A study by Dr Terrence Farrell has found that the sustainability of the downstream petrochemical sector is under threat because of uncompetitive natural gas prices.
Dr Farrell this morning presented his year-long study of the country’s downstream sector.
The economist said both natural gas shortage and price has led to a reduction in methanol and ammonia production and a loss of jobs in the sector.
He predicted that unless there is a change in policy the sector will get to a point of no return and there will be a collapse of the Point Lisa’s Industrial Estate.
Following decades of economic stagnation, the largest English-speaking country in Caricom has witnessed an economic turnaround, with growing levels foreign exchange, four years on uninterrupted growth and unemployment now at its lowest in the country's recent history. Jamaica's economy has roared back and it was done on the back of a stringent IMF programme.
In an exclusive interview with the Business Guardian's Hema Ramkisson the country's Finance Minister explained the secret to a real turnaround.
The Central Bank Governor has estimated that it will cost the state around $620 million dollars a year to support the Venezuelans who have migrated to this country.
Dr Alvin Hilaire said at first he was skeptical about that figure but then said after looking at the impact on Colombia, that 600-odd million-dollar figure seemed plausible.
Colombia has so far taken in almost 1.2 million Venezuelan migrants and refugees. This has cost that country around 0.4% of its GDP.
Finance Minister, Colm Imbert says that billions of dollars are being held up in the Tax Appeal Board.
Speaking to members of the media Friday morning, Minister Imbert expressed his hope that the three-month tax amnesty, starting from mid-June, would push persons to withdraw their matters from the Tax Appeal Board and pay their taxes.
The Minister explained that the government wants a clean slate when the Trinidad and Tobago Revenue Authority (TTRA) comes on board hence, its decision to implement a tax amnesty.
The fate of T&T’s continued economic growth could be partially hinged on the success of BPTT and Atlantic finding a solution to the shortfall in gas supply that is projected in 2020/2021, as failure could hurt the country’s revenue stream.
Asked about the worst-case scenario following BPTT’s recent disappointing drilling at two infill wells yesterday, Energy Chamber CEO Dr Thackwray Driver told Guardian Media that it could lead to Atlantic’s Train 1 being mothballed.
President of the T&T Automotive Dealers Association Visham Babwah says increased vehicle sales is not an indication of a robust economy but highlights the failures of public transportation.
He was responding to statements from Minister of Finance Colm Imbert that vehicle sales were averaging over 25,000 per year and the total number of vehicles registered in T&T was well over the one million mark.
Economist Dr Ronald Ramkissoon says from a short-term perspective, Finance Minister Colm Imbert did a fair job with the country’s economy. He, however, noted that for citizens to experience the benefits from any economic growth more needs to be done.
“To the extent that there is growth – it is positive and I think we have to recognise that. Unless we come up with the strategy to grow by upwards of three, four per cent – some would say five per cent – we not going to make any fundamental change to the lives of people.”
The economy has gone from being on life support to totally dead under the People’s National Movement.
This was how Opposition Leader Kamla Persad-Bissessar summed up Finance Minister Colm Imbert’s presentation on the Mid-Year Budget Review yesterday in Parliament, adding he did not put forward any policy or plans in place for the country’s real development.
There are over one million cars on the roads of Trinidad and Tobago and that's increasing by over 2,000 every single month.
This was among the revelations of Finance Minister Colm Imbert, as he sought to show how the economy of Trinidad and Tobago has been progressing.
"Vehicle sales continue to charge along at an average rate of over 25,000 new registrations per year, with the total number of vehicles now well over the one million mark," Minister Imbert said.
The population of Trinidad and Tobago is 1.3 million.