Tewarie: Economy still treading water, with no clear path to recovery

Pro Vice Chancellor for Planning and Development at The University of the West Indies Dr Bhoe Tewarie has described the country’s economic position as one in which the Government was struggling to stay afloat while attempting to move against difficult economic currents.

Speaking at a virtual discussion hosted by The University of the West Indies’ Trade and Development Economic Unit (TEDU) on Friday night, the former government minister said the country’s economic challenges would not disappear even if natural gas production increased through upcoming projects. He said: “This is a budget which says to the country that we are going to find a way to float, and right now we just have to tread water and float. We can’t do much more than that. We know that we will need a lifeboat, and we know that we need time because it is not on our side, but little by little we will get there.”

Tewarie said the Government had inherited a difficult economic situation and had taken steps to stabilise the economy, including measures to improve tax collection, strengthen Customs enforcement and broaden financial inclusion.