2023 Outlook

Having gotten through the worst of the pandemic 2022 was a year of transition with return to face to face school and social events.  Hopefully the coming year would be a year of normalization with the return of carnival and increased cross border traffic.  2023 however would be not be without its challenges.

As a small island developing and dependent economy we need to be cognizant of three variables.  Firstly the global economic outlook for 2023 is not great.  An impending recession in the US is negatively affecting corporate confidence which could have a knock-on effect on hydrocarbon prices and tourism.  Given the current inflationary conditions, this could affect economic recovery on the region as a whole.

Secondly, the inability to control crime especially violent crimes is creating unwanted problems of a social and economic nature and it only seems to be getting worst.  Already we are seeing countries issues travel advisories warning its citizens to be avoid Trinidad and Tobago and statements from the authorises is not exactly creating confidence.  The inability to preserve and maintain property rights protection would not only reduce business confidence but also attract the wrong kinds of businesses.

The third variable is extreme weather due to the effects of climate change.  In the last few months we have witness the stress, disruption, damage and helplessness citizens have faced from passing weather systems.  This is not expected to get better and we are not doing ourselves any favours by normalizing unplanned development and deliberately blocking established water courses.  We need to realize that we cannot only depend on good fortune and live on hope but we need to create our good fortunes and give hope by our actions towards positive change.

Unless we can achieve some semblance of making our own future by ensuring stable social conditions and making a serious trust towards economic diversification, the trajectory of our outlook would always be outside of our control.