Trinidad and Tobago’s economy is expected to contract by 1% this year, the International Monetary Fund has projected in its latest World Economic Outlook.
This is a drop from the projection of economic growth of 2.1% that the IMF had predicted in July. The revision comes as a COVID-19 outbreak in Q221 delayed the rebound in private consumption.
T&T is expected to experience economic growth of 5.4% next year as private consumption will rebound as the impact of the pandemic declines and drives real GDP. T&T will also continue to benefit from global economic growth, which will power demand for its energy exports and drive production growth.
