ECONOMY WILL STAGNATE IF PNM WINS

Finance Minister Larry Howai says if there is a change in government, there will be a slowdown in the economy which will lead to a recession. He was speaking at a cottage meeting held at Trinzuela College, Chacon Street, San Fernando on Thursday night.
 
Throwing support for the UNC's candidate for San Fernando West Raziah Ahmed, Howai said it was important for citizens to look at the progress that the People's Partnership has made managing the economy.
 
He said when the government took office in 2010, there was negative economic growth. Under Kamla Persad-Bissessar's guidance, Howai said the People's Partnership transformed the economy.

"Our economy remains strong. Our debt to GDP level is about 44 per cent, our unemployment rate is 3.7 per cent one of the lowest in the world. Our foreign exchange reserves are strong with 12 months of import cover. Our Heritage and Stabilization Fund has grown. We have been closing the gap with our fiscal position," Howai said.

Now that energy prices have dropped, Howai added that it was important for people to make the right political choice.

"Which is the government that will manage the economy is such a way that the negative effects of the low oil prices will not affect people. If there is a change in government, there will be a slowdown of the economy," Howai predicted. 

However he added, "If the PNM gets into power and the economy starts to slow down, the effect will be that we will head into a recession."
 
"We don't want to find ourselves in a situation where the economy shuts down," Howai said. He added that government has never discriminated in the distribution of resources, noting that in the PNM strongholds of Point Fortin and La Brea, water distribution improved significantly.
 
"Point Fortin has never voted for the UNC, nor has La Brea but we increased the water supply there by one million gallons per day. We are setting up the Mitsubishi plants and real economic development has started there," Howai said. He also noted that the developments in education will transform T&T making it competitive globally.