Economy
From The Report: Trinidad & Tobago 2017
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Despite challenges, including depressed international energy prices, as well as rising debt and fiscal imbalances, the recession in Trinidad and Tobago is likely to bottom out in 2017. The IMF forecasts the economy will grow by 0.3% in 2017 and 3.4% in 2018. The recovery is expected to come via a small rise in energy prices, the inauguration of the Juniper gas field in 2017 and an expected rise in public sector construction activity, particularly in the affordable housing sector. Achieving that modest growth rate would depend on the government being proactive in pushing forward with public works and house building. T
This chapter contains interviews with Paula Gopee-Scoon, Minister of Trade and Industry; Augusto Arosemena Moreno, Minister of Commerce and Industry of the Republic of Panama; and Terrence Farrell, Chairman, Economic Development Advisory Board. It also contains a viewpoint from Marla Dukharan, Group Economist, Royal Bank of Canada (Caribbean).
Articles from this Chapter
Recovery in sight: Government takes action to balance the books after its fiscal position hit by lower energy revenues
Encourage and incentivise: Paula Gopee-Scoon, Minister of Trade and Industry, on facilitating trade and improving the ease of doing businessOBGplus
Interview: Paula Gopee-Scoon How can the country enhance export performance and assist companies in penetrating new markets? PAULA GOPEE-SCOON: The National Export Strategy will focus on improving the trading arrangements for exporters and making strategic interventions in 25 specific areas affecting trade and business. These include building exporter capacity, improving labour productivity, reducing government bureaucracy, improving access to trade finance and strengthening export promotion. Initially,…
Encourage and incentivise: Paula Gopee-Scoon, Minister of Trade and Industry, on facilitating trade and improving the ease of doing businessOBGplus
Interview: Paula Gopee-Scoon How can the country enhance export performance and assist companies in penetrating new markets? PAULA GOPEE-SCOON: The National Export Strategy will focus on improving the trading arrangements for exporters and making strategic interventions in 25 specific areas affecting trade and business. These include building exporter capacity, improving labour productivity, reducing government bureaucracy, improving access to trade finance and strengthening export promotion. Initially,…
Cutting red tape: Initiatives to ease trade procedures and ensure quality aim to increase trade flowsOBGplus
The World Trade Organisation (WTO) has defined trade facilitation as meaning the simplification and harmonisation of international trade procedures. In late 2013 WTO members agreed on the initial text of a trade facilitation agreement (TFA), which was further refined during 2014. The document focuses on actions to ease the movement, release and clearance of goods across national borders, including streamlining Customs procedures and the management of goods in transit. It was agreed that the TFA would…
Cutting red tape: Initiatives to ease trade procedures and ensure quality aim to increase trade flowsOBGplus
The World Trade Organisation (WTO) has defined trade facilitation as meaning the simplification and harmonisation of international trade procedures. In late 2013 WTO members agreed on the initial text of a trade facilitation agreement (TFA), which was further refined during 2014. The document focuses on actions to ease the movement, release and clearance of goods across national borders, including streamlining Customs procedures and the management of goods in transit. It was agreed that the TFA would…
Things to consider: Augusto Arosemena Moreno, Minister of Commerce and Industry of the Republic of Panama, on the advantages of a trading relationshipOBGplus
Interview: Augusto Arosemena Moreno What are some of the key benefits for companies based in Trinidad and Tobago exporting to Panama under the Partial Scope Agreement? AUGUSTO AROSEMENA MPRENO: T&T-based companies exporting to Panama enjoy tariff-free access to a number of products including tar, asphalt, petroleum and bitumen, which are all key T&T exports. T&T obtained rule of origin rights that protect the interests of Trinbagonian industries in different areas, such as mineral fuels…
Planning ahead: The central bank is modernising its regulatory functionsOBGplus
In October 2016 the Central Bank of Trinidad and Tobago (CBTT) published a new strategic plan, covering the five years between FY 2017 and FY 2021. This was the second medium-term plan adopted by the CBTT. The first had initially covered the three years between FY 2012 and FY 2014, under the theme of enhancing financial stability, governance and efficiency. That plan was subdivided into two pillars: strengthening monetary and financial stability on the one hand and enhancing governance, accountability…
Planning ahead: The central bank is modernising its regulatory functionsOBGplus
In October 2016 the Central Bank of Trinidad and Tobago (CBTT) published a new strategic plan, covering the five years between FY 2017 and FY 2021. This was the second medium-term plan adopted by the CBTT. The first had initially covered the three years between FY 2012 and FY 2014, under the theme of enhancing financial stability, governance and efficiency. That plan was subdivided into two pillars: strengthening monetary and financial stability on the one hand and enhancing governance, accountability…
Getting the price right: Marla Dukharan, Group Economist, Royal Bank of Canada (Caribbean), on how foreign exchange policy reforms could improve macroeconomic performance in the medium to long termOBGplus
Viewpoint: Marla Dukharan The Central Bank of Trinidad and Tobago’s (CBTT) current approach to managing foreign exchange (forex), both in terms of how it sets the exchange rate, and how it manages the supply of US dollars in the financial system, has given rise to the development of a black market for foreign currency in T&T, and is affecting the performance of the non-energy sector. The exchange rate is the single most important price in our country’s economy, more so than the price of…
Getting the price right: Marla Dukharan, Group Economist, Royal Bank of Canada (Caribbean), on how foreign exchange policy reforms could improve macroeconomic performance in the medium to long termOBGplus
Viewpoint: Marla Dukharan The Central Bank of Trinidad and Tobago’s (CBTT) current approach to managing foreign exchange (forex), both in terms of how it sets the exchange rate, and how it manages the supply of US dollars in the financial system, has given rise to the development of a black market for foreign currency in T&T, and is affecting the performance of the non-energy sector. The exchange rate is the single most important price in our country’s economy, more so than the price of…
In a key role: Private sector development is vital to stimulate the economyOBGplus
The relationship between the public and private sector in Trinidad and Tobago is both important and complex. At one level it is competitive and sometimes antagonistic, with each side seeking to widen its share of total economic activity and criticising the other, often on ideological grounds. On another level, however, it is deeply collaborative, with both working together in the context of a mixed market economy. The balance between these two tendencies has shifted back and forth over time and changing…
In a key role: Private sector development is vital to stimulate the economyOBGplus
The relationship between the public and private sector in Trinidad and Tobago is both important and complex. At one level it is competitive and sometimes antagonistic, with each side seeking to widen its share of total economic activity and criticising the other, often on ideological grounds. On another level, however, it is deeply collaborative, with both working together in the context of a mixed market economy. The balance between these two tendencies has shifted back and forth over time and changing…
Advancing alternatives: Terrence Farrell, Chairman, Economic Development Advisory Board, on developing non-energy-related industriesOBGplus
Interview: Terrence Farrell How urgent is the need to reduce the economy’s dependence on hydrocarbons? TERRENCE FARRELL: In 15-20 years the global energy sector – certainly crude oil – is going to be in decline, partly driven by the Paris agreement to reduce greenhouse gas emissions, coupled with the shift from fossil fuels to renewable sources. Trinidad and Tobago doesn’t have a lot of crude oil, but we have significant natural gas deposits. Fortunately, gas has a longer lifespan and can…
Advancing alternatives: Terrence Farrell, Chairman, Economic Development Advisory Board, on developing non-energy-related industriesOBGplus
Interview: Terrence Farrell How urgent is the need to reduce the economy’s dependence on hydrocarbons? TERRENCE FARRELL: In 15-20 years the global energy sector – certainly crude oil – is going to be in decline, partly driven by the Paris agreement to reduce greenhouse gas emissions, coupled with the shift from fossil fuels to renewable sources. Trinidad and Tobago doesn’t have a lot of crude oil, but we have significant natural gas deposits. Fortunately, gas has a longer lifespan and can…
