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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. 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).

This chapter provides an overview of Trinidad and Tobago’s legal framework, covering a range of topics from civil procedure rules, to the Foreign Investment Act, free zones and public-private partnerships, among others. It also contains a viewpoint from Hadyn John Gadsby, Senior Partner, J.D. Sellier + Co.

This chapter explores aspects of Trinidad and Tobago’s taxation system, examining a wide range of areas of special interest to international investors, such as income and corporate tax, petroleum profit tax, withholding tax, value-added tax and Customs tax, among others. This chapter contains a viewpoint from Angela Lee Loy, Chairman, Aegis Business Solutions.

While Trinidad and Tobago’s health care system has displayed strong results when dealing with existing communicable diseases, such as HIV and Zika, work is still urgently needed to develop a long-term strategy to deal with rising non-communicable diseases in the nation. The switch to a national health care insurance system – with increased focus on portability of services, record-keeping and primary care – combined with an expanded role for cost-efficient private sector clinics and surgeries, would provide a strong foundation on which to build health care policy for the future. Meanwhile in education, following years of high oil revenues, a generous system of grants for students studying a wide range of subjects has developed. However, the economic downturn has focused minds on achieving improved performance with slimmer budgets. Tighter restrictions on funding provided by the Government Assistance for Tuition Expenses programme will help cut the fat on the tertiary education system, and the involvement of the private sector should help funnel students towards programmes that are a better fit for the development of the economy long term. This chapter contains an interview with Brian Copeland, Pro Vice-Chancellor and Principal, The University of the West Indies.

As efforts to restore macroeconomic stability and diversify Trinidad and Tobago’s economy gather pace, the political emphasis on tourism is likely to continue, along with increasing private sector pressure to boost marketing. Tourism contributed 2.9% of GDP in 2016, generating $806.4m. The mixed performance of recent years could continue in the near term. However, the sector is expected to undergo significant change in the medium term, with private stakeholders leading the way. Examples include ride-hailing app Uber launching in Trinidad in January 2017, the presence of homestay network Airbnb and Sandals’ proposed site in Tobago. Long term, a move towards an open skies agreement, coupled with incentives for firms to move into the regional travel niche, presents a vital opportunity to unleash immense potential. This chapter contains an interview with Adam Stewart, Deputy Chairman and CEO, Sandals Resorts International.

In recent years Trinidad and Tobago’s transport sector has faced significant competition and challenges, and with government coffers squeezed by the drop in global oil prices, major infrastructure updates and the proposed creation of a multi-modal public transit system have been put on hold. In the 2016/17 budget the Ministry of Works and Transport received TT$2.09bn ($312m) in funding, far behind national security at TT$7.6bn ($1.13bn) and education at TT$7.2bn ($1.07bn). However, if government efforts to diversify industry, attract tourists and alleviate road congestion are to be successful, improvements to the country’s maritime, aviation and public transport systems should gain renewed focus. This chapter contains an interview with Rohan Sinanan, Minister of Works and Transport.