Inflation has now become a global issue which is threatening to further put pressure on household budgets. Naturally causing the poorest people to feel this pinch the most, especially in countries that are reliant on food imports like Trinidad and Tobago.
Shorter work weeks have lately been recommended as a way to sustain high employment in the aftermath of the Covid-19 outbreak (Frey et al, 2020). The assumption is that, similar to an extended furlough system for industries heavily hit by the pandemic, this would avert layoffs and facilitate a longer-term shift to more desirable patterns of working hours.
In the context of COVID-19 where there has been income losses and increased food prices due to movement restrictions, there is the creation of local shortages and higher food prices, which makes ensuring food security now and in the future more important than ever.
The current global climate crisis refers to the long term negative changes that are taking place around the world as a consequence of climate change and global warming. Changes that are resulting in the modification of global temperatures, weather, and sea levels among other key environmental indicators. The consequences of these changes present an urgent threat to humanity as we know it, threatening our air, water, and food resources.
In order for the human body to recover when it becomes injured it needs to repair the broken blood vessels and grow new tissue, and red blood cells are integral in providing a foundation for this healing process. So, what does this have to with economics?
Due to Trinidad and Tobago’s proximity to the crisis-stricken nation, we have experienced a significant amount of legal and illegal immigration of Venezuelans that are fleeing the exponentially deteriorating way of life in their native land. The mass migration of Venezuelans has now shown that they are one of the single largest population groups displaced from their home.
An economy is only as strong as its human capital base. The correlation between an educated society and economic prosperity has always been positive and high, and has driven most countries to place investment in education at the forefront.
There has been no global event thus far that has had an impact on the tourism industry like the coronavirus pandemic. The shock that this international sector has faced as a result of the pandemic is unparalleled in nature.
One of our contributors, Dana Sookdeo BSc, is currently pursuing her Masters in Economics and is particularly passionate towards the economic dynamic of Trinidad and Tobago. She has prepared this Post-Budget Analysis which is easy to read, comprehensive and visually pleasing for our readers to understand and continue to hold the government accountable.