Tobago currently stands at the critical juncture of an economic turnaround and in this regard, the role of the Public Sector Investment Programme (PSIP) in propelling the island to a clear path of development cannot be understated. Tobago’s population and labour force positive growth rates would necessitate a higher demand for goods and services, as well as the supporting demand for PSIP funding.
The outlook of the country following the global financial realities have expectantly impacted on the national economy and the national policy initiatives in response to these externalities placed the island in the mode of strategic re-direction. Among the national goals like moving towards a balanced budget, diversification and fiscal stabilisation, the tenor is mirrored in Tobago despite the obvious macroeconomic differences between the islands. In light of the decline in revenues from the energy sector, national output from the non-energy sector and the overall continuation of fiscal discipline, the Tobago House of Assembly (THA) shared the economic fortunes at the national level.
Tobago has not been spared from the adverse economic effects that the country
encountered due to lower commodity prices in the energy sector that translated into a reduction in
Government Revenue. The THA has made the necessary adjustments to adapt to the changing
national and international realities.
The 2017 Public Sector Investment Programme (PSIP) for Tobago is intended to position
the island as an equal partner in the development of the nation and diversify the Tobago’s local
economy. In this regard, 2017 Tobago PSIP and the investments proposed will play a crucial role
in setting the foundation for national advancement.
The 2016 Public Sector Investment Programme (PSIP) for Tobago is intended to position
the island as an equal partner in development of the country. As revenue streams from the oil and
gas industry decline, Tobago’s economic and social advancement will provide an avenue for
stability as the process to diversify the national economy continues. In this context, the 2016
Tobago PSIP and the investments proposed therein will play a vital role in setting the foundation
for national progress.