Trinidad and Tobago – Recession or No Recession


Finance Minister, Karen Nunez-Tesheira said on Wednesday we are not in a recession and CNC3 confirmed her theory with Wikipedia. The Central Bank Governor, Ewart Williams, also said we are not in a recession but in something which sounds worse, a deep slowdown. UWI economics lecturer, Dr. Greogry McGuire writing in the Trinidad and Tobago Review wanted to know if the Central Bank Governor was muzzled and now practicing Manning’s Ostrich Economics. Another UWI lecturer, Dr. Dhanyshar Mahabir, said we are probably not in a recession since we are a third world nation and recession definitions are for developed countries. However, Dr. Dhanysar Mahabir said we should not listen to those people who say now is the time to loosen your belt since there will be a time and place to do that in about nine months.  A nuts man from Curepe Junction said he doesn’t have the data to say if the country is in a recession but he knows more people are ketching dey ass this year compared to a year ago.

Store Bay Tobago - Tall Wave-2007Recession is just a word and it is like swine flu; you may have some symptoms and feel like yuh want tu dead but the test came back negative. I am not an economist but I have to agree with the Finance Minister and The Central Bank Governor since you still can’t find parking at Movietowne on Saturdays. But there are troubling signs that the economy is heading for a deep slowdown such as the increase in the theft of car mirrors from car parks manned by CCTV cameras installed for your peace of mind.  To the public, a recession is both real – you can’t afford a quart of hops on Saturday – and physiological – you want to plan that vacation to Disney World but look for signs of new milatary helicopters before you do so . When both the Prime Minister and Minister of Finance say loosen your belt you wonder if they were addressing the population or themselves. Despite the pants-dropping advice from our leaders, the Minister of Finance said the population doesn’t save enough but she failed to say how to do this and still be Trini-Happy.

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