3 months ago
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UWI economist Dr Marlene Attzs. - ECONOMIST Dr Marlene Attz has suggested the Government makes a greater effort in the 2024/2025 national budget to diversify its revenue streams into non-energy sectors.
She shared her thoughts with Newsday via WhatsApp on September 19, the day after the Government announced budget day will be September 30.
"Given the context of lower energy revenues, the upcoming Trinidad and Tobago budget should continue the focus on diversification and fiscal responsibility while maintaining social stability."
She cited two key areas of focus as economic diversification and fiscal discipline.
On diversification, Attz advised, "The Government should continue its efforts to reduce reliance on energy exports by supporting growth in sectors like agriculture, tourism, manufacturing.
"Agriculture traditionally has the lowest allocation but this really is a sector that requires serious attention as we try to reduce the food import bill but also realise a more food-secure country."
She suggested incentives for small and medium enterprises (SMEs), especially in non-energy sectors, to help foster entrepreneurship and innovation.
"But linked to these are the need to regulate the availability of foreign exchange and the managing of the crime surge and the need to realise returns on the significant investments over the years in national security."
Attz supported renewable energy initiatives.
"Transitioning to renewable energy sources and promoting energy efficiency can position TT as a player in the global shift towards greener economies."
She urged fiscal discipline.
"Lower energy revenues also requires the Government to carefully manage public finances."
The Government should focus on reducing inefficiencies, controlling public spending, and managing debt levels, Attz said.
"We have a large deficit from fiscal year 2024 – estimated at $9 billion – which is unsustainable given the current revenue trajectory."
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