While public-private partnerships (PPPs) have been used to finance projects in Trinidad and Tobago since the 1990s, the model formally gained institutional backing in 2011 with the creation of a specific policy unit, known as the PPP Unit, which operates within the Investments Division of the Ministry of Finance. Despite this, unlike other Caribbean countries such as Jamaica, T&T’s PPP framework…
As the political, economic and migration crisis rolls on in Venezuela, a significant number of refugees continue to make their way to Trinidad and Tobago. This had led to concerns over the possible economic consequences of the recent influx. In June 2019 the UN estimated that 40,000 people had arrived to T&T. As migrants now make up 2.9% of T&T’s population – the highest rate in the region,…
Following a deep recession and calls both domestically and internationally to boost financial transparency and broaden its tax base, Trinidad and Tobago has moved forward with the establishment of the T&T Revenue Authority (TTRA). While policymakers have long worked to streamline tax collection, the TTRA is the most important step taken by the government to date aimed at closing the gap between…
The financial services industry in Trinidad and Tobago is one of the most developed in the Caribbean; however, the country still falls behind other emerging markets in its approach to online banking and digital payments. In 2020 customers continue to contact their banks by telephone to perform routine services, such as balance inquiries. As such, there is vast scope for digital reform and an opportunity…
Despite being a commodity-based economy – indeed, 36.1% of Trinidad and Tobago’s GDP is from the energy sector – local capital market investors have traditionally shied away from commodities investing. The asset class worldwide has underperformed compared to traditional investment vehicles such as stocks and bonds. The Bloomberg Commodities Index had an average annualised return of -5.7% from…
While Trinidad and Tobago’s primary bond market has seen 59 issuances since 2013, fewer than 15% were private corporate issuances. The government, either directly or through state-owned enterprises, has maintained a dominating presence in the debt market, which it taps to borrow the funds needed for infrastructure development projects and recurrent expenditures such as salary payments. Diversification…
Wealth management divisions have become an integral part of business models for the majority of commercial banks and non-bank financial institutions in Trinidad and Tobago. Initially created to cater to the needs of institutional investors – particularly those of employee benefit plans – wealth management services have now expanded to include high-networth individuals. T&T’s economy grew…
The Trinidad and Tobago Stock Exchange (TTSE) is the largest and among the most important stock markets in the Caribbean. However, it was out-performed by the Jamaica Stock Exchange (JSE), whose impressive headline growth since 2015 has led some in T&T to draw lessons from the smaller but more dynamic bourse. “We should look to the expansion in Jamaica’s capital markets as an example in the…
In order to fulfil the aims of the CARICOM Single Market and Economy (CSME) and the wider CARICOM policy of further economic integration, officials in the Caribbean have identified a number of key sectors that form the backbone of regional convergence, from financial services to transport and education. In 2006 a revised Treaty of Chaguaramas came into force that turned CARICOM – formerly a common…
The IMF estimates that Guyana will be the fastest-growing economy in the world in 2020, with projected growth of 84% for 2020 – up from 4.4% in 2019. The jump in growth is attributed to the fact it began oil production in December 2019. Guyana is looking to tap its natural resources, as it has the highest amount of oil reserves per capita – while Saudi Arabia has 1900 barrels per person, Guyana…
