Finance Minister Colm Imbert is seeing early signs of an economic recovery and plans to reveal more when he presents his mid-year budget review next month.
He told reporters at yesterday’s official launch of container scanners at the Port of Point Lisas that the International Monetary Fund (IMF) has forecast two per cent growth for the economy. That is in line with his ministry’s projections, he said.
In its World Economic Outlook for 2018, which was released on Tuesday, the IMF also forecast a two per cent growth rate for the T&T economy in 2019.
Imbert said the IMF is suggesting that T&T has turned the corner on the recession and the worst is behind us.
“I hope they right,” he added.
On December 4, 2015, after T&T suffered its fourth quarter of negative growth, then Central Bank Governor Jawala Rambarran announced that the country was in a recession. Speaking at a Monetary Policy Forum at the Hyatt Regency in Port-of-Spain, Rambarran said the recession was triggered by prolonged supply disruptions in the energy sector resulting in shortfalls in natural gas which in turn adversely affected output of LNG and petrochemicals.
Declines in oil prices resulted in reduced revenue for the country which led to cutbacks in Government expenditure.
Oil prices increased in trading on global markets yesterday, with Benchmark US increasing by US$1.95, or 2.9 per cent, to settle at US$68.47 a barrel.
Brent crude, used to price international oils, added US$1.90, or 2.7 per cent, to close at US$73.48 per barrel.
Commenting on concerns about a proposed $5,000 fine for failing to submit valuation return forms as part of the property tax regime, Imbert said: “There is no requirement at this point in time. That is for the future when that law is fully operational. Not now, no penalty.”
In the Senate, Minister in the Ministry of Finance Allyson West said Government expects objections to the upcoming valuation of land exercises and has proposed a tribunal to handle those issues.
At the time she was piloting amendments to the Land Valuation Bill which will operate in tandem with property tax amendments.
It was then that West announced that the fine for failing to submit valuation return forms will be increased from $500 to $5,000.
