Although low oil and gas prices in 2015 had a negative economic effect on the Trinidad and Tobago, the current government is pursuing a series of reforms aimed at both strengthening the important energy sector and diversifying the wider economy.
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.
Coming together: OBG talks to Prime Minister Keith Rowley
Mutually beneficial: OBG talks to Hanna Tetteh, Minister of Foreign Affairs and Regional...
Trade appeal: OBG talks to Paula Gopee-Scoon, Minister of Trade and Industry
Managing diversity: OBG talks to Jorge Familiar, Vice-President for Latin America and the Caribbean...
Enacting key reforms: OBG talks to Gervase Warner, President and Group CEO, Massy Holdings
Energy transfer: Jeffrey Sachs, Director, the Earth Institute at Columbia University, on the global...
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