Home' Trinidad and Tobago Guardian : October 11th 2013 Contents RAPHAEL JOHN-LALL
Republic Bank economist Ronald
Ramkissoon has said that if the US
Federal Government s shutdown
leads to greater economic uncer-
tainty, there will be implications
for T&T and the rest of the
"While the world, the Caribbean
included, is more and more turning
to emerging economies for trade,
dependence on North America and
Europe is still critical for this region.
As such, if the situation in the US
worsens there will be implications
for the Caribbean," he told the T&T
The US Federal Government shut-
down is now in its 11th day.
The Federal government officially
shut down for the first time in 17
years on October 1, after House
Republicans refused to drop
demands that parts of the Affordable
Care Act be delayed in return for
approval of a mandatory government
Everything from national parks
to national security to Federal Courts
and other important parts of the
US economy that depend on Gov-
ernment services have been partially
Ramkisson said Foreign Direct
Investment (FDI) and other areas
of the Caribbean and T&T economy
will be affected.
"This in terms of FDI, tourism,
and business confidence in general.
The developed world is still strug-
gling to achieve strong and sustain-
able growth and a failure in fiscal
management in the US can only
make the situation worse for that
country and all its trading partners,"
Ramkissoon expresses confidence
that there will be solution in the
"My expectation is that politics
would not trump economics and
that the strength of that country s
institutions would save the day, for
that country and for the region. I
hope that I am right," he said.
Abrahim Ali, president of the San
Juan Business Chamber is hoping
the situation in the US will be
"I do not think there would not
be an immediate impact from the
Federal Government shutdown but
there will be an impact in the long
term," he said.
There are a number of key eco-
nomic areas that can be affected if
the major US political parties do
not resolve the crisis.
"A lot of employment is hinged
on what happens in the US econ-
omy. We also have exports to there
and if the US economy worsens then
it could impact on that too," he said.
There are concerns that prolonged
shutdown could impact several
Caribbean economies by adversely
affecting tourist arrivals from the
US. That concern was raised earlier
this week by Thomas Helbing, Chief
of the World Economic Outlook
Division of the IMF, when he spoke
to journalists after a World Economic
Outlook press conference at the IMF
Headquarters in Washington DC.
• Twitter: @GuardianTT • Web: guardian.co.tt
Executive chairman of the TSL Group,
Nicholas Galt is the new chairman of the
Association of American Chambers of
Commerce in Latin America (AACCLA).
He is the first Caribbean national to be
elected to the position which traditionally
goes to nationals of North or Latin
"What it means for me is to have the
ability to bring T&T and the Caricom
region more focused into development
(into a single market and single
economy)," Galt said.
With growing concerns about crime in
the Latin American and Caribbean, Galt
said his biggest challenge would be to
bring awareness of projects completed by
Caribbean AmCham bodies.
"My biggest challenge from the
AACCLA perspective would be to really
find a way to bring almost day to day
relevance among the American Chambers
of Commerce, that's difficult, you have
language issues. You want to do business
in Latin America, we have a way to make
it happen, that has to be reciprocated in
the other American Chambers of
Commerce in the other countries."
Galt new chairman of AACCLA
US govt shutdown
could hurt T&T
Demonstrators display placards and chant during a rally to end the
government shutdown, yesterday on Capitol Hill in Washington. House
Speaker John Boehner told Republican lawmakers he will give President
Barack Obama a proposal extending the government's ability to borrow
money through November 22---but only if he agrees to negotiate over
ending the partial government shutdown and a longer-term increase in
the debt ceiling. AP PHOTO
Links Archive October 10th 2013 October 12th 2013 Navigation Previous Page Next Page