![]() Consequently, in recent years, multi-lateral agencies like the International Monetary Fund (IMF) and international credit rating agencies have repeatedly flagged the unavailability of timely data as cause for major concern. This uncertainty could constrain investment and thus cause the economy to perform at levels well below its potential. The absence of timely, reliable macroeconomic data creates significant uncertainty for businesses, since they will find it difficult to monitor trends and to anticipate market developments. For instance, the latest available unemployment data from the CSO is for the fourth quarter of 2017, though we are in July 2019. The result of this has been an organisation that cannot keep up with the information needs of society in a rapidly changing world. ![]() Yet, for years, across several administrations, the CSO has not been supplied with the requisite legislative clout, level of resources and appropriate structure to ensure its operations remain modern, efficient and relevant. In this country, the CSO is the primary agency responsible for gathering, organising and publishing data, especially economic data. However, without reliable and timely data it can be very difficult to monitor progress. The adage “what gets measured gets done” simply reminds us that if we don’t track our progress and review the effectiveness of our policies, we are likely to fall short of our objectives. This includes the Central Statistical Office (CSO). If we are to successfully diversify the economy, generate long-term growth or even combat corruption, it is essential to have strong and efficient support institutions. For this reason, there must be a heavy focus on institutional strengthening for Trinidad and Tobago to achieve its major development goals. Such deficiencies result in major delays, foster corruption and ultimately constrain economic activity. However, the damage imposed by the inadequacies of key support institutions extend well beyond our personal anguish. In fact, for many of us the mere thought of having to visit certain government offices generates strong feelings of annoyance and trepidation. It is a regular occurrence for us to vent our frustrations concerning the inefficiencies we encounter in accessing the services provided by the country’s major support institutions.
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