Trinidad Prime Minister Foretells Increased Economic Prosperity in 2006

The achievement of full employment and an unprecedented level of economy prosperity for nationals are what citizens of Trinidad and Tobago can look forward to in 2006.

This was part of Prime Minister Patrick Manning´s predictions as he delivered his New Year´s address to the nation over the weekend. According to the Prime Minister, activity in the construction and energy sectors and expansion in the island´s iron and steel industries have put the country on an accelerated path of economic growth.

“We are doing very well in so many areas of national life. In one year alone we created 28,000 jobs and the projected unemployment rate for the fourth quarter of 2005 is 7.8 percent.

“Our country will experience an explosion of increased economic activity, we are going further downstream with natural gas to produce other products. Iron and steel industries will also be expanded, the sum total of these investments is US$8 billion,” said Manning.

The Prime Minister said there will also be a tax break for persons earning TT$5,000 or less monthly. Free tertiary education for nationals as of January 2006 was also part of his message for the New Year.