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| PM Kamla Persad-Bissessar with UN Secretary General Ban Ki-Moon (right) and T&T's Permanent Representative to the United Nations Ambassador Rodney Charles |
She used the opportunity to discuss prospects for global economic recovery and also to showcase her Government’s steps towards achieving a stable economic environment in Trinidad and Tobago.
Persad-Bissessar drew reference to the IMF’s projection that global economic growth will decrease from about 4 per cent in 2011 to about 3.5 per cent in 2012 due to weak activity during the second half of 2011 and first half of 2012.
Persad-Bissessar drew reference to the IMF’s projection that global economic growth will decrease from about 4 per cent in 2011 to about 3.5 per cent in 2012 due to weak activity during the second half of 2011 and first half of 2012.
The recently concluded International Monetary Fund (IMF) Article IV Consultation found that there is evidence that the Trinidad & Tobago economy is turning the corner and that growth will resume in 2012.
The Prime Minister identified the need for home grown solutions to attain economic recovery. She explained that the Caribbean region is shifting the old paradigm of development dependent on external sources to a new one of Caribbean Convergence.
The Prime Minister identified the need for home grown solutions to attain economic recovery. She explained that the Caribbean region is shifting the old paradigm of development dependent on external sources to a new one of Caribbean Convergence.
She said, "Endogenous growth must be the real driver of Caribbean development." The success of this new approach is evident as the Caribbean region is now projected to grow by approximately 3 per cent in 2012, after growing on average by 1.7 per cent during the first half of 2011.
Persad-Bissessar explained that in order to achieve long term successes, Government recognises that there is a need for a major shift in the fiscal trajectory.
“In the case of Trinidad and Tobago, my Government remains steadfast in its mission to address lingering financial vulnerabilities and to refocus our efforts on promoting growth and diversification,” she said.
Persad-Bissessar expressed her concern over the many challenges that young people face as a result of the global economic downturn. She called on her colleagues to ensure that sufficient decent work opportunities are made available to the world’s youth.
“In the case of Trinidad and Tobago, my Government remains steadfast in its mission to address lingering financial vulnerabilities and to refocus our efforts on promoting growth and diversification,” she said.
Persad-Bissessar expressed her concern over the many challenges that young people face as a result of the global economic downturn. She called on her colleagues to ensure that sufficient decent work opportunities are made available to the world’s youth.
“This stark reality requires aggressive and sustained action from us if we, as leaders, are to ensure that the legacy of “stolen dreams” is reversed by restoring hope and opportunity across the length and breadth of the global economy.”
The Prime Minister highlighted that her Government’s recent establishment of a Ministry of Gender, Youth and Child Development which prioritizes the involvement of youth at every stage of development and social transformation.
The Prime Minister highlighted that her Government’s recent establishment of a Ministry of Gender, Youth and Child Development which prioritizes the involvement of youth at every stage of development and social transformation.
She also pointed out that Government is establishing a National Youth Policy that aims to promote youth empowerment and participation placing youth at the forefront of policy development and implementation.
“The goal of the Government of Trinidad and Tobago is to build an economy that is capable of generating endogenous growth based on knowledge generation and innovation, increased productivity levels and export expansion in order to create wider opportunities for high paying jobs at all levels,” she stated.
Poverty continues to plague member countries of the United Nations. According to a recent report from the United Nations Economic Commission for Latin America and the Caribbean, poverty in the region fell from 48.4 per cent in 1990 to 31.4 per cent in 2010, reaching its lowest level in 20 years.
“The goal of the Government of Trinidad and Tobago is to build an economy that is capable of generating endogenous growth based on knowledge generation and innovation, increased productivity levels and export expansion in order to create wider opportunities for high paying jobs at all levels,” she stated.
Poverty continues to plague member countries of the United Nations. According to a recent report from the United Nations Economic Commission for Latin America and the Caribbean, poverty in the region fell from 48.4 per cent in 1990 to 31.4 per cent in 2010, reaching its lowest level in 20 years.
Persad-Bissessar emphasised that poverty eradication and the conditions that create and sustain poverty remains a priority for the Government of Trinidad and Tobago. She explained that Government’s poverty focused agenda includes a number of initiatives such as the Regional Micro Project Fund, the Micro Enterprise Training and Development Grant and the Micro Enterprise Loan.
“My Government’s total policy framework is focused on delivering strong economic growth, more comprehensive and better targeted social programmes, including strengthening social protection for greater inclusiveness, and most importantly to improve access to education,” the Prime Minister said.
“My Government’s total policy framework is focused on delivering strong economic growth, more comprehensive and better targeted social programmes, including strengthening social protection for greater inclusiveness, and most importantly to improve access to education,” the Prime Minister said.
On the issue of rising debt ratios in advanced nations of the world, Prime Minister Persad-Bissessar insisted that fiscal policy must strike the most optimal balance between supporting the fragile economy and rebuilding fiscal space over the long term via fiscal consolidation.
She stated that Trinidad and Tobago’s economy has been able to withstand the economic downturn because of a relatively lower public debt position and the nation’s energy resources.
Referring to Trinidad and Tobago as the regional financial centre for the Caribbean, the Prime Minister stressed her Government's plans to boost local investment and attract foreign direct investment through the establishment of a sound macroeconomic framework and business friendly environment.
Referring to Trinidad and Tobago as the regional financial centre for the Caribbean, the Prime Minister stressed her Government's plans to boost local investment and attract foreign direct investment through the establishment of a sound macroeconomic framework and business friendly environment.
She further highlighted Trinidad and Tobago’s National Innovation Policy that focuses on small and micro entrepreneurial activity given its potential to increase economic growth, employment opportunities and social development.
The Prime Minister reaffirmed Trinidad and Tobago’s commitment to the work of the United Nations in the quest for economic transformation. She also called for action from all partners in the international community to effectively address the effects of the world financial and economic crisis.
“Without concerted efforts, aimed at creating a sense of commonality, we would not be in a position to combat unemployment; increase stability and transparency in the financial sector; or create an environment for increasing production, trade and investment.”
Following the debate, Persad-Bissessar held brief bilateral meetings with Ban Ki-Moon, Secretary General of the United Nations and Anthony Lake, Executive Directory, United Nations Children’s Fund (UNICEF).
The Prime Minister reaffirmed Trinidad and Tobago’s commitment to the work of the United Nations in the quest for economic transformation. She also called for action from all partners in the international community to effectively address the effects of the world financial and economic crisis.
“Without concerted efforts, aimed at creating a sense of commonality, we would not be in a position to combat unemployment; increase stability and transparency in the financial sector; or create an environment for increasing production, trade and investment.”
Following the debate, Persad-Bissessar held brief bilateral meetings with Ban Ki-Moon, Secretary General of the United Nations and Anthony Lake, Executive Directory, United Nations Children’s Fund (UNICEF).
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