That’s the view of senior University of the West Indies economics lecturer, Dr Roger Hosein, who in his year-end analysis of the country’s labour force, has concluded that continued involvement of the state in the labour force compromises not only the output per worker, but also the country’s gross domestic product (GDP) by starving other sectors of the economy that are in desperate need of workers.

According to Dr Hosein’s data, real output per worker peaked in 2013, to just over $165,000 but has been steadily declining to somewhere around $160,000 in 2016. (Figure 2)

Hosein said the decline must be halted, as there is no space in a competitive global arena for sliding real output per worker.

“This is a reflection of a structural burden effect at work in the economy in which the state allowed too much workers to migrate into areas with relatively lower output per worker ratios. In planning ahead efforts have to be made to promote higher productivity employment growth,” he said.

From 1999 to 2015, the number of state hires skyrocketed by 64.6 percent, superseding gains in every other occupational grouping. (See table 1.2) The manufacturing, agricultural and textile industries, by contrast, have taken big hits, with employment levels falling 44.3 percent, 45.7 percent and 67.4 percent respectively. These are industries that also traditionally absorb excess capacities of unskilled/semi-skilled workers.

The State needs to get out of the labour market and apply a more minimalist approach, Dr Hosein said.

Ironically, he noted, by intervening to encourage increased employment in areas of underemployment, the State’s rearrangement of the labour market has facilitated in lowering the national output.

“The heavy State involvement in the labor market would have compromised the total product of the economy especially if the average product of labor in those sectors where the State intervened was below that of segments of the economy from which labor was drawn,” he said, adding that this needs to be rectified and the state needs to show the political will to do it.

We at the T&T Chamber would like to first thank our members who understand the values for which we stand. The principles and objectives that have guided our establishment since 1879 are indeed as valid today as they were at that time.

In rolling out its many initiatives, the T&T Chamber has sought to be proactive and constructive, in dialogue and in its undertakings. We remain open to partnership with all relevant stakeholders to provide our country with the best possible chance of becoming a comprehensively diversified world class economy.

With a mandate to advocate for the interests of business in Trinidad and Tobago, the T&T Chamber undertook a wide range of responsibilities towards this goal during the past year. Apart from the annual recommendations for the national budget, which were acknowledged by the Minister during his budget presentation, the T&T Chamber has provided meaningful input to legislation, foreign exchange, Tobago’s economic development, the inter-island transportation system, labour, trade, crime, governance, FATCA and social responsibility, to name but a few. We have accomplished this through our presence on over 50 national committees and boards, and through collaborative relationships with a range of national stakeholders and government. In the coming year, commit to again working tirelessly for improvements in the business environment in TT.

We fully recognise that the world today is in a state of flux and that we live in unprecedented times. Global events have impacted Trinidad and Tobago very directly as energy prices have plummeted in the past months, severely impacting government revenue. As a country, we have had no choice but to adjust to what has been called a “new normal”. With the future remaining largely unpredictable, however, we must evidently pay more than lip service to diversification and economic sustainability.

Open market economies such as ours operate in cycles, and economic downturns can be important teachers to those who are paying close attention. It stands to reason that we should learn from past mistakes and take preventative action. Meticulously monitoring and modifying our expenditure where necessary will ensure that a measured balance between expenditure reductions and revenue flows keeps our economy as robust as possible. In doing so, we will strategically programme Trinidad and Tobago to be in the best position for when the next economic upturn begins… hopefully, this will be sooner rather than later.

At the end of another challenging and eventful year, we at the Chamber would like to take this opportunity to wish our members, as well as the national community, a very bright and most prosperous New Year. At the same time, we wish to reiterate that each of us has a huge responsibility to put country first and participate in ways that assume a far greater role in the development of our economy; if not for ourselves, then for the generations to come.

A Happy New Year to all.

And over the last few weeks, I’ve been thinking about the global trend towards reporting on sustainability, and the ways in which this could be both applicable and beneficial for our local companies.

In October this year, the Global Reporting Initiative (GRI) launched GRI Sustainability Reporting Standards: the first global standards for companies to use when explaining their sustainability impact. The Standards cover a range of non-financial areas where a company may have an impact, including its economic, environmental and social footprint.

This idea of more holistic, non-financial company reporting is not new: Integrated Reporting, or , has been around for many years. Indeed, ACCA starting using for our own financial reports in 2014. Under , companies are expected to report on financial and non-financial elements of their performance, giving investors a ‘bigger picture’ of their activity, with a nod towards the future sustainability of their actions. This type of reporting has been prioritised on a global scale, with the United Nations, under their Sustainability Development Goals (SDGs), encouraging countries around the world to adopt such practices.

According to the Caribbean Corporate Governance Institute, at the onset of 2016 there were no known applications of integrated reporting in the Caribbean, despite the significant advantage that such application would offer to early adopters. The global move towards non-financial reporting indicates a desire from investors to see a more holistic picture of a company, and offering such information would certainly make Caribbean businesses more attractive to local and international investors.

According to The Sustainability Accounting Standards Board (SASB) State of Disclosure report 2016 Sustainability Disclosures usually Fall Short Caribbean Cruises and Carnival Corporation both submitted extensive disclosures related to the sustainability topic “fuel use & air emissions” for the cruise lines industry in fiscal year 2015.

Royal Caribbean reported a 21.4 percent improvement in energy efficiency from 2005 to 2014, while Carnival reported achieving its goal of a 20 percent reduction in emissions over the same period. Carnival also pledged to reach a 25 percent reduction by 2020. While both companies submitted metrics and a full report on energy efficiency, unfortunately the reporting failed to provide investors with comparable data for a like-to-like evaluation. This is an on-going problem in sustainability report; inconsistency. Even when companies included metrics, non-standardised data in the reports makes it near impossible for investors to understand metrics between companies in the same industry.

Perhaps the onset of 2017 is the time for us to start considering this change. It’s clear that non-financial reporting is here to stay: More than 1,000 businesses around the world use to communicate with their investors, and 70 percent of the world’s 300 biggest companies already use GRI Standards.

To use a Christmas metaphor, it appears that the proof is in the pudding when it comes to the benefits of a holistic reporting approach. Not only does it promote economic, environmental and social sustainability in business practices, but it can also improve a company’s ability to attract and retain investors. Research conducted by the International Integrated Reporting Council indicates that investors want more information than just pure financial data, and that the provision of such information has led to an improved relationship between the company and the investor.

However, despite the benefits that have been linked to non-financial reporting, it does seem like the biggest barrier to adopting such an approach is time and resources. That is why I am excited by the introduction of the GRI Standards: they are short and relatively simple and easy to use.

So if you’re after a New Year’s resolution for your business, perhaps you could take a quick look and consider how you could put sustainability higher on your business agenda? Even if you’re not a business leader or decision maker, it may be helpful to think about the ways your business could better improve its social and environmental footprint. And if you are a business leader or decision maker, you could incorporate some tenets of sustainability into your next set of financial reports: it’s time for the Caribbean to come on board.

Now, in the real world, this scenario plays out quite differently. I am certain many can recite a number of experiences where the lines of what is acceptable in terms of the ‘Corporate Look’ are very blurred, with the military being the only organisation with grooming demands that are not negotiable. In fact, just recently in Trinidad and Tobago, a young man was removed from his job for not conforming to the required look – as a result of his hairstyle. This debate can and most definitely will rage on, with many sharing modernist views, and others sticking to the conventional views on what is acceptable for the corporate look.

Personal grooming for the corporate world goes hand in hand with many pre-conceived notions, including how you are perceived, if you will be taken seriously, if you will be afforded respect, if you will receive referrals, and in some instances, if you get the job. Always remember, first impressions are lasting, and many times, people’s minds are already made up about you, your organisation and your brand, within the first ten seconds of meeting you. Hence, ensuring you look and feel your best is crucial to your output. It is important to underscore here, that looking and feeling your best does not equate to donning a supremely expensive business suit, in fact, what should matter most is the man in the suit.This simply means that some effort must be made in your attire, grooming and outlook, and the results will follow.

The following question must be answered when attempting to identify the appropriate look:

1. What type of organisation am I entering? What is the policy of the organisation?

If the organisation has a clear policy on such matters in terms of acceptable dress codes, and grooming, it will help to acquaint yourself with these policies. If you may be unclear as to the definitions put forward, then the next step is to discuss with your Human Resource representative for clarification. Now, if you are already employed with the organisation, and decidedly made a change to your look, that may be outside of the organisation’s remit, then it would also help to understand the boundaries that will be accepted.

If your organisation is more focussed on results and delivery, then perhaps this may not be much of an issue, further, many IT based organisations are more focussed on ensuring the employee’s comfort to encourage creativity, and actually encourages employees to dress comfortably, whilst creating the workspace into more lounge and play-based ‘creativity centres’ – they encourage you to be whomsoever you are.

I recall a few years ago, I invited a supremely talented IT specialist to meet with a high level corporate executive at the executive’s office. The executive was finally convinced to open his doors to meet with IT minds outside of his corporate network, which would perhaps bring him unique and visionary ideas. On the morning of the meeting, my assistant advised that the young man had arrived.

When my assistant ushered him into my office, I almost fell off my chair, he obviously forgot to comb his hair, he wore a crumpled, washed out T-Shirt, a pair of dishevelled looking jeans without a belt, a pair of dirty sneakers, and a satchel slung over his shoulder. The corporate executive is still waiting that meeting. The moral being, being you is your prerogative, just as it is my prerogative to be me.

In upstream production of oil, some modest gains in output are anticipated despite strong declines in mature fields. In 2017, a modest rise in production is expected as LGO’s GY-50 well in the onshore Goudron field will take place. The project came online in May 2016. The company is targeting an additional five wells. It should be noted that there are downside risks to investment if there are prolonged low oil prices which can hamper future production increases.

In upstream gas production the gas shortages experienced in 2016 will improve as new projects come online. First gas from new upstream projects should improve supply from late-2017. Technip was given a contract in 2014 to develop BP’s Juniper project which is situated off the southeast coast of Trinidad. The facility is estimated to have a processing capacity of 16.5mcm/d or around 6bcm per annum. First gas from the Juniper project is expected in late-2017 and it is anticipated that increased gas stabilisation and recovery in output should result from this date, although there are downside risks as output slips from other maturing fields. Should planned investment in exploration and production materialise, production is likely to recover over the medium term. In this regard work continues on new fields such as cross-border Loran-Manatee field shared with Venezuela in which first gas is likely around 2020.

Refining activity saw a recent upgrade which can see the production of more profitable fuels, however, the downstream sector remains under pressure in Trinidad and Tobago. While there are plans for a 430,000b/d export-oriented refinery, no final decision has been made on the project.

While this is but a few of the many moving parts that make up the energy sector, the idea is to identify the key issues that can affect the performance of the energy sector and ultimately affect the economy. Clearly there is optimism about a number of the projects in the energy sector. The return to growth and upbeat sentiment will take good negotiation skills, improvement in prices on the international market, proper revision of the tax regime affecting the energy sector, ability to attract investment and exploration and some luck. We will need some good fortune going forward.

Well-marked crosswalks, mid-block crosswalks (these are pedestrian crossings located along a roadway between two streets), and smaller corner radii can all lead to safer and more walkable streets. Mid-block crosswalks help to improve walkability by providing greater access to areas for pedestrians, while limiting the amount of pedestrians crossing without a crosswalk.

Ideal automobile speed limits in neighbourhoods that wish to promote walkability are around 32 to 40 kmph, with busier and more heavily trafficked street speed limits set at 56 kmph (American Planning Association, 2006, Planning and Urban Design Standards).

The simple design of wider sidewalks can provide for larger volumes of pedestrian traffic, while creating a nice open place to walk.

The US Department of Health and Human Services Centers for Disease Control and Prevention, Walkability Audit Tool gives the following criteria and ranges:

(a) Pedestrian Facilities: Ranges from no permanent facilities where pedestrians walk in roadway or on dirt path, through continuous sidewalk on both sides of road, or completely away from roads to sidewalk on one side of road; minor discontinuities that present no real obstacle to passage.

(b) Pedestrian Conflicts: Range from high potential for conflict with motor vehicle traffic due to driveway and loading dock crossings, speed and volume of traffic, large intersections, low pedestrian visibility, to Low conflict potential.

(c) Crosswalks: Ranges from crosswalks not present despite major intersections, to no intersections, or crosswalks clearly identified

(d) Maintenance: Ranges from major or frequent problems, including cracking, buckling, overgrown vegetation, standing water, etc. on or near walking path, to no problems

(e) Path Size: Ranges from no permanent facilities, including measure of useful path width, accounting for barriers to passage along pathway, through less than 900 millimetres wide significant barriers, to more than 1.5 metre wide, barrier free path.

(f) Buffer: Ranges from no buffer from roadway, including space separating path from adjacent roadway, through more than 1.2 metres from roadway, to not adjacent to roadway.

(g) Universal Accessibility: Ranges from completely impassable for wheelchairs, or no permanent facilities, including ease of access for the mobility impaired (Looking for ramps and handrails accompanying steps, curb cuts, etc.), through difficult or dangerous for wheelchairs (e.g. no curb cuts), through wheelchair accessible route available but inconvenient, to designed to facilitate wheelchair access.

(h) Aesthetics: Ranges from uninviting, including proximity of construction zones, fences, buildings, noise pollution, quality of landscaping, and pedestrian-oriented features, such as benches and water fountains, to pleasant.

(i) Shade: Ranges from no shade, accounting for different times of day, to full shade.

The US Federal Highway Administration, Pedestrian and Bicycle Safety Team, Offce of Safety, Washington, DC, Bikeability Audit Tool gives the following criteria and ranges:

(a) Did you have a place to bicycle safely? On the road, sharing the road with motor vehicles? No space for bicyclists to ride (e.g. no bike lane or shoulder; narrow lanes); Heavy and/or fast-moving traffic.

(b) Did you have a place to bicycle safely? On an off-road path or trail, where motor vehicles were not allowed? Path ended abruptly; Path intersected with roads that were difficult to cross

(c) How was the surface that you rode on?

(d) How were the intersections you rode through? Signal didn’t give me enough time to cross the road; Unsure where or how to ride through

(e) Did drivers behave well? Drove too fast; Passed me too close; Did not signal; Ran red lights or stop signs.

(f) Was it easy for you to use your bike? No maps, signs, or road markings to help me find my way; No safe or secure place to leave my bicycle at my destination.

Walking and cycling provide affordable, basic transport. Improving walking and cycling conditions provides enjoyment and health benefits to users, and it can support related industries, including retail, recreation and tourism.

The role that nonmotorised travel plays in supporting public transport travel is often overlooked.

In Latin America and the Caribbean, the direction of change was different where a contraction of 1.1 percent was recorded. Such a slowdown and contraction have affected the region since 2011. The region’s negative growth was caused mainly by a large drop in investment and consumption. ECLAC estimates that for the region as a whole, domestic demand is estimated to have fallen by 2.0 percent in 2016, with all its components contracting: private consumption (0.9 percent), public consumption (1.0 percent) and gross fixed capital formation (6.8 percent).

In the Caribbean economic growth is projected to be approximately 0.3 percent for 2016. Belize, Trinidad and Tobago and Suriname are three countries whose economies contracted significantly based on ECLAC’s estimates. These contractions had a considerable influence on the overall low level of economic growth.

ECLAC estimated that Trinidad and Tobago’s economy contracted by a rather large 4.4 percent in 2016. Driving this outturn was the fall-off in production in oil and gas as well as the fall in global prices for both commodities and its negative effects on exploration and drilling activity. There were energy sector layoffs, the closure of steel giant, ArcelorMittal, and the decline in private consumption which contributed to manufacturing activity decline by an estimated 6 percent in 2016.

In addition, most of us will know that Trinidad and Tobago has a dual economy; the government channels revenues that accrue from the sale of oil and gas to the remainder of the economy through transfers, public consumption and employment.

The weakness in production (oil production was 66,000 barrels per day in July 2016) and structurally relatively low prices facing the hydrocarbon sector (the price of oil dropped to $27 per barrel in January 2016) have led to conversations which have suggested that the non-energy sector will have to gear up to replace some of the losses experienced in the energy sector.

Furthermore, the economy in some people’s view will increasingly have to rely on private consumption to drive growth. Of course readers may correctly feel that this may not work as it does in the developing world because of the timely availability of foreign currency as well as in the supplies demanded. Even if hard currency was available, a change to the economy to one driven by consumption would take time.

Most of the Caribbean economies have operated fiscal deficits since 2011, with 2016 seeing some contraction in fiscal deficits as a number of countries embarked on fiscal consolidation.

In the case of Trinidad and Tobago, as revenues from the energy sector fell dramatically because of changes to the tax regime and from the significant fall in energy prices, the government introduced much needed austerity measures, including reducing subsidies on fuel, cutting expenditures across all ministries and the introduction of new and re-introduction of previously existing taxes to control expanding deficits.

Of course to treat with the large fall in revenues from the energy sector, which moved from TT$19 billion in 2014 to TT$2.575 billion for 2016/17, fiscal year current revenues would now be around TT$37 billion. Total revenue has been budgeted at $47.4 billion; this figure includes the estimated yield from new tax measures as well as from one-off revenues.

With expenditures budgeted at just over TT$53 billion, the ensuing deficit will have to be funded from a combination of borrowings and drawdowns from the Heritage and Stabilisation Fund. It has to be remembered that the Government borrowed, in order to meet the fiscal deficit in 2016. This led to the largest increases in the public debt to GDP ratio being recorded in the Caribbean. Only Anguilla recorded similar large increases in the ratio.

The media reported that preliminary data for Trinidad and Tobago showed a current account deficit of 5.0 percent of GDP in 2015, the Business Monitor Index (BMI) expected a shortfall of 6.8 percent in 2016.

In 2016, when the data is in, Trinidad and Tobago is expected to experience its first goods trade deficit in nearly 20 years. Contributing to this possible scenario is the fall in oil and gas production as well as goods exports which have dropped consistently since 2012. Added to this, low energy prices have made the losses worse leading to goods exports contracting some 23.1 percent in 2015.

Based on data from the Central Bank of Trinidad and Tobago (CBTT), headline inflation has been relatively muted for 2016 with the highest rate of 3.5 percent recorded in April. Core inflation has been very flat fluctuating between 2 and 2.3 percent. Monetary policy has been more challenged by the recession and curbing demand for foreign currency. This has seen CBTT allow the currency to depreciate by about 5 percent thus far.

This has been a difficult year in many respects. Next week we will look at the forecast for 2017.

It is important therefore, that as we move from Christmas to the New Year that we utilise this special time of year to reflect, revisit, assess and redirect our thoughts on Jesus Christ and his word. We must evaluate our actions, thoughts and deeds. Is it in line with the life Jesus lived? Do we forgive and forget? Do we embrace everyone in love? Are we our Brother’s Keeper? Joh 13:35 says ‘By this shall all men know that ye are my disciples, if ye have love one to another’.

Christmas is a time to put aside all differences and to reach out to our fellowman in a spirit of love and forgiveness. It is also a time when the less fortunate are recipients of a heightened form of goodwill from those who are better placed to so do. It is a time to spread joy, peace and forgiveness. More importantly, however, this joy, peace and forgiveness must be not be short-lived, it must be sustained in order for us to change the world. We need change not only in Trinidad and Tobago, but everywhere!

John 10:10 says ‘the thief cometh not, but for to steal, and to kill and to destroy: I am come that they might have life, and that they might have it more abundantly’. Let us follow Christ so that we will rise above the attacks of the enemy and enjoy the fullness of life.

Let us not be caught up into the celebrations, decorations and shopping and lose focus of the true meaning of what it is really about – The Birth of Jesus Christ and what it means for the world. We must remember to keep focus on the glory that His birth has brought to us.

The League reflects on the challenges of the economic situation, the impending credit union legislation, unemployment and under-employment, the rapid increases in criminal activity and other issues but we are not daunted. In fact, we will look at the positive things that the Lord has brought us, such as the increase in our Movement’s membership to 600,000 and the increase in our asset base to $13 billion along with the continuous good work of our member credit unions in their service to humanity.

We are preparing to embrace 2017 with much faith and anticipation. We are remaining focused on our goals and dreams as we celebrate our 70th year as the National Umbrella Body for credit unions under the theme ‘Celebrating 70….Positioning Ourselves for Beyond’

January 2017 will commence with a Calendar of Events packed with educational and social activities all aimed at enhancing the image and brand of the League and the Co-operative Credit Union Movement. On January 17 we will host our Special General Meeting at the Cascadia Hotel at 9.30 am to approve of 2017 Operational Budget; on January 21 we will host our 70th Anniversary Thanksgiving Service and Launch our 2017 Calendar of Events at the Signature Hall, Montrose, Chaguanas at 5.30 pm and on January 24 we will officially launch our Electronic Payment Platform for our credit unions.

We continue to focus heavily on the development of our members and embrace every opportunity to keep them a step ahead of others in the financial marketplace. While some may attempt to emulate, the task of surpassing the quality of our products and services will always remain a dream.

In closing, I wish to remind us all that there are some persons who may be hurting, some disadvantaged, some hungry, some victimised. I urge us all to join the rest of the international community and engage in the sharing of genuine love, peace and goodwill to all men. This season provides us with the opportunity to bring out the best in us and to give true meaning and action to the message of our Lord and Saviour Jesus Christ by the way we treat with each other. Let us also do good to them that hurt us and endeavour to walk as Jesus walked. It is the best way to achieve the fullness of His abundant blessing each and every day.

May you, my dear members and the national community, enjoy the fullness of the Lord’s blessing today, in 2017 and throughout your lives. Accept the best of my love and appreciation for all that you have contributed to the growth and success of our League and more importantly, the growth and development of this wonderful Credit Union Movement that serves you with pride!

A safe and blessed year-end and a Prosperous 2017 to all! God bless you richly!

Email:creditunionleague@ gmailcom

He recalled that the Central Chambers of Commerce had also hit out at the country’s commercial banks, charging that they had treated the business community and the entire country unfairly during 2016. He said that while everyone was experiencing difficulty and business and the population was “cutting and chopping and trying to survive, yet still we have these financial institutions, commercial banks especially, not letting up on their charges. They continue to charge for every little thing, they continue to drop the rate of interest on deposits and they are not helping. They are the ones who are benefiting. If you check any institution in Trinidad and Tobago the banks are the ones recording the most amount of profit and they seem to be boasting about it.” He added that when the country is in difficulty the Government always calls on the business community to adjust: “when the price of fuel went up, they asked us to try to hold the cost of transportation down, hold our cost of services down and we did. The business community always are the ones called upon first to make adjustments and try to keep the inflation rate down. And we have been doing that.”

Ali said that in his own business the price of fuel had risen twice and he had kept his costs down even though it was difficult to do so. He said the business community in Central Trinidad had decided that sending people home would be their last resort and a lot of the business people would have absorbed additional costs in the running of their businesses “yet still we have the commercial banks not letting up on their charges or on the interest we have to pay on the loans and still they were not giving even a few extra points on the interest rates on deposits. They have to come on board and assist the country, they cannot just be there taking and taking and taking and showing record profits.” He said the members of the business community in the Central area know 2017 is going to be a difficult year and they had to be cautious in the running of their businesses and cautious in how they expanded and hope for the best.

Ali said that the business sector in Central is hoping that in 2017 the consumer would adjust their tastes toward more local produce and curb their appetite for foreign goods and luxurious items “so at least they could free up the foreign currency for the basic necessities, and then the commercial banks would have to implement something in terms of how they distribute the foreign exchange, in terms of how they prioritise the foreign exchange.” He added that perhaps it was about time to look at a CARICOM dollar, stating that the country had to come up with a solution to the scarcity of the US dollar so that its unavailability would not prevent trade with this country’s CARICOM neighbours. Reacting to suggestions that local manufacturers find substitute raw materials which they would not have to buy in US dollars, Ali said this might be possible but it would take a lot of time.

This was the response of both Richie Sookhai, president of the Chaguanas Chamber of Industry and Commerce, and Daphne Bartlett, president of the San Fernando Business Association.

Business Day asked them to list the top five highlights of 2016, to which Bartlett replied, “One highlight is the enforcement of the speed limit. It has certainly saved many lives.”

Sookhai named five but shared that doing was not easy given the recession and crime.

“My top five highlights for the year are:

1) The introduction and enforcement of the speed limit law;

2) New businesses opening their doors in Chaguanas;

3) A very safe and incident-free local government elections;

4) No major occurrence from natural disasters; and

5) Lucky to have made it thus far safe and alive.”

Explaining why he cited enforcement of the speed limit as the most important development this year, Sookhai reminded that “Chaguanas, while famous for its shopping, is also know for a deadly stretch of highway – from the Monroe Road flyover to the Freeport flyover.”

“Many have lost their lives on this stretch due to reckless driving. That’s why enforcement of this law tops my list but while the law is there and police officers are trying their best to enforce it, some still take the chance drive recklessly on our nation’s roads.”

Regarding the expanded business presence in Central Trinidad, particularly along the highway in Endeavour, Sookhai said this was a sign of their “confidence” in Chaguanas.

“With the economy at an all-time low, new businesses like Ansa Automotive, Xtra Foods Plaza, Massy Motors, Ashely Furniture Store, Starbucks and many others…still found confidence in the Chaguanas area to invest and create employment.”

Asked about number five, Sookhai explained that “with the crime rate this high and people killing with seemingly absolutely no remorse, anyone would think being alive right now is a highlight.”

Not surprisingly, crime topped his list of 2016 lowlights, followed by the poor performance of the economy, job losses, issues with healthcare delivery and a “severe reduction of social services.”

“The prevalence of job losses, Government expenditure cuts, and the deceleration of business activities and investment have resulted in loss of confidence and optimism. People are hurting, and are experiencing loss of income or reducing incomes. Social welfare benefits have been very severely curtailed, and people have nowhere to turn to,” Sookhai lamented.

“On the health front,” he added, “the failure to open the Children’s Hospital in Couva has resulted in many hardships for citizens who are trying to access healthcare. Also, the appointments that are being made for citizens to obtain surgeries are too lengthy, resulting in persons dying before they can obtain life saving surgery and healthcare.”

Bartlett’s lowlights included increased taxation, the increased retail price of super and diesel gas and the significant damage caused by heavy rains, flooding and landslides in Matelot, Toco and other communities along Trinidad’s northeast coast in late November.

“Winston Churchill once said, ‘We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.’ VAT (value-added tax) was introduced on thousands of food items, drugs and other essentials used on a daily basis, and gas prices (super and diesel) was increased twice in one year. These two measures increased the cost of living for all and sundry, especially those in the lower income bracket,” Bartlett argued.

Citing an apparent increase in the number of robberies, murders and crimes against women and children, Bartlett warned that “crime has increased to a point where we are afraid to be out after dark.”

Business Day also asked the business association heads about their economic expectations of (a) the TT economy and (b) the global economy in 2017.

Bartlett said the oil price should stabilise around US $55 per barrel, which “would hopefully make life a bit easier in TT.”

She also expects to see more emphasis on economic diversification, with a special focus on agriculture.

Bartlett suggested using “short crops such as hot peppers, and medium such as the coconut industry and cocoa industry”, to help achieve this goal.

Regarding this country’s new February 2017 deadline by which to become fully compliant with the US’ Foreign Account Tax Compliance Act (FATCA), Bartlett urged the Government and Opposition to “put the politics aside and pass the ‘FATCA’ Bill as soon as possible.”

“If not done, this can have a negative effect on all foreign currency transactions in our financial transactions.”

Globally, Bartlett said “we should see the increase in oil prices having a positive effect on oil dependent economies.”

Sookhai had a warning of his own – that “expectations for the TT Economy for 2016/17 are the most dismal for over 20 years.”

He said this has to do with the overall macro-economic performance; “GDP (gross domestic product) is down and every economic sector is declining and underperforming.”

“The prospects for recovery and diversification looks grim. Consequently, Government has not come up with any kind of strategic plan to stimulate the economy, and this is causing critical stakeholders to view the future with dystopia.”

Sookhai then reminded that the International Monetary Fund (IMF) has said global growth is projected to slow to 3.1 percent in 2016 before recovering to 3.4 percent in 2017.

“The uncertainties relating to Brexit (United Kingdom’s vote to exit the European Union) and weaker-than-expected growth in the United States will severely impact our local economy. Despite this, the US Economy is the only strong economy in the global system. The US Dollar is strong and the capital markets are buoyant. However, China will experience continued slowdown and may lead to a possible difficult situation. India is likely to emerge as the only strong economy within Asia in 2017,” Sookhai stated.

He added, “Although the market reaction to the Brexit shock was reassuringly orderly, the ultimate impact remains very unclear, as the fate of institutional and trade arrangements between the UK and the EU is uncertain.”

Sookhai also told Business Day that several emerging markets and developing economies still face daunting policy challenges in adjusting to weaker commodity prices, such as TT.

“These worrisome prospects make the need for a broad-based policy response to raise growth and manage vulnerabilities more urgent than ever,” Sookhai argued.