Cover of The Report: Trinidad & Tobago 2017

The Report: Trinidad & Tobago 2017

After facing headwinds such as depressed international energy prices, and rising debt and fiscal imbalances, Trinidad and Tobago’s economic recession appears to be turning a corner, with GDP growth projected to climb to 0.3% in 2017 and 3.4% in 2018. As one of the largest and most diversified economies in the English-speaking Caribbean, the country is beginning to benefit from the new administration’s process of fiscal adjustment and economic diversification, spurred on by an ambitious public works pipeline.

The oil and gas industry has historically been Trinidad and Tobago’s primary economic engine, but it has faced challenges in the low-price environment of 2014-16. Strategic decisions are now required across the entire value chain, from incentivising upstream production to improving refinery profitability in the mid-stream and boosting capacity utilisation downstream. After facing pressing short-term fiscal priorities during its first year in office, the current administration has begun a process of fiscal adjustment and is beginning to tackle longer-term issues, such as economic diversification. Getting the country onto a stronger and more sustainable growth path will depend on delivering deeper reforms and effectively managing a new generation of public-private partnerships.

See also:

Economic Roundup: Latin America: Time to build a bloc

OBG & Trinidad & Tobago

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