Manning says global economy at "turning point"

While many international financial experts are talking about a worsening global economic crisis Trinidad and Tobago's prime minister is more optimistic. Patrick Manning said Tuesday the country is embarking on a new economic boom and that the global economy has reached “a turning point.”

And he said Trinidad and Tobago needs “more and stronger financial institutions” as it prepares for the new economic reality.

Manning was speaking at a ceremony to open the Royal Bank of Canada Financial Group’s (RBC) new Caribbean head office in Port of Spain. He said RBC’s decision to establish its regional headquarters in Port-of-Spain is a sign of its confidence in the country's economy.

“I am sure we will be able to attract the return of much of the financial expertise which has migrated to other capitals of the world where the industry appeared more dynamic and rewarding,” he said.

He said the country now has an opportunity to consolidate its position as the financial capital of the Caribbean because it can "learn from the excesses of those who stretched creativity to the point of recklessness.”