Saturday, January 20, 2018

Are ‘failed’ economic policies crippling T&T?*


It is clear that, towards the end of 2017, T&T is coming off its deepest decline in 30 years, with the Central Statistical Office confirming the economy contracted by 6 per cent last year.
Along with the steep economic decline, there is the now chronic shortage of foreign exchange, which caused the country’s largest bank to offer someone travelling overseas for five days, two weeks ago, US$200.  It is also clear that the central government is spending more than it earns, as the deficit in the 2017 fiscal year was $12.6 billion, or 8.5 per cent of the country’s gross domestic product (GDP), coming after a fiscal deficit of $7.9 billion, or 5.3 per cent of GDP.

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