ECA urges workers, unions: Don’t strike on August 4

In a statement issued yesterday, the ECA remarked on the realities of this country’s macro economic environment.

It said while the International Monetary Fund showed optimism in January, by April its 2017 world economic outlook was adjusted downwards to a weaker-than-previ ous ly-expec ted recovery, especially in Latin America and the Caribbean.

Growth forecasts fell by 0.5 per cent to 1.1 per cent in 2017 and by 0.2 per cent to 2.0 per cent for 2018, after a lacklustre 2016.

“It noted that even though a recovery in commodity prices was expected, domestic fundamentals continue to negatively impact the economic outlook,” the ECA said.

“Even with recently announced restraints by OPEC on production and supply levels, oil prices are not expected to return, if at all, to the levels we previously enjoyed and, correspondingly, government revenue and foreign exchange earnings.” The association said the most recent global competitiveness report confirmed a deterioration in TT’s competitiveness ranking.

The ECA said workers must demand more accountability and responsibility from union leaders over their call for workers to “march/ protest” on August 4.

“A shutdown of any kind, even for a short period, will further affect TT’s ability to survive and compete on the global stage.

Each day of economic earnings that is lost will inevitably have ripple effects including loss of revenue for companies, taxation income for Government, and continued job losses.” They said it is unfair to burden those who show up to work on August 4 and those most vulnerable who cannot afford to lose a day’s pay but may be made to do so by the actions of others.

The association advised citizens that under the Industrial Relations Act (IRA) employers have no duty under the law to pay workers absent from work without authorisation.