Trinidad and Tobago: The leader of the opposition party of Trinidad and Tobago – Kamla Persad Bissesar, targeted the Prime Minister – Dr Keith Rowley, and blamed the government for the contraction in GDP and for the stagnation of T&T’s economy.
The leader of the United National Congress – (UNC) stated that both local and foreign investors had lost their faith in the government of Trinidad and Tobago.
While comparing Trinidad and Tobago with Haiti, cited that based on FDI data from the United Nations Conference on Trade and Development (UNCTAD), Haiti island is better than T&T.
Bissesar, while presenting the facts, stated that a total of 112,000 people lost their jobs as per the data of NIB, while economic stagnation and decline as GDP are at its lowest in a decade.
Following the statement, she added that “The main sector that is the Energy sector has collapsed with the shutdown of Petrotrin and losses at NGC due to Rowley mis-negotiations. Recall when Rowley and Young outsmarted themselves in Houston in gas negotiations. We cannot refine our own gas, shut down Petrotrin, no Energy Security.
Bissesar further cited that the Foreign reserves are at crisis levels forcing the T&T government to change laws permitting them to borrow in foreign-denominated savings bonds.
Foreign and Local investors are sending their money elsewhere as Foreign Direct Investment was negative TT$3billion last year and almost negative $9.5 billion T&T over the past five years of the Keith Rowley government, the opposition leader added.
Bissesar further asserted that “Don’t let the Rowley government fool you that it is because of COVID-19. Since they came into office, FDI has been decreasing until it went into negative.”
The IMF has estimated that the T&T economy has been contracted by 7.8 per cent in the year 2020, sheerer than the 4.3 per cent average decline experienced in the Caribbean and extending the 1.2 per cent contraction registered in the year 2019.