Sep 2018 Financial News

IMF Sees Trinidad Emerging From Deep Recession This Year

Sep 26, 2018

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; govt 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”
  • Govt has significant financial buffers, including sovereign wealth fund

Source:
Bloomberg
Tuesday 25 September, 2018