UNC Chairman Lee: Economic Advisory Board Ineffective – displays lack of vision by PNM Administration
It is quite disappointing as well as disheartening given the grim economic situation facing our nation that a Diversification Strategy has not yet been presented or created neither by the Trinidad and Tobago Government nor the Economic Advisory Board.
This is a view similarly shared by Former Central Bank Governor Ewart Williams who expressed concern that “a bankable diversification strategy is still not in the offering” at a recent Book Launch on the UWI Campus.
Economic Diversification and the creation of such a plan is critical at this point given our nation’s economic vulnerability due to fluctuating oil and natural gas prices.
Besides the fluctuating energy prices, our nation faces other economic perils such as rising unemployment , rising inflation and the shortage of foreign exchange which results in negative repercussions each day.
The silence of the Economic Advisory Board Chaired by Dr. Terrence Farrel on these issues is quite perturbing and cause for great concern as a nation.
The board which was mandated to advise the Prime Minister on matters of economic policy as well as spearhead the economic development of strategies is yet to create or submit a plan on diversification. This is quite bewildering and unfortunate given that the board was described by Dr. Farrel at its swearing in as “A promoter and developer of diversification projects”.
The Absence of measures, recommendations as well as steps to address the country’s continued shortage of Foreign Exchange and rising unemployment rate further demonstrates the ineffectiveness of the Economic Advisory Board.
The inadequacy and inefficiency of the Economic Advisory Board represents the lack of Political Will and vision of the current administration to sustainably develop our nation’s economy for the equitable benefit of each citizen in an effort to better the national standard of living.