Howai optimistic about T&T economy

File: Finance Minister Larry Howai

Finance Minister Larry Howai is optimistic about the Trinidad & Tobago economy, which he says remains stable despite the global economic downturn.

Howai made the point during a media briefing at the Hyatt Regency Hotel Tuesday morning. He said there are still "significant risks" inm the global economic situation. However he noted that Trinidad and Tobago has continued to do "reasonably well" and retail sales remain good. 

"I am hopeful that by the end of this year, the economy would have shown some growth, even if it's just 1%," he added, noting that the country's foreign exchange reserves remain strong with more than 12 months of import cover. 

Howai also said many Caricom states continue to face serious financial problems. "Foreign exchange will remain a limited commodity for them. They have very high debt to GDP ratios, they have very high unemployment levels and with the difficulties in the United States and Europe, it is going to be extremely difficult to see a return to growth to the Caricom region anytime in the near future."

Howai stated that Trinidad and Tobago has a lot of positives. "We will seek to build off of those strengths that we have. But at the same time, identifying those areas that we can do more in, in terms of ensuring that we get value for money as we go forward."

He is hoping that his first budget would stimulate economic growth. He made the point that even if all the results are not achieved in 2013, the financial seeds would have been planted to yield better economic results in 2014.