Negative outlook on oil and gas prices

Conrad was speaking on “The Macro Economic Perspective and Policies for a Competitive Nation” at an Economic Outlook Forum hosted by the American Chamber of Commerce of Trinidad and Tobago at the Hilton Trinidad and Conference Centre.

He recalled that the accounting firm, PricewaterhouseCoopers had indicated that the country will have a fiscal gap of $16 billion in 2017 and said this meant there must be some realignment in terms of expenditure and revenue being generated.

He said there had been significant shortfalls in revenue, noting that since 2009 the Government has spent more than it has collected in tax revenue.

He said that in 2017 the country will have to strike a delicate balance so that the economic contraction will not have a negative impact on business creation and development. He said there is an ongoing contraction in the economy and that contraction will continue into 2017