Economist: Diversification absolutely imperative in next decade

Econ­o­mist Dr In­dera Sage­wan says di­ver­si­fy­ing the Trinidad and To­ba­go econ­o­my be­yond oil and gas, has be­come an ab­solute im­per­a­tive in the next decade.

As she looked ahead to 2020 and be­yond, Dr Sage­wan warns that an over-re­liance on any one par­tic­u­lar sec­tor can no longer con­tin­ue.

She notes that the po­lit­i­cal ad­min­is­tra­tions which gov­erned over the past decade did make a start at di­ver­si­fi­ca­tion, but those ef­forts have not borne fruit, nor did they get the kind of sup­port they need­ed.

She says we can­not af­ford to con­tin­ue putting all our eggs in the en­er­gy sec­tor bas­ket.

“When you look at the fact that re­new­able en­er­gies, and the ac­cel­er­at­ed rate at which they are im­prov­ing, and cost is go­ing down and use is tak­ing place,” she notes. “And the is­sue, for ex­am­ple, of re­duc­ing our car­bon foot­print and so many de­vel­oped coun­tries mak­ing pol­i­cy de­ci­sions to move away from the use of fos­sil fu­els. Our fu­ture can­not con­tin­ue to re­main down that road.”