In Trinidad and Tobago, the economic landscape has become a focal point of political debate, particularly following recent criticisms from Opposition Senator Damian Lyder. He has accused the ruling People's National Movement (PNM) government of causing significant economic decline, citing a staggering 20% drop in real GDP from $187.5 billion in 2015 to $150.3 billion in 2023. This decline has been accompanied by the loss of approximately 64,000 jobs since 2015, raising concerns about the country's employment landscape [35f7d0b4].
Lyder highlighted that the total government debt has escalated dramatically from $78 billion to $141 billion, leading to a concerning debt-to-GDP ratio that has worsened from 44% to 76%. He pointed out that the manufacturing sector has also suffered, with its GDP shrinking from $30 billion to $25 billion, and foreign direct investment has decreased by $3 billion over the past three years [35f7d0b4].
Tourism, a vital sector for the economy, has seen a decline in arrivals, dropping from 442,167 under the previous United National Congress (UNC) administration to just 310,237 in 2023. Additionally, funding for agriculture has been cut from $1.44 billion to $1.18 billion, resulting in significant drops in food crop production. The social fabric has also been strained, with over 4,000 murders reported during the PNM's governance [35f7d0b4].
In light of these challenges, Finance Minister Colm Imbert emphasized the need for a balanced approach to transitioning from oil and gas to renewable energy. Speaking at the launch of the 2024 Report on Economic Development, he stressed that this transition must be gradual to avoid economic disruption, given the country's heavy reliance on oil and gas for government revenue. Imbert acknowledged the necessity of reducing carbon emissions while maintaining fossil fuel production [1fe33038].
Energy Minister Stuart Young announced the initiation of the first green hydrogen pilot project at Point Lisas, supported by the Development Bank of Latin America (CAF). Current production costs for green hydrogen range from US$10 to US$15 per kilogram. Trinidad and Tobago aims to reduce greenhouse gas emissions in power generation by 15% by 2030 under the Paris Agreement, highlighting the Caribbean's vulnerability to climate change and the need for a just energy transition [1fe33038].
As the government grapples with these economic challenges, the opposition continues to call for accountability and a reevaluation of policies that have led to what they describe as economic 'pain and calamity' for the citizens of Trinidad and Tobago [35f7d0b4].