A BUSINESS survey conducted by Ernst & Young (EY) and the American Chamber of Commerce (AMCHAM) has been criticised by Opposition MP Dave Tancoo, who claims the findings expose a decade of economic mismanagement under the ruling People’s National Movement (PNM).

The report, reflecting responses from Trinidad and Tobago’s business sector, revealed 79% of firms expressing no confidence in local economic growth for the coming year—a stark rise from 29% in 2024.

Tancoo, the United National Congress (UNC) shadow finance minister and MP for Oropouche West, condemned the PNM government, stating the results underscore systemic failures in addressing foreign exchange shortages, crime, inflation, and supply chain disruptions.

Key economic indicators cited in the survey included that the fiscal deficit ballooned to 4.8% of GDP (up from 1.8% in 2023), foreign reserves dropped to US$5.6 billion (from US$6.3 billion), unemployment rose to 4.8%, and inflation climbed by 0.7% year-over-year.

“The writing is on the wall,” Tancoo said.

He said, “This disastrous outlook is the direct result of PNM’s incompetence. When 80% of businesses lose faith, the government has clearly failed.” He said that 82% of firms now face crippling forex shortages—up from 38% in 2024—while half report chronic port delays and 92% demand urgent action on crime.

Tancoo accused Finance Minister Colm Imbert of inaction, insisting promised solutions to the forex crisis had stalled. He also dismissed the PNM’s “Dragon Gas” initiative as a hollow promise, arguing the administration lacks any credible economic strategy.

“Even a blind man can see Dragon Gas won’t materialise. They have no plan, no urgency, and no accountability,” he said.

Tancoo outlined the UNC’s proposed recovery agenda, emphasising crime reduction, forex stabilisation, foreign investment incentives, digitisation of government services, and agricultural diversification.

He said, “Unlike the PNM, we have a real plan to restore prosperity.”