Yesterday I attended AMCHAM T&T’s discussion on the 2018 Economic Outlook for Trinidad & Tobago.
Keynote speakers included Ravi Tewari, CEO Guardian Group, Racquel Moses, Country Manager Microsoft, Marla Dukharan, Chief Economist, Bitt inc and Dr. Terrence Farrell, Former Chairman, Economic Development Advisory Board.
Their presentations were of the highest caliber, also the President of AMCHAM; Mitchell De Silva, gave a strong contribution during his opening remarks.
Some of the “take aways” include Mitchell De Silva’s comments on the need for regulatory visibility and enforcement. Ravi Tewari’s inference that T&T’s needs to fix structural problems and that private sector participation is required in the provision of infrastructure. Racquel Moses showed how T&T could become more efficient through digital transformation, citing Estonia’s success story.
Marla Dukharan gave insightful analysis on T&T’s high levels of financial leakage, low fiscal multiplier, coupled with weak institutions. She stated that if we don’t change our modus operandi T&T is likely to end up turning to the IMF by 2021 / 2022. Dr. Farrell echoed Ravi Tewari’s sentiment about the need for structural change, he also suggested that our Government should regularise their accounting standards by adopting IPSAS (International Public Sector Accounting Standards). Dr. Farrell commented on our population’s dependency syndrome and rent seeking behavior, he presented arguments in support of the need for change.
All the presenters shared a common perspective on the need to diversify our economy away from its dependency on the Oil and Gas sector.
