CRIME and the ease of doing business were among the top concerns for businesses going into 2023, according to the TT American Chamber of Commerce TT (Amcham)’s 2023 Economic Outlook Forum held at the Hilton Trinidad, St Ann's on Wednesday.
Zack Nadur, partner in strategy and transactions in Ernst and Young presented the outlook based on a survey of business leaders. He said that while 2022 was a year of post-pandemic recovery, owners were still worried at the increasing crime rate.
“Recovery was largely driven by the increase in our gas prices along with the increase in covid19 vaccination rates which enabled the economy to re-open in 2022 and activity to accelerate,” Nadur said.
“However the country’s crime rate continues to be a significant concern, with the murder toll rising to 35 per cent to 605 in 2022 – further impacting the overall safety and security of citizens and potentially hindering economic growth and development.”
Amcham president Toni Sirju-Ramnarine added that economic growth would be moot if crime continues to spiral out of control.
“As we seek to improve our economic well-being we must address crime,” she said. “We cannot have an economy with upward growth projections and increasing revenue alongside a murder toll that is breaking records and skyrocketing. That does not bode well for conducting business, incentivising trade opportunities and citizen security. Growth and economic development in the midst of uncontrollable crime is unsustainable.”
She said last year’s crime rate should serve as a wake-up call to the entire country and must be a collective priority for the nation as a whole. She said Amcham has joined with other business chambers to find constructive and positive ways to play a part in the reduction of crime.
“We would very much welcome input from you, our members, to formulate anti-crime strategies. So let’s put our heads together and work collectively to make a difference.”
She said anyone willing to contribute ideas should contact the Amcham secretariat.
In Nadur’s presentation, he said cybercrime and cybersecurity were also priorities among businesses, noting that 87 per cent of respondents agreed that cybersecurity is important.
“As companies adapt to the new normal, the shift to remote work and the increased use of digital platforms have created new vulnerabilities to cyberattacks,” he said. “Furthermore with more data and information being stored digitally the risk of data breaches is greater than ever before. As a result, businesses must prioritorise cybersecurity to protect their assets.”
Ease of doing business was also chief among the concerns for business owners as they complained about a range of issues that made the business environment in TT harder to navigate.
“The biggest challenge identified by respondents is inefficient government processes, in particular the difficult and tedious bureaucratic processes, inconsistent application of standard operating procedures and lengthy wait times,” Nadur said.
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