Opposition MP and finance spokesman Dave Tancoo asserts that the results of the latest business survey published by Ernst & Young (EY) in collaboration with the American Chamber of Commerce (AMCHAM) are concrete proof that the past decade of PNM governance has systematically dismantled the nation’s economy and has put the country in an even more perilous position than last year.

Noting the startling revelation that compared to 29% in 2024, 79% of respondents have now expressed a lack of confidence that the local economy will grow in the coming year, Tancoo stated, “The writing is on the wall; this disastrous economic outlook is a direct result of this past decade of incompetence, mismanagement and neglect by the PNM. When almost 80% of the established business community have no confidence in local economic growth, something is very, very wrong, and that something is this PNM Government.”

The survey highlighted several key areas negatively impacting business chief amongst them foreign exchange shortages, soaring costs, supply chain challenges, and surging crime. Tancoo also drew attention to the downward trend in several key economic indicators that were most likely the basis for the negative outlook expressed by businesses; fiscal deficit as a percentage of GDP is now 4.8% from 1.8% in 2023, forex reserves fell from US$6.3 billion to US$5.6 billion, unemployment rose from 4.1% to 4.8% and inflation up by 0.7% from January 2024 to January 2025.

The UNC’s shadow on finance emphasized that, “All of these declining indicators underscores how the Rowley-led—soon to be Young-led—government has comprehensively failed to create an environment for growth and prosperity. In fact, they have done the opposite. In the five years I have been a member of parliament, I have raised these issues, yet this government has persistently ignored them. This latest report now confirms what I’ve been warning: 82% of respondents cite foreign exchange inaccessibility as a top issue, half of all firms suffer from chronic port delays and supply chain problems, and 92% of business leaders demand that crime prevention be the government’s foremost priority.”

Tancoo also emphasized that the PNM lacks any real economic plan. Referring to the survey’s findings, which show that the absence of a credible long-term development strategy is a major factor eroding investor confidence, he declared, “This government has utterly failed to articulate a coherent economic plan for our nation’s future. Instead of a clear and purposeful vision, the people are subjected to empty rhetoric and hollow promises. Even a blind man can see that the much-touted Dragon Gas deal will never materialize. If not Dragon Gas, then what? They have offered no alternative to secure our economic future. In office, they spend their time looking for scapegoats, pointing fingers, and avoiding responsibility. The bottom line is that the PNM has driven our economy into a ditch—no plan, no urgency, and no accountability for the economic pain they’ve caused.”

Tancoo, who has been particularly vocal on the issue of the Forex crisis, noted that the majority of survey respondents said that their business relies heavily on FOREX to conduct operations and now 50% of businesses (up from 38% in 2024) have confirmed that obtaining forex has become more difficult.

“What this signals is that the Minister of Finance has been sitting on his hands this entire time, despite all his assurances that he was engaging with stakeholders etc; the proof is now before him that he has failed to accomplish anything to take us out of this ongoing Forex crisis.”

Notwithstanding this very bleak outlook, the Oropouche West MP did highlight one silver lining which was the UNC’s straightforward agenda to turn the tide: “When the UNC forms the next government of T&T, we will crack down on crime, stabilize foreign exchange, encourage FDI through business incentives, improve the ease of doing business through effective implementation of digitization in Government services, work with local manufacturers to boost productivity and export potential, effectively invest in agriculture and diversify the economy. These are not just empty promises – unlike the PNM, we have a real plan to restore prosperity and security to our nation.”

Tancoo urged citizens to demand better by rejecting this unsuitable and retrograde PNM government. “The PNM would like to pretend everything is fine, but as these surveys show, facts and figures prove otherwise. Ten years under the PNM have yielded nothing but empty promises, and as long as they remain in power, these problems will only worsen. The UNC has done it before and we will do it again. We will fix this crisis and put Trinidad and Tobago back on the path of growth, stability, and opportunity.”