00:00Economist Professor Roger Hossain shares his vision for the national budget,
00:05focusing on the key areas he believes needs urgent attention.
00:09He outlines what he sees as the priorities for driving economic growth and stability.
00:16I want to see what I read the budget policies that would lead to an improvement in the labour force participation rate,
00:23a lowering of murders and home invasion, an increase in non-energy export-oriented manufacturing activity,
00:31an increase in agriculture-oriented export economic activity, an increase in tourism-oriented economic activity,
00:39and policy measures to improve remittance in flow and other involvement of the diaspora,
00:47and policy measures to crowding foreign direct investment.
00:50Professor Hossain further expresses disappointment over the Exim Bank's lending decisions,
00:56arguing that more should have gone to firms generating foreign exchange.
01:01He also criticizes the commercial banks and Exim Bank for not using funds from the central bank's reserves more responsibly.
01:10He says the government must now prioritize boosting inflow of foreign exchange into the system.
01:17I am saying 95% of my time would have been to watch the amount of evaporation taking place from that pond,
01:28but I would have spent 95% of my time increasing the size of the hose that flows into that pond,
01:37that gives the pond a chance to expand the size rather than watching evaporation and talking about how to reduce evaporation.
01:45Like many others, Professor Hossain warns that Trinidad and Tobago's consumption habits must change,
01:52noting that the economy simply cannot sustain the current levels.
01:57He stresses that tough times are ahead and adjustments are unavoidable.
02:03So it's tough times, and I'm really glad that the Prime Minister took the bull by the horn and has spoken out very clearly on other dissatisfaction with the state of the economy,
02:15the structure of lending, and the associated use of the foreign exchange situation.
02:22And I hope in this budget we see some deep-rooted change because this is a time-to-choose moment, Trinidad and Tobago.
02:29We are in a time-to-choose moment from my understanding of the economic data.
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