Cover of The Report: Trinidad & Tobago 2018

The Report: Trinidad & Tobago 2018

Optimism is returning to Trinidad and Tobago after years of recession. With the IMF forecasting GDP expansion of 1% in 2018 and 0.9% in 2019, the government now has the opportunity to shift their focus from tackling short-term economic problems to implementing long-term reforms and policy initiatives.

Trinidad and Tobago has one of the largest economies in the English-speaking Caribbean, with a GDP of $22.2bn in 2017. Given that the energy sector is responsible for around one-third of economic output, T&T has faced similar challenges to other hydrocarbon-based economies since the fall in global oil prices in 2014, including a widening fiscal deficit. Ongoing reforms seek to address issues such as inefficient public spending and tax collection, as well as excess employment in the public sector, and observers are optimistic that growth will return in the near term. A solid human capital base should support these moves, with the UN giving T&T a “high” human development rating.

 

OBG & Trinidad & Tobago