Decisive economic reforms needed

2026-02-22 - 02:36

As the oil boom waned, former prime minister George Chambers admonished citizens, “Fete over, back to work” at the end of the 1982 carnival season. It was an urgent call to boost productivity and economic output to counter the looming downturn. The economic policy framework did not change, and the sharp fall in energy prices resulted in a depression and a prolonged period of austerity. A 2014 decline in energy prices, coupled with a decline in natural gas production, plunged the country into a depression that dragged on until 2022. Only after