May 2009 Financial News

Economic growth around the corner

May 29, 2009

Prime Minister Patrick Manning has predicted that despite the dull forecast which both independent economists and the Central Bank have given, this country will experience economic growth in just a few days.

Speaking at the official opening ceremony of the University of the West Indies' Business, Banking and Finance Conference 2009 on Wednesday night, the Prime Minister said the International Monetary Fund (IMF) has predicted that the Caribbean will emerge from the global crisis (which has rendered millions jobless and homeless in the last few months,) "earlier than the advanced economies".

In delivering the feature address at the Learning Resource Centre at UWI, he said, "The prognosis is that we will start enjoying economic growth in the second half of this year, which, let me remind you, starts only a few days from now."

His recent comments about the international slowdown being only a "blip" on this country's route to development were highly criticised. However, he defended his claims Wednesday night, saying "So when I say 'blip', it is not a slip of the lip. I make my own assessments."

Manning also warned that policy makers and businessmen should learn from the mistakes of others. He said in regards to the financial sector, "excessive freedom, masquerading as inspired creativity" could only stand to "mash up de place" while destroying lives and economies.

In spite of the present global financial turmoil, the Manning was still resolute about the idea of this country developing an international financial centre.

In relation to this, he told the high-powered audience, which included former prime minister of St Lucia, Kenny Anthony, that "we (Trinidad and Tobago) are fortunate to have a very strong financial sector in this country, on which we will build as we go forward with this important new project".

Article by: Aretha Welch awelch@trinidadexpress.com
Source: Trinidad Express
http://www.trinidadexpress.com/index.pl/article_business?id=161483582
Date: 29-05-2009