Daily Archive for April 25th, 2009

Recession

Harsh reality
FinanceCentral Bank Governor Ewart Williams has officially confirmed what everyone, except the Cabinet, had long known: the economy is in decline.
The starkest figure cited by Mr Williams when he released the Bank’s Monetary Policy Report last Thursday was related to unemployment. The unemployment rate has already moved from just over four percent last year to between six and seven percent in the first quarter of 2009. This means that the Government can no longer boast about having achieved zero unemployment in Trinidad and Tobago. But, as long as two years ago, economists such as Jawala Rambarran and Ronald Ramkissoon were warning that the unemployment figures were essentially illusory.

Central Bank gives banks a lending hand
Faced with stagnation and an inflation shadow, the Central Bank yesterday sliced off fifty basis points of its repo rate to eight percent, a move designed to get banks to reduce their interest rates and spur borrowing.
Continue reading ‘Recession’