On 28 October 2020, the Caribbean Council was pleased to welcome Shelly-Ann Mohammed Head of ACCA Caribbean, Asha Javeed, Senior Journalist at Trinidad Express, and Nirad Tewarie CEO of AMCHAM Trinidad, to provide insight on Trinidad and Tobago’s future for a webinar titled: “Growth and Opportunity- Where next for Trinidad?”
The August elections resulted in a victory for incumbent Prime Minister Rowley’s Party,People’s National Movement. The outcome ensures policy continuity and the government’s ability to move forward with Vision 2030, the government’s 15-year development framework, the National Development Strategy (NDS). The NDS has 8 areas of focus: bolstering foreign earnings, reducing crime, improving workforce’s productivity, carrying out institutional and constitutional reform, evaluating the impact of shale gas andlower gas production, reducing economic irresponsibility, boosting efficiency in public services and protecting the environment.
Trinidad and Tobago is heavily dependent on the production of energy and was badly affected by the drop of hydrocarbon prices in recent years: the country went through 4 years of recession, with a null GDP growth in 2019. According to the IMF forecasts, due to the COVID-19 pandemic, GDP growth is expected to fall to -4.5% in 2020 and pick up to 2.6% in 2021 subject to the post pandemic global economy. The government will need to put in place a big effort to diversify the economy, as existing oil sites saw production levels decline, while the unfavourable situation in Venezuela has impacted the refining industry.
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