Economy & Business - January 2021

TRINIDAD & TOBAGO: Pressure on central bank to help recovery

According to the Inter-American Development Bank’s (IDB’s) latest Quarterly Bulletin (December 2020), the Trinidad & Tobago economy will have contracted by 5.6% in 2020. This is considerably less than that experienced by extremely tourism-dependent economies in the Caribbean, with The Bahamas, for instance, suffering a 14.8% contraction. On the IDB’s Tourism Dependency Index (TDI), The Bahamas has a score of 59.4 (out of a notional 100 for a totally tourism-dependent economy); Trinidad has a score of 8.1, ranking it at 100 out of 166 countries. Nevertheless, there is no doubt that Trinidad faces a tough 2021, not least because, as the IDB notes in its Quarterly Bulletin, Trinidad’s macroeconomic performance “has not fully recovered from the 2015 global commodity shock”.

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