 1994 and 2008, the country’s output grew at an impressive average rate of 7.1%. Yet, most of this growth can be attributed to the performance of the oil and gas sectors supported by high energy prices. Over the last decade, average annual GDP growth in the petroleum sector averaged 9.7%. The non-energy sector on the other hand exhibited much slower growth rates with a decade mean of 3.6%5. T&T’s economy has historically been quite volatile and particularly vulnerable to commodity
price shocks (see Figures 1.1 and 1.2).

At current rates of resource extraction, it is estimated that by 2025-2030 gas and oil fields will be fully depleted. This brings into sharp focus the issue of diversification. While successive governments have developed growth strategies to balance economic activity and raise activity in the non-energy sector, there is little evidence of success over the last 25 years. This highlights the issue of identifying and alleviating the binding constraints to T&T’s economic diversification. How can the country achieve a sustainable and balanced growth? What is there to be learned from the experience of other resource rich and commodity exporter countries? What are the drivers and obstacles of economic diversification in T&T?
...

...Based on the analysis of both macro and micro data, the [Hausmann, Rodrik and Velasco (2005)] found that the most important factors limiting growth opportunities in T&T are deficiency human capital, high macroeconomic volatility, an inadequate development of infrastructure, limited access to foreign markets, rising criminality, lack of innovation, corruption and a burdensome bureaucracy.

From a World Bank Working paper published in April; Read more here

Thoughts? How can T&T move from an oil and gas based economy? Or will we end up like Saint Lucia when they lost their banana export markets due to American pressure in the WTO?

We? Steups
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Offline Tiresais

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Re: The Future of (the economy of) T&T
« Reply #8 on: May 08, 2014, 01:07:58 PM »
*sigh* anyone actually interested in the question at hand instead of my grammar or word choice lol

Offline Toppa

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Re: The Future of (the economy of) T&T
« Reply #9 on: May 08, 2014, 01:17:03 PM »
*sigh* anyone actually interested in the question at hand instead of my grammar or word choice lol

No.
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Offline Tiresais

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Re: The Future of (the economy of) T&T
« Reply #10 on: May 08, 2014, 01:18:52 PM »
*sigh* anyone actually interested in the question at hand instead of my grammar or word choice lol

No.

Then why post? Seems petty

Offline Bakes

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Re: The Future of (the economy of) T&T
« Reply #11 on: May 08, 2014, 01:21:08 PM »
No.

LOL... you's ah real backside yes

Offline Toppa

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Re: The Future of (the economy of) T&T
« Reply #12 on: May 08, 2014, 01:35:10 PM »
www.westindiantube.com

Check it out - it real bad!

Offline Tiresais

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Re: The Future of (the economy of) T&T
« Reply #13 on: June 23, 2014, 11:13:38 AM »
Centrica puts Caribbean gas sites up for sale amid disposal plans
City A.M.


British-Gas owner Centrica has appointed Canadian finance giants Macquarie to auction off the energy firm’s gas operations in Trinidad.

The FTSE 100 firm, run by chief executive Sam Laidlaw, is hoping to sell its gas operations in the Caribbean state along with assets in Tobago for a price tag in the region of £250m, it is thought.

Centrica declined to comment.

The energy firm first won a licence to explore for natural gas in the Caribbean in 2007 to help expand supplies for UK customers.

The sale, first reported by the Sunday Times, is part of a wider disposal programme by Laidlaw ahead of his exit from the company.

Centrica announced in May plans to sell three of its eight gas-fired power plants at Langage, Humber and Killingholme.

In December last year it offloaded another three power stations in Texas to Blackstone for £420m and used the cash to buy back shares from investors.

Offline Tiresais

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Re: The Future of (the economy of) T&T
« Reply #14 on: June 24, 2014, 07:02:25 AM »
Inter-American Development Bank just published a report on T&T's vulnerability to Climate change, download here; http://publications.iadb.org/bitstream/handle/11319/6511/Understanding%20the%20Economics%20of%20Climate%20Adaptation%20Full%20Version.pdf?sequence=1

Quote
In terms of climate hazards, Trinidad and Tobago will, presumably, undergo higher
tropical storm (TS) frequency and the effects derived from them: coastal flooding, wind
and rainfall. Additionally the island will likely experience sea level rise and more
frequent and intense droughts

Quote
Table 2: Expected annual damage for the different scenarios considered due to tropical storms.
Source: Prepared by the authors.
 
Scenario Mean damage (MUSD/year)
S0 19.5953
S1 26.3465
S2 29.3377
S3 36.8614
S0 and S1 are the current scenarios, s2 and s3 the potential problems of climate change

The two most profitable (as measured by potential loss from risk, cost of inaction, and with time discounting) actions are to restore the mangroves in coastal areas of Trinidad and to update and enforce a National Building Code (Table 7) - these are "No Regret" actions, in that they pay for themseles with high certainty.

Quote
From this analysis, the results show that:
 The National Building Code (TTA 1) and Mangrove Restoration in Trinidad (TTA
13) fall into the category of High Impact and “No Regret”
 Meteorological alert system connected to the Monitoring System (TTA 3);
Emergency Protocols (TTA 4) and Institutional Training Program (TTA 6); Green
Roofs (TTA 16); and Mangrove Restoration in Tobago (TTA 18) all fall into the
category of Low Impact and “No Regret”
 Infrastructure & Building Reinforcement (TTA 8); Permeable Pavements (TTA 11);
and Beach Nourishment in Tobago (TTA 12) fall into the category of Low Regret
 Dike Construction in Trinidad (TTA 2); Social Awareness Program (TTA 5);
Rainwater Harvesting (TTA 7); Retention Ponds (TTA 9); Filter Strips (TTA 10);
Agriculture & Climate Change Research Unit (TTA 15) and Coral Reef Protection
and Restoration in Tobago (TTA 19) fall into the category of Potential High
Regret

There's a really interesting pilot scheme working with the Petrol companies in South (Figure 1) - relocating infrastructure.

Offline Deeks

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Re: The Future of (the economy of) T&T
« Reply #15 on: November 03, 2014, 06:25:38 PM »
Can the locals give us an update on the Invaders Bay project.

http://www.guardian.co.tt/news/2014-10-25/jcc-stop-55b-invaders-bay-project





Radica Sookraj


Published:


Sunday, October 26, 2014.


As the Government gives the green light for the $5.5 billion Invaders Bay development, the Joint Consultative Council is again renewing its call for an immediate halt on the project.
 
Accusing the Government of operating under a shroud of secrecy, JCC president Afra Raymond said the project was being done in breach of the Central Tenders Board regulations.
 
In a telephone interview, Raymond said it has been three years since the JCC, which represents the construction industry, took up the fight to stop the project, which involves the development of 70 acres of land south of Movie Towne, Port-of-Spain.
 
“The JCC said in December 2011 that the Request for Proposals (RFP) issued by the Ministry of Planning for the development of Invaders Bay was done in breach of the Central Tenders Board Act.
 
“The State has claimed to have legal advice on the publication of the RFP but despite several requests from JCC, the State has refused to publish that legal advice and that is what we are challenging in court.
 
“The JCC was successful in obtaining a landmark ruling on July 14, 2014, which the State has now appealed. That appeal is due for hearing on November 20,” Raymond said.
 
Last October, Planning Minister Dr Bhoe Tewarie received legal advice from the Attorney General’s Office authorising the Urban Development Corporation of T&T (Udecott) to lease land at Invaders Bay for the private project. The advice gave Udecott the authority to sublease the land to developers who had been chosen by the ministry after a sole selective tendering process.
 
Two local companies—Invaders Bay Marine Ltd and Da Chin Commercial Development Ltd—got the nod from Cabinet for their proposals in August.
 
But Raymond said despite this, the JCC will continue to challenge the Government’s decision to continue the project.
 
“We will continue to press for the publication of the legal advice which the State is relying upon in this development,” Raymond said. He added that there has been no explanation of the failure or refusal to host public consultations on this large-scale proposed development.
 
“This is a case of glaring double standards, when one considers that there have been recent public consultations on the southwest growth pole; the issue of city status for Chaguanas; the review of the Constitution; the redevelopment of King’s Wharf in San Fernando,” Raymond said.
 
He added, “When Udecott wrote to us on September 25, 2014, on this project, it was noteworthy that they again emphasised their compliance with the recommendations of the Uff Report. Given that the 17th of the Uff recommendations is for consultation before decisions are taken and Udecott is now proceeding with this development—whatever it is—one wonders when will Udecott be hosting the first public consultation on Invaders Bay.”
 
“More could be done to boost economic development’
 
Saying the JCC had no objection to private investment on this project, Raymond said more could be done in that area to boost economic development.
 
“The greater Port-of-Spain region needs to be considered together so that the society can make best use of this unique development opportunity. The redevelopment of east Port-of-Spain must be considered alongside the Invaders Bay matter,” Raymond said.
 
He added that the possible gains from the development of Invaders Bay must not be confined to a small number of people and must extend beyond basic employment.
 
“It is also critical to address the real environmental concerns which arise in a development of this size in this location,” Raymond added.
 
Told that the Government was using this project as part of its diversification thrust, Raymond said, “Given the repeated emphasis on diversifying our economy away from its habitual reliance on foreign exchange, the JCC believes one of the essential criteria for this development should be that any proposed projects should be net earners of foreign exchange.
 
“If that was adopted by the State as a tangible commitment to this new type of development, it would immediately exclude a raft of familiar development modes—shopping malls, foreign franchise restaurants, luxury residential and so on. That exclusion would, in turn, open the way for a series of new possibilities which are not at this time visible.
 
“If the State is unable or unwilling to use prime property like Invaders Bay as ‘springboards’ to promote new development models, when and how will the new models be planted? If not now, when?” Raymond asked.
 
The chairman of Da Chin Enterprises and Multicinemas Ltd MovieTowne’s parent company, Derek Chin, revealed that his plan is to build themed spaces reflective of the country, such as Indian Street, African Street, Chinese Street, Syrian-Lebanese Street, Fashion Street, etc, to showcase T&T’s cultural heritage and people’s love of shopping.
 
 
 
--------------------------------------------------------------------------------

Justification for Invaders Bay
 

 
In its Request For Proposals document dated October 4, 2011, the ministry said the Invaders Bay project would change the manner in which ports operate and cargo is transported, as waterfront property is now more valuable for its residential, retail and recreational function than simply for port activity with heavy industry, docks and fenced-off warehouses.
 
The development of the Invaders Bay area will definitely benefit the country both during its construction and operational phases, whilst at the same time producing a significant effect on the civic psyche by giving renewed pride to our nation.
 
It is expected that the project will:
 
1. Generate both temporary jobs (albeit over several years) during the construction phase and permanent jobs during the operational phase
 
2. Add value to the service sector, and contribute to improving the living conditions of the area, and target local companies and subcontractors for the supply of certain components of goods and services
 
3. Generate foreign exchange earnings
 
4. Facilitate an expansion of the skills base and the extension of services to the country inclusive of a transfer of technology, especially in “green building technologies” and so develop local entrepreneurship and technical skills
 
5. Have a demonstrable effect on the other countries in the region, which might follow this example
 
6. Transform the capital city’s coast line and herald a new age in the development of waterfront urban centres in the region
 
7. Boost property values in the area
 
8. Assist the government in realising our vision of making T&T a world-class destination for business and tourism, providing opportunities for greater economic inclusion and facilitating an era of prosperity for all
 
9. Ensure synergies with the surrounding development and add vitality to adjacent sites, including those in Port-of-Spain city centre and east Port-of-Spain.
 
 
 
--------------------------------------------------------------------------------

Govt not operating in secret —Tewarie
 
In an interview, Tewarie said it was not true that the Government was operating in a secretive manner.
 
“As far as I am aware, the JCC is in communication with my permanent secretary and she has written them to indicate that she will respond to their questions,” Tewarie said. “I really don’t see what the charges of secrecy are about.
 
“In addition, the matter is before the court, and I cannot and I need to honour the fact that it is before the court. At the same time they are engaging the courts, they are also engaging my PS and they wish to draw me into a public discourse in the newspaper.”
 
Tewarie said he was “really suspicious of their motivation.”
 
“I cannot see how they could be claiming the only issue that they are after is a public-interest issue. The facts of their involvement in this matter and the changes in issues over time make it clear that there is more in the mortar than in the pestle,” Tewarie said.
 
“I take this opportunity to point out that the legal opinion which they are seeking the right to have from the court is clearly already in their possession, because the legal opinions given to the Attorney General’s office have been publicly aired in at least one newspaper.
 
“I am at a loss to understand what could be their motivation. From my point of view, it could not simply be a public-interest matter,” Tewarie repeated.
 
 

Offline Bourbon

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Re: The Future of (the economy of) T&T
« Reply #16 on: November 03, 2014, 06:58:29 PM »
Basically just what the article saying. Government going ahead despite concerns. With almost a (suspicious?) haste. Interestingly enough William Munroe tried to use that area for a Calypso village or something like that and was shut down immediately.
The greatest single cause of atheism in the world today are Christians who acknowledge Jesus ;with their lips and walk out the door and deny Him by their lifestyle. That is what an unbelieving world simply finds unbelievable.

Offline Sando prince

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Re: The Future of (the economy of) T&T
« Reply #17 on: November 05, 2014, 08:12:18 AM »
Chamber cautions Govt on spending

http://www.trinidadexpress.com/business/Chamber-cautions-Govt-on-spending-281538781.html

By Leah Sorias

Government has been cautioned again about its spending.
Chief executive officer of the T&T Chamber of Commerce Catherine Kumar said yesterday that while the price of natural gas has remained stable Government cannot assume that this will not change.

She was commenting on the continued drop in oil prices below US$80, the price at which the national budget was based on.
Government has said the country’s economy is heavily based on natural gas prices and not crude oil.
“We are not seeing right now a repeat of what happened in 2007/2008 where we had oil, gas and commodity prices going down. So from that point of view I think we are still fairly well protected, but on an overall area of expenditure, the Chamber has been known to say that expenditure is excessive,” she said.
“We believe there are many areas that expenditure can be controlled or better utilised whereby we ensure that the state and people of Trinidad and Tobago get value for money.”
She said the Chamber is concerned that with this country being in an election year there could be excessive spending.
“All we can do at this time it to caution the government about the expenditure as we continue to meet with various Ministers because we really cannot assume that things will always be stable.

Any Government, and (Finance Minister Larry Howai) coming from the banking sector, would be conservative and would understand the threat to the economy if the expenditure continues at the rate it has been.”
Kumar says a thorough analysis has to be conducted to determine why businesses continue to have problems accessing foreign exchange. For the year so far the Central Bank has injected over US$1 billion into the financial system.
But Kumar maintained that businesses still have problems to get the currrency. She was speaking to reporters following the launch of the 2nd Annual Business Opportunies in Trinidad and Tobago (BizOppsTT) Conference at the Chamber in Westmoorings.
“There is a particular US supplier of goods to quite a few suppliers locally who has been in touch with me over and over because he’s having no end to problems in gettting his bills paid. He knows that it’s no fault of the companies he’s dealing with, and those are companies he has been dealing with for quite some time,” Kumar said.

She added that the US supplier has had to resort to accepting payment in Canadian dollars and then converting this to US currency (one Canadian dollar is equivalent to US$0.88).
Members of the Chamber say they continue to have problems accessing foreign exchange and are forced to join a queue until the currency becomes available. The second annual BizOppsTT conference launched yesterday runs from November 17 to 18 at the Hyatt Regency. It is open to entrepreneurs, small, medium and large businesses, civil society members and members of the public.

http://www.trinidadexpress.com/business/Chamber-cautions-Govt-on-spending-281538781.html
« Last Edit: November 05, 2014, 08:14:54 AM by Sando prince »

Offline Bourbon

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Re: The Future of (the economy of) T&T
« Reply #18 on: November 05, 2014, 08:26:57 AM »
I dont think Supplemental Petroleum Tax applies to natural gas though.

SPT is supposed to be a certain percentage which varies according to oil price.

Natural gas.....I not sure how that's taxed..maybe under the Green fund where the overall profit is taxed and that still small from what I vaguely remember. Petroleum Profits Tax might count for something..but the issue is WHEN they get paid....multinationals famous for holding back payments for years and then paying it much later.
The greatest single cause of atheism in the world today are Christians who acknowledge Jesus ;with their lips and walk out the door and deny Him by their lifestyle. That is what an unbelieving world simply finds unbelievable.

Offline Deeks

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Re: The Future of (the economy of) T&T
« Reply #19 on: November 05, 2014, 11:51:01 AM »
Breds, I confuse!!

Offline Bourbon

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Re: The Future of (the economy of) T&T
« Reply #20 on: November 05, 2014, 01:20:04 PM »
Breds, I confuse!!


Different taxes apply for different things. Depending on the age of the oilfield....work done previously on it...and nature of job ongoing.

Look some info here that may be useful.

http://www.ird.gov.tt/load_page.asp?ID=92

The greatest single cause of atheism in the world today are Christians who acknowledge Jesus ;with their lips and walk out the door and deny Him by their lifestyle. That is what an unbelieving world simply finds unbelievable.

Offline Deeks

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Re: The Future of (the economy of) T&T
« Reply #21 on: November 05, 2014, 04:36:58 PM »
Ok, thanks, man!

Offline Sando prince

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Re: The Future of (the economy of) T&T
« Reply #22 on: December 02, 2014, 03:16:20 AM »


Double trouble for energy sector


http://www.trinidadexpress.com/business/Double-trouble-for-energy-sector-284397561.html

 
Energy economist Gregory McGuire says the Trinidad and Tobago economy is facing a double jeopardy.

This, he said, is precipitated by the fall in oil prices from US$110 a barrel in June to US$65 on Friday.

“The imminent danger posed by a sustained decline in oil prices was compounded last week by the news that a leak in National Gas Company’s (NGC) 56-inch pipeline aggravating an already tight gas supply situation and interrupting electricity generation at TGU,’ he observed.

“While these developments are completely unrelated, their joint impact on the economy could be devastating,” he noted.

McGuire said it is “obvious” that the fall in oil prices will have a negative impact on Government revenue.

“The Minister of Finance has indicated a loss of $1,879.4 million on an annualised basis. He further expects the reduction in fuel subsidy of $507 million thereby mitigating the overall increase in the deficit to $1,372 million. In seeking to calm our fear, Minister Howai reiterated that T&T is more of a gas economy, producing approximately 800,000 barrels of oil equivalent per day, only ten per cent of which is oil. One is left with the distinct impression that gas will supplant the loss in oil.

“This may be a dangerous oversimplification that is flawed on two counts. Firstly, the argument that we are a gas economy is based mainly on the relative volumes produced.

“However, we always need to be cognizant of the fact that, a barrel of oil is worth much more than a barrel of oil equivalent in gas. Let us use the budgeted prices to illustrate this point. The budgeted price of a barrel of oil is US $80 while gas is budgeted at $2.75/mmbtu. When converted, this is equivalent to just US$15.95 per barrel of oil equivalent. In other words, a barrel of oil is 500 per cent more valuable than a barrel of oil equivalent in gas.

“In addition, the overall tax rate on oil is in excess of 60 per cent of taxable income while the tax rate gas is only 35 per cent. In these circumstances, we cannot glibly talk about the “gas economy” as if it is roughly equivalent to an “oil economy”. One estimate suggests that the oil share remains above 40 per cent of total Government revenue, much higher than the ten per cent share of production. The Minister needs to appraise the nation about the relative contribution of oil and gas to Government revenue,” he explained.

McGuire criticised Howai’s hope for “better than projected gas prices are mitigating the fall in oil prices”.

“Minister Howai is aware of the prognosis that gas prices will fall in tandem with oil. This is because in major markets of Europe, South America and the Far East, LNG prices are indexed to oil. For example, LNG prices in Asia have already dropped from US$20/mmbtu in January 2014, to US$10/mmbtu in October.

“This downward slide is likely to continue if oil continues to slip. The impact on Government revenues could be greater than anticipated by the Finance Minister,” McGuire said.

Offline Sando prince

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Re: The Future of (the economy of) T&T
« Reply #23 on: December 20, 2014, 10:31:20 PM »

Ramesh Concerned about PM’s Spending
 
Former Attorney General Ramesh Lawrence Maharaj says, in the face of the global economic downturn, the Prime Minister must account for the money being spent on Christmas gifts.

http://www.tv6tnt.com/sevenpm-news/-Ramesh-Concerned-about-PMs-Spending--2909---286477981.html

Offline Sando prince

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Re: The Future of (the economy of) T&T
« Reply #24 on: December 23, 2014, 08:48:58 PM »

BTW Forbes ranks Jamaica best country in Caribbean to do business. Ranking Jamaica 64 out of 146 nations. T&T is now at 71.

http://www.jamaicaobserver.com/news/Forbes-ranks-Jamaica-best-country-in-Caribbean-to-do-business

Offline Flex

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PM outlines new plans for TT economy
« Reply #25 on: June 28, 2015, 04:54:34 AM »
PM outlines new plans for TT economy
By JANELLE DE SOUZA (Newsday).


Prime Minister Kamla Persad-Bissessar on Friday evening promised to intensify efforts to diversify the country’s economy and create more jobs if her Government were to be elected for a second term.

Speaking at a United National Congress (UNC) political meeting at St Helena Hindu Primary School, Persad-Bissessar outlined some of the Government’s plans of a Green, Blue and Silver economy, which she said would all create more jobs.

She explained that the Green Economy would be “low carbon, resource efficient and socially inclusive.” Through the conversion of fossil fuel resources to renewable ones, she said jobs would be created in the areas such as retail, distribution, construction for engineers, technicians, and many others in the establishment of new energy resource systems.

The Blue Economy involves the harnessing of the country’s water and marine resources. She said this focus would create jobs in fishing and fish processing, tourism, beach resorts and restaurants, dry docking, marinas, shipping, ship repair and more.

Activity in the Silver Economy would cater for those over 60 who wish to continue working. She noted that getting older does not mean being less productive therefore jobs for those of retirement age would be explored. However, Persad-Bissessar noted that this would be more opportunities in areas such as medical specialists, pension administration, manufacturing retail and distribution of goods and services that cater to the silver population.

She also reviewed her Government’s performance over the past five years, stating that it has delivered 90 percent of its 2010 election promises.

Persad-Bissessar stated that serious crimes had decreased as the Government gave the police more tools to fight crime including more vehicles, GPS in police vehicles, and more training. She noted that the second of 12 naval vessels for the Coast Guard had recently arrived in the country and that a third would be here in July.

“These are important to lock down our boarders to create a maritime wall around Trinidad and Tobago in our fight against crime,” she said.

Persad-Bissessar boasted that during the People’s Partnership’s term, it had overseen the stabilisation, recovery and growth of the economy. She said the PP Government had built or refurbished 100 schools and 100 health centres, built new roads and a thousand new homes, made sure 70 percent of the population had access to clean water, and that she was especially proud of the Children’s Life Fund.

The Prime Minister said her Government would continue to invest in education for children training and quality health care. She also proposed the return of the right to recall of Members of Parliament who do not perform satisfactorily.

“We have a proud record on which to stand but we need more time to finish the job we started to keep Trinidad and Tobago on a progressive path,” she said as she promised to deliver work, security, prosperity, peace, and justice to all.

The real measure of a man's character is what he would do if he knew he would never be found out.

Offline Sando prince

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Re: PM outlines new plans for TT economy
« Reply #26 on: June 28, 2015, 09:28:37 AM »

Flex ah thought there was a thread for T&T economy  ;D 

Anyway the PM can outline 100 plans from now tip September its a done deal for her term as PM

Offline MEP

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Re: PM outlines new plans for TT economy
« Reply #27 on: June 28, 2015, 12:14:53 PM »
I guess he plans are to move away from the current yellow economy

Offline AB.Trini

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Re: PM outlines new plans for TT economy
« Reply #28 on: June 28, 2015, 08:26:38 PM »
Vague generalities- political promises - I dontseeanything specific in terms of a dedicated project - I.e new ferry term al Toco
Enhanced  upgrade on all beache facilities throughout TnT to attract tourism industry. - stringent. measures to secure TnT borders, a hard line on criminals, widening of the Toco roadway- elimination of unnecessary funding to bandaid initiatives involving Shaq- revitalization of communities that form the gateway to POS- Beetham and lower Lavantille - infusion of a financial structure to develop world class athletes.

Priority - create a plan to have a knowledgeable , innovative , experienced and proactive CoP- provide funding for training and development of police officers.

Instead of all the vague bs -why do people not demand specifics from our leaders and then hold then accountable?  The verbal rhetoric I does read about from these ministers is like watching ls trembling and ah fart coming from out the mouth.

Offline Flex

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Re: PM outlines new plans for TT economy
« Reply #29 on: July 03, 2015, 05:32:57 AM »

Flex ah thought there was a thread for T&T economy  ;D 

Anyway the PM can outline 100 plans from now tip September its a done deal for her term as PM

Boy, ah didn't get time to search for the next thread.

Mod, feel free to merge this.

Thanx.

The real measure of a man's character is what he would do if he knew he would never be found out.

 

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