Trinidad and Tobago is the largest producer of oil and gas in the Caribbean. While there is a need to diversify the economy away from its dependence on hydrocarbons, a number of new discoveries in late 2019 appear set to support a short-term recovery in the energy sector and lend financing to the wider economy.
In the aftermath of the Covid-19 pandemic and on the back of high global energy prices, Trinidad & Tobago is set to grow over 50% faster than the global average for 2022.
Following a difficult 2020, Latin America and the Caribbean has seen a return to growth this year. Although the region still has a long way to go in terms of its vaccine rollout, the pandemic has prompted a range of changes that will impact positively on the region in the medium to long term, among them increased digitalisation and a redoubled focus on sustainability.
Trinidad and Tobago's pre-pandemic ICT policy included an ambitious digitalisation drive to foster economic development and advance digital government.
Despite the adoption of new technologies across a variety of industries prior to the pandemic, studies pointed to Trinidad and Tobago's dependence on cash as a significant factor limiting potential economic growth.
As Latin America continues its economic recovery from Covid-19, countries in the region are increasingly looking towards the circular economy as a platform for sustainable future growth.
Despite the recent spike in cases, Trinidad and Tobago responded to the onset of the pandemic swiftly and comprehensively, not only through containment measures but also fiscal and monetary interventions.
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