In its March 2016 Economic Bulletin, the Central Bank of T&T stated that after negative growth of 1% in 2014, T&T’s economy contracted by a further 2.1% in 2015, as per provisional data. Meanwhile, government revenue fell by 6.2% in FY 2014/15, with a 35% decline in energy collections outstripping increases in non-energy and capital receipts. Nonetheless, the recessionary environment is not without opportunity for the country’s new leadership. As the government of Keith Rowley, which assumed office in September 2015, works to bring government spending under control, policies aimed at economic diversification could be set to gain further traction. Moreover, given that T&T has a safety buffer in the form of strong foreign currency reserves and a sovereign wealth fund, there is likely room to manoeuvre.
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