IMF Sees Trinidad Emerging From ‘Deep Recession’ This Year
- IMF executive board send statement on Trinidad and Tobago by email. Economy “slowly recovering from a deep recession” with positive growth seen returning this year .Recovery in energy and non-energy sectors seen, underpinned by strong gas production; construction, financial services and trade seen as weak
- GDP contracted 6.1% in 2016 and 2.6% last year. Debt continues to rise, despite fiscal consolidation; Government debt approaching 65% of GDP. Economic outlook expected to improve in medium-term, still heavily dependent on energy sector
- FX shortages affect market confidence; FX imbalance “must be addressed on an urgent and sustained basis” Government has significant financial buffers, including sovereign wealth fund.
Source: Bloomberg