PORT OF SPAIN – Prime Minister Dr Keith Rowley says Trinidad and Tobago is on the brink of the danger zone economically but he still believes “these are not hopeless times”.
Addressing the 45th constituency conference of the ruling People’s National Movement (PNM) on Sunday, Rowley, who ever since coming to power in September last year has warned about the poor state of the economy, said that the country’s debt had increased by TT$40 billion over the last six years.
“In 2011, the debt to the size of the economy, which we call gross domestic product (GDP)…was 29. 7 per cent. But because we have been borrowing so consistently to maintain our lifestyles that debt is now 61 per cent of GDP.
“We are now on the edge of the danger zone,” Rowley said.
He told the meeting that while revenues have declined significantly as a result of the drop in oil and gas prices on the global market, the external public debt now stands at TT$23 billion which must be paid back in US currency.
But Rowley said that despite the economic situation there are others whose situation is worse than what obtains here making reference to Haiti, where Hurricane Matthew last week killed nearly 900 people as it roared through the French-speaking Caribbean Community (CARICOM) country.
He urged citizens to give generously to the accounts at the local banks for Haiti.
“We talk about pressure and poverty here. You don’t know what pressure and poverty is until…think about Haiti and let’s be our brother’s keeper.”
In his address, Rowley told supporters that his administration would soon embark on a number of projects mainly in the west aimed at kick-starting the local economy. He said it was the construction industry which had been proven worldwide to stimulate economic growth. (CMC)
