00:00A survey conducted by Ernst & Young among public and private business players shows
00:05a drastic decrease in confidence in the local economy, from 71% in 2024 to a meagre 21%
00:14in 2025.
00:15Amjam Titi notes, business and investor confidence is at an all-time low.
00:22From the survey results, the survey that we did amongst the membership, we saw a significant
00:26change between last year and this year.
00:30So there is a sentiment or a perception that things are going to be difficult this year.
00:34The two major issues that were raised through the survey revolved around, and everybody
00:39knows them, crime and the ability for us to fight and deter or reduce crime, and the second
00:44one revolves around forex accessibility.
00:47The business community notes that the upcoming general election also holds great potential
00:52for economic impact.
00:54Amjam Titi is calling on whichever political party that forms the next government to partner
00:59more closely with the private sector.
01:02We want to see a move towards stronger developmental plans, plans that include the private sector.
01:10There's no reason why it has to be done in a silo.
01:13We've offered on multiple occasions, not just Amjam, all the chambers are offering it.
01:18Private partnerships have seen and shown to be successful in other territories, right?
01:24So there's no reason why we're not looking at that as a form of boosting the economy.
01:30Despite the sentiment of insecurity, however, economists note that all indicators point
01:35to economic growth for TNT, with the IMF projecting 2.4% for 2025.
01:43For 2025, the economic outlook is for a positive performance overall for the economy, led by
01:52the non-energy sector.
01:54I think given the potential for a slightly improved performance as it relates to gas
02:03with new production coming on stream from projects as it relates to the joint venture
02:11with EOG and BBTT and even with Touchstone, I think the decline that we've been seeing
02:18in gas production could be slowed a bit.
02:23But given all the macroeconomic factors, public debt is expected to further increase.
02:29What do you estimate for fiscal deficit to be this coming period?
02:33Government did estimate, did project a fiscal deficit of 2.9% for this fiscal year, but
02:40I think already we see energy prices coming in at, averaging at below government's estimates
02:47in the budget.
02:49So I wouldn't be surprised if the fiscal deficit goes beyond that 2.9%, probably closer to
02:544% for the 2025 fiscal year.
02:58Renassa Cutting, TV6 News.
