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VP Jagdeo maintains oil-dependent Trinidad falling apart
– says Guyana will not follow in its footsteps
By Shervin Belgrave
Kaieteur News – It appears that sections of the Trinidadian government are up in arms against Guyana’s Vice President (VP), Dr. Bharrat Jagdeo, for saying that its oil-dependent economy is falling apart. Irrespective of their feelings, the former Head of State said his comment is an undisputable fact while adding that Guyana will not follow in Trinidad’s footsteps.
Vice President, Dr. Bharrat Jagdeo speaking at Friday’s press conference
Jagdeo had made the Trinidad comment during a recent two-day out-reach he conducted on the Essequibo Coast, Region Two. He was at the time speaking about the need to diversify Guyana’s economy to ensure that it does not become poor like other countries that were dependent on revenues from its oil and gas sector.
He had said, “Invest some of the oil and gas resources into building the infrastructure, so the non-oil and gas sector in the future can generate the jobs because if you don’t do that, when the oil money goes we will be poor more than many countries in the world…look at what is happening in Trinidad now.”
The economist continued, “Trinidad is falling apart and that is putting it mildly, falling apart, no jobs to sustain periods of negative growth, can’t see the light of day, can’t see the light of day for the near future.”
Jagdeo’s comments were reportedly not well received by his Trinidadian counterparts and at a press conference he held on Friday, the VP said it has nothing to do with Trinidadian Prime Minister Keith Rowley but rather with the fact that Trinidad was heavily reliant on its oil sector which led to its economy crashing after global oil prices fell.
The VP related that he has been keeping track of Trinidad and Tobago’s economic performance for a while now. He said, “I recalled reading one of their earlier budgets, not the 2022 budget where in one year they lost 80 percent of their revenue because of the change in the oil and gas prices and the fall in production.”
He posited that it is difficult to organise a budget when a country has suffered such a big economic shock.
“It is difficult. Things will fall apart whether you like it or not,” Jagdeo said.
He added, “And I have said we are determined in Guyana to avoid going that path which has happened not just in Trinidad and Tobago but in many countries of the world.”
Although it is the government’s aim for Guyana to diversify its economy in order to avoid the “Dutch Disease”, or in other words for the country not to become poor when the oil resources are finished, it should be noted that there are still other areas in the oil and gas sector that need to be looked at to ensure a bright future for Guyanese.
The experts in the sector have advised that Guyana could still end up in huge debt and become poor should they not negotiate good deals with foreign oil companies or push for full coverage insurance for an oil spill or some other environmental disaster.
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