The TTWhistleblower today continues this series looking at the urgency of economic diversification amidst the onset of political lethargy that seems likely from buoyant energy prices.
The Keith Rowley Administration has since the 2010 to 2015 PNM Opposition made heavy weather on the need for diversification, the urgency of new support platforms for revenue and industry and a plan that many expected would be implemented after the 2015 general election.
To date, the only change in the economy has been historic decline, a range of burdensome taxes, food and fuel price increases, and increasing job losses.
Declining economy, increasing revenue
Central Bank data also showed a decline in aggregate expenditure of 11.3 percent to $9.27 billion in the first quarter the 2017/18 financial year, when compared to the year earlier as the Government continued to cut spending.
Core to stimulating economic activity and driving the creation of jobs is Government’s capital expenditure programme and its Public Sector Investment Programme (PSIP).
Credit to businesses rose by 1.3 percent in December 2017, compared with a rise of 0.3 percent in July 2017.
Lending to consumers increased by 5.1 percent in December 2017 compared with 4.1 percent in July 2017.
Perhaps the biggest indicator of the absence of economic diversification, aside from a lack of job creation, business expansion and foreign investment was found in this country’s gross official reserves.