For the first time in a decade, the International Monetary Fund (IMF) found TT has undergone gradual and sustained economic recovery in 2024.
A press release from the IMF on June 5, 2024, said real GDP expanded by around 2.1 per cent in 2023 owing to developments in the non-energy sector, a decline in inflation and a drop in prices of global food and imported goods. With the World Bank estimating global economic growth of around 2.7 per cent, alongside modest expansions in trade and investment, the business landscape for 2025 is filled with promise.
Business Day spoke with various business chambers who gave their outlook for TT’s business sector in 2025
Deoraj Mahase, president of the Couva/Point Lisas Chamber of Commerce, said 2025 will be a year of change for the business landscape.
[caption id="attachment_1133117" align="alignnone" width="819"] Deoraj Mahase, president of the Couva/Point Lisas Chamber of Commerce -[/caption]
"From all observations, this will be a transitional year for the country with several changes set to take place locally and internationally, which will affect the economy."
He called for increased economic activity including private sector participation and foreign investment, supported by more innovative approaches.
"To assist growth and market expansion, there must be continued efforts to modernise the cargo clearance processes, online payments and business connectivity across the various governmental bodies to improve the ease of doing business.
"Additional support for businesses, especially SMEs (small and medium-sized enterprises), is also needed to access potential export markets and earn foreign exchange."
SoE and crime
2024 saw a record high of 625 murders, and with a state of emergency (SoE) declared on December 30, concern within the business community is as strong as ever.
In response to the SoE three-month extension, the TT Chamber said it supports any measure that can help curb crime and contribute to solving this national problem.
"Crime does not have a single root cause. A more holistic approach is needed to address the complexities of crime, incorporating short-, medium- and long-term strategies. A comprehensive and multi-faceted strategy is essential to creating an environment where businesses and the public can feel safe and secure."
[caption id="attachment_1133056" align="alignnone" width="1024"] Police on patrol on Charlotte Street, Port of Spain. - Photo by Faith Ayoung[/caption]
The chamber also addressed how the SoE could affect the country’s investment prospects.
"In terms of investor confidence, we recognise that the SoE may have created some apprehension among potential investors, particularly those who are newer market entrants or more risk-averse."
The chamber said it has been transparent with its investors, explaining that while the SoE is one of the measures in place to combat crime, it is only part of a broader strategy.
"We are hopeful that once the objectives of the SoE are achieved in tandem with other strategies, normalcy
