Thursday, November 23, 2017

Our economy in 2030 and beyond *


There is general agreement that we have to diversify the economy, produce on-shore other exports that are globally competitive. This demand has been long standing even in the days when our production of oil and gas was well supported by adequate reserves. Diversification was then a bulwark against external economic shocks in the petroleum market. Today diversification is more urgent given the depletion of the petroleum resource and the expected sustained low prices of oil/gas and their products.

Moreso, being a small open economy in which we cannot produce locally all we need to exist, we need to import. To do so we need to export, create new exporting entities to perform competitively in the global market. Still, we have limited human and material resources.

 

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