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  • 1 year ago
The countdown is on to this year's Mid- year budget review and foreign exchange and economic growth are being focused on by one expert.

The Economist and Professor tells Tv6, emphasis must be placed on developing the non-gas sectors.

Tv6's Nicole M Romany has more.
Transcript
00:00 A word of advice from economist Professor Roger Hosine. Focus on the forex.
00:07 As the Finance Minister is set to present the media budget review on Friday, the Professor
00:12 weighs in on where he believes priority should lie.
00:16 I'm saying that in the net, the economic growth is going slightly upwards and the stock of
00:22 foreign exchange continues to come downwards. And we need to look at that carefully because
00:27 the kind of economic growth we need in Tchernobyl and Tobago in the context of our foreign exchange
00:34 situation is economic growth that generates foreign exchange.
00:39 Professor Hosine is suggesting that full use should be made of the manufacturing sector
00:44 and its ability to attract foreign investment. He believes this is critical to the country's
00:50 growth and development.
00:53 Focus more on manufacturing sector economic activity. Manufacturing sector economic activity
01:02 has done well for us in the last five or six years. And it's definitely one area in which
01:08 we see some comparative advantage in various subsectors and therefore one area in which
01:14 we could push these various strong subsectors to generate additional foreign exchange.
01:20 The economist is not putting all his eggs in the oil and gas basket. Professor Hosine
01:25 tells TV6 while he would be pleased if the country has a long and steady supply for the
01:32 next 10 or possibly 20 years, as suggested by the Energy Minister, he's looking more
01:38 toward the non-energy earners.
01:40 My focus is more on the non-gas sector because the gas and the oil and the energy sector
01:46 in general, whilst at times it generates a lot of revenue, which creates the problem
01:52 of management of this revenue and we have a bad track record with that, always is associated
01:58 with some degree of volatility. And to be very honest with you, this country has been
02:03 up and down too much times in this cycle of volatility.
02:06 He believes effort should be made to create foreign exchange from the non-energy sector
02:12 in order to create a sustainable long-term outlook. Nicole M Romany, TV6 News.
02:19 [BLANK_AUDIO]
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