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2 REVIEW OF THE ECONOMY 2022 Review of the Economy 2022 2 Contents List of Figures 6 List of Tables 7 List of Appendices 8 Abbreviations 10 EXECUTIVE SUMMARY 15 THE INTERNATIONAL ECONOMY 21 Global Overview 21 Advanced Economies and the Euro Zone 24 Emerging and Developing Asia 26 Latin America and the Caribbean 27 ECON... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
LNG) 66 Liquefied Natural Gas (LNG) 66 Natural Gas Liquids (NGLs) 70 MANUFACTURE OF PETROCHEMICALS 71 AGRICULTURE 76 Overview 76 Domestic Agriculture 77 Export Agriculture 85 MANUFACTURING 85 CONSTRUCTION 89 TOURISM 90 INFLATION 94 PRODUCTIVITY 97 POPULATION 98 LABOUR FORCE AND EMPLOYMENT 99 Unemployment 99 CENTRAL GOV... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
TRADE 168 CARICOM TRADE 169 5 TENACITY AND STABILITY IN THE FACE OF GLOBAL CHALLENGES Review of the Economy 2022 5 TRADE POLICY DEVELOPMENTS 170 Combating Illicit Trade in Goods 170 Business Reform 171 TRADE AGREEMENTS 171 Partial Scope Agreements 171 CARICOM Trade Agreements 173 CARIFORUM-European Union Economic Partn... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
GDP Growth for Major Economic Regions 2018-2022 ............................................................................ 22 Figure 2: Consumer Price Index (CPI) for Major Economic Regions 2018-2022 ............................................................. 23 Figure 3: Growth Rates of Selected CARICOM Countries ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
14: Number of Persons Unemployed by Age Group .......................................................................................... 102 Figure 15: Central Government Fiscal Operations ........................................................................................................ 108 Figure 16: Central Gov... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
of the Economy 2022 7 Figure 27: Exchange Rates - Selling Rate (TT$ per US$) ............................................................................................... 148 Figure 28: Repo Rate and Prime Lending Rate ...................................................................................................... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
by Standard and Poor’s Ratings Services: 2009 - 2022 135 Table 11: Trinidad and Tobago Credit Rating History by Caribbean Information and Credit Rating Services Limited: 2013 – 2021 136 Table 12: Commercial Banks and Non-Bank Financial Institutions Foreign Currency Sales and Purchases (US$ Million) 147 Table 13: Total ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Gross Domestic Product of Trinidad and Tobago at Constant (2012) Market Prices /TT$ Millions/ 175 Appendix 2 Gross Domestic Product of Trinidad and Tobago at Constant (2012) Market Prices /Percentage Change/ 176 Appendix 3 Gross Domestic Product of Trinidad and Tobago at Constant (2012) Market Prices /Percentage Contri... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Banks’ Liquid Assets /TT$ Millions/ 192 Appendix 19 Commercial Banks’ Domestic Credit /TT$ Millions/ 193 Appendix 20 Commercial Banks’ Interest Rates 194 Appendix 21 Secondary Market Activities 195 Appendix 22 Central Government Fiscal Operations /TT$ Millions/ 196 Appendix 23 Central Government Revenue /TT$ Millions/ ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
OF GLOBAL CHALLENGES Review of the Economy 2022 9 Appendix 26 General Government Debt and Debt Service /TT$ Millions/ 200 Appendix 27 Cash Statement of Operations for the Rest of the Non-Financial Public Sector /TT$ Millions/ 201 Appendix 28 Trinidad and Tobago - Net Foreign Reserves /US$ Millions/ 202 Appendix 29 Bala... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Caribbean Financial Action Task CGCL Caribbean Gas Chemical Limited CIS Collective Investment Scheme CLI Cross Listed Index CLICO Colonial Life Insurance Company Limited CNY Chinese Yuan Renminbi CPI (Stock Exchange) Composite Price Index CPI Consumer Price Index CreativeTT Trinidad and Tobago Creative Industries Compa... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
1 1 TENACITY AND STABILITY IN THE FACE OF GLOBAL CHALLENGES Review of the Economy 2022 11 E&P Exploration and Production EBI Export Booster Initiative EC Eastern Caribbean ECCU Eastern Caribbean Currency Union ECMA East Coast Marine Area EFD Extended Field Development EFF Extended Fund Facility EIU Economist Intelligen... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Authorities LJWB LJ Williams Limited LNDW Large Natural Disaster Window LNG Liquefied Natural Gas LO/FO Lease Out/Farmout LRC Legislative Review Committee MALF Ministry of Agriculture, Land and Fisheries MEEI Ministry of Energy and Energy Industries MER Mutual Evaluation Report MFN Most Favored Nation MHTL Methanol Hol... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Management Limited PEACE Public Expenditures for Administrative Capacity Endurance in Ukraine Perenco Perenco Trinidad and Tobago Petrotrin Petroleum Company of Trinidad and Tobago Limited PLIPDECO Point Lisas Industrial Port Development Corporation Limited PLNL Point Lisas Nitrogen Limited PPGPL Phoenix Park Gas Proce... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Areas Touchstone Touchstone Exploration Trinidad Limited TRHA Tobago Regional Health Authority TRINGEN Trinidad Nitrogen Company Limited Trinity Trinity Exploration and Production Limited TROC Trinidad Onshore Compression TRR Technically Recoverable Resources TSTT Telecommunications Service of Trinidad and Tobago TTD T... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Tobago Stock Exchange TTSEC Trinidad and Tobago Securities and Exchange Commission UAN Urea Ammonium Nitrate UCL Unilever Caribbean Limited UDeCOTT Urban Development Corporation of Trinidad and Tobago Limited UK United Kingdom UN United Nations USA United States of America USD United States Dollars UTC Trinidad and Tob... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Following a sharp rebound in global growth of 6.1 percent in 2021, growth is estimated by the International Monetary Fund (IMF) to slow to 3.2 percent in 2022, consequent to a more uncertain outlook which the IMF has characterized as overly tilted to the downside.
According to the IMF, Emerging and Developing Europe w... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Growth in Advanced Economies will decelerate to 2.5 percent in 2022 from 5.2 percent in 2021 due to lower growth in the United Kingdom, Euro Area and the United States.
Latin America and the Caribbean is forecast to record lower growth of 3.0 percent (from 6.9 percent in 2021), due to challenges stemming from tighteni... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Growth in Emerging and Developing Asia is estimated at 4.6 percent.
Domestically, the Ministry of Finance estimates that real economic activity in Trinidad and Tobago will grow by 2.0 percent in 2022, following a contraction of 1.0 percent in 2021.
According to the latest available quarterly GDP data from the Central... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The flat outturn was supported by growth of 2.2 percent in the Non-Energy Sector, offset by a decline of 5.1 percent in the Energy Sector.
Preliminary indications for the second quarter of calendar 2022 however point to moderately positive growth, bolstered by strong performance in the Non-Energy Sector.
This was how... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Nevertheless, based on the continued recovery of the Energy-Sector and better prospects for Energy Sector activity for the remainder of the year; the Ministry of Finance is anticipating overall positive growth for 2022.
In 2022, oil and gas prices have spiked, with natural gas prices reaching highs last seen in 2008.
... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Moreover, average crude oil prices rose by more that 55 percent during the year.
Increased demand for gas for use in cooling systems, amid increasingly scorching temperatures in some countries, coupled with relatively low inventory levels, has placed upward pressure on natural gas prices.
Gas prices have also been in... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The surge in crude oil prices was primarily attributed to a rise in demand 1 6 REVIEW OF THE ECONOMY 2022 Review of the Economy 2022 16 as economies emerged from pandemic lockdowns, as well as fall out from Russia’s invasion of Ukraine.
Persistent demand for fossil fuels, given ongoing challenges with the global energ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The Central Statistical Office has estimated Nominal GDP at Purchaser Prices at $165,315.0 million in calendar 2021; a positive development when compared to the Ministry of Finance expectations as at the time of the Budget 2022.
The Ministry therefore now forecasts Nominal GDP to rise to $190,770.8 million in calendar... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The period average Headline inflation rate, as measured by the year-on-year rate of change in the All Items Retail Price Index (RPI) for the period, rose from 3.8 percent in January 2022, to 4.7 percent in the seven-month period to July 2022.
This was due to stronger pricing pressures within both the food and core com... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The productivity of all workers in all industries in Trinidad and Tobago further expanded by 33.7 percent during the first quarter of fiscal 2022, from a gain of 22.1 percent during the comparative period one year earlier.
This was underpinned by improvements in productivity in five (5) industries, namely, Assembly Ty... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Trinidad and Tobago’s mid-year estimates of population contracted by 0.1 percent from 1,367,558 persons in 2021 to 1,365,805 persons in 2022.
The provisional estimate is consequent to the incidence of COVID-19 related deaths during the twelve-month period July 2021 to June 2022, coupled with normally occurring deaths ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
In contrast, the country's provisional birth rate per thousand persons is estimated to decrease marginally from 10.4 to 10.3.
Following a surge in quarterly unemployment rates in the first half of fiscal 2021, the rate of joblessness eased over the subsequent four quarters (April 2021 to March 2022). | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
This can be attributed to the gradual removal of restrictions previously implemented to reduce the spread of the COVID-19 virus, the reopening of the country’s borders and ultimately the full resumption of most domestic economic activities.
The rate of unemployment stood at 5.1 percent during the first quarter of cale... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The 2022 budgeted revenue of $43,333.1 million (27.7 percent of GDP) was based on an oil price of US$65.00 per barrel and a natural gas price of US$3.75 per million of British thermal units (mmBtu).
EXECUTIVE SUMMARY 1 7 TENACITY AND STABILITY IN THE FACE OF GLOBAL CHALLENGES Review of the Economy 2022 17 Expenditure ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Energy prices however continued to rally at elevated levels during fiscal 2022 and as a result, revenues were recalibrated at the time of the Mid-Year Budget at an estimated oil price of US$95.00 per barrel and a natural gas price of US$5.00 per mmBtu for the remainder of fiscal 2022 (June to September, 2022).
Total R... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Central Government Operations was therefore expected to yield a deficit of $7,730.6 million, or 4.2 percent of GDP.
Since the Mid-Year Review, with more recent data coming to hand, Total Revenue and Grants is now expected to amount to $51,641.1 million, or 28.0 percent of GDP for fiscal 2022 based on Revised Estimates... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Total Expenditure is also now anticipated to be $54,074.1 million, or 29.3 percent of GDP and Central Government operations are now expected to realize an Overall Deficit of $2,433.0 million, or 1.3 percent of GDP.
Total General Government Debt moved from $137,377.5 million in fiscal 2021 to $139,421.6 million in fisc... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Total General Government Debt is anticipated to decrease by 0.5 percent from $141,100.6 million in calendar 2021 to $140,398.6 million at the end of calendar 2022.
It is anticipated that the Adjusted General Government Debt, which comprises Central Government Domestic Debt, Central Government External Debt and Non-Sel... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Adjusted General Government Debt as a percentage of GDP is estimated to decrease to 70.4 percent at the end of fiscal 2022 from 79.5 percent at the end of fiscal 2021.
Adjusted General Government Debt is expected to decrease by $74.0 million or 0.1 percent from $130,796.3 million in calendar 2021 to $130,722.3 by the ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Adjusted General Government Debt as a percentage of GDP is anticipated to decrease to 68.5 percent by the end of calendar 2022 from 79.1 percent at the end of calendar 2021.
Central Government Domestic Debt is projected to rise by 2.6 percent from $64,468.3 million in fiscal 2021 to $66,165.1 million in fiscal 2022.
... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Central Government Domestic Debt is anticipated to decrease by $1,313.3 million or 1.9 percent from $67,478.1 in calendar 2021 to $66,165.1 million at the end of calendar 2022.
Central Government External Debt is estimated to decrease by 0.9 percent from $32,349.8 million in calendar 2021 to $32,070.9 million by the e... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
EXECUTIVE SUMMARY 1 8 REVIEW OF THE ECONOMY 2022 Review of the Economy 2022 18 Total Central Government Debt Service is expected to decrease by 4.9 percent or $493.9 million, from $10,116.2 million in fiscal 2021 to $9,622.3 million in fiscal 2022; $5,740.7 million being principal repayments and $3,881.6 million, inter... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Over the period October 2021 to June 2022, the fiscal operations of the Rest of the Non-Financial Public Sector strengthened significantly, resulting in an Operating Surplus of $1,434.6 million, in comparison to the operating deficit of $2,479.2 million recorded for the same period of fiscal 2021.
The 2022 performance... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Current Transfers to the Rest of the Non-Financial Public Sector from Central Government increased by 78.6 percent to $3,065.4 million as at June 2022, compared to $1,716.5 million reported as at June 2021.
The higher Current Transfers to State Enterprises and Public Utilities were mainly for interest payments on loan... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
On the other hand, Capital Transfers from Central Government contracted by $50.8 million over the first three quarters of fiscal 2022 to $2,132.9 million, primarily on account of reduced transfers for capital spending to Public Utilities; namely the Water and Sewerage Authority (WASA) and Airports Authority of Trinidad... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
After covering Other Operational Costs and Capital Expenditure which rose by 64.0 percent, the Overall Balance of the Rest of the Non-Financial Public Sector nevertheless improved substantially from a surplus of $881.2 million during October 2020 to June 2021, to a surplus of $1,663.8 million in the corresponding perio... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
CariCRIS has not yet issued its 2022 rating for Trinidad and Tobago.
Therefore, the 2021 investment-grade rating of CariAA holds.
In July 2022, S&P revised Trinidad and Tobago’s outlook to stable from negative.
This was the first positive action on Trinidad and Tobago’s rating taken by S&P over the last fifteen (15)... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Sales of foreign exchange by authorised dealers to the public amounted to US$5,661.1 million, 35.9 percent higher than the amount sold (US$4,165.9 million) over the period October 2020 to August 2021.
Purchases by authorised dealers of foreign exchange from the public (except the Central Bank) amounted to US$4,716.2 m... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Purchases from the Central Bank amounted to US$1,150.0 million over the eleven-month period, 1.2 percent lower than the amount sold (US$1,164.3 million) over the comparative period one year prior.
EXECUTIVE SUMMARY 1 9 TENACITY AND STABILITY IN THE FACE OF GLOBAL CHALLENGES Review of the Economy 2022 19 The weighted a... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Likewise, the TT dollar appreciated by 3.2 percent against the Canadian dollar, by 13.0 percent against the UK pound, and by 12.9 percent against the Euro over the period October 2021 to August 2022.
As the economy recovered from the effects of the pandemic, monetary aggregates decreased before rebounding towards the ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Though the amount of cash in circulation remained strong, Narrow Money (M1-A) was adversely impacted by the decline in demand deposits which occurred as the economy reopened and businesses and consumers drew down deposits.
Likewise, Broad Money (M2) declined toward the end of 2021 and into early 2022, but rebounded in... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Trinidad and Tobago’s stock market registered subdued performances during the nine-month period ending June 2022.
The Composite Price Index (CPI) marginally declined by 1.5 percent to 1,381.6 in June 2022 from 1,402.6 one year earlier (Appendix 21).
The market weakening was spurred by a year-on-year decrease of 18.9 ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
During the period October 2021 to June 2022, 4 private placements valued at $3,437.8 million were issued on the primary debt market.
This compares to 21 placements valued at $13,181.0 million, during the same period one year prior.
Trading activity on the secondary government bond market was subdued in the first nine... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
This represents a significant reduction from the 23 trades valued at $103.3 million during the corresponding period of fiscal 2021.
Contrastingly, the corporate bond market recorded 248 trades valued at $107.5 million in the same review period; up from the 117 trades at $39.5 million in the previous financial year.
O... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Aggregate funds under management decreased by 1.6 percent to $51,996.4 million compared to a 6.1 percent increase in the same period one year prior.
The restrained performance was attributable to declines in Fixed Income funds of 5.0 percent to $28,537.2 million, ‘Other funds’ of 1.9 percent to $455.8 million, and Equ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
EXECUTIVE SUMMARY 2 0 REVIEW OF THE ECONOMY 2022 Review of the Economy 2022 20 For calendar year 2021, Trinidad and Tobago’s Balance of Payments registered a deficit of US$74.2 million, which was significantly smaller than the pre-COVID-19 deficit of US$646.1 million logged in 2019, but a reversal nonetheless from the ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Contributing to the overall deficit, however, was a net outflow of US$1,630.9 million in the Financial Account.
As at August 2022, Trinidad and Tobago’s Gross Official Reserves stood at US$6,807.0 million or 8.5 months of prospective import cover; down from US$6,879.6 million, but up from 8.4 months of prospective imp... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The reduction largely stemmed from outflows, mainly Central Bank interventions in the domestic foreign exchange market, which outpaced the level of foreign exchange inflows over the period.
As at August 12, 2022 the Net Asset Value (NAV) of the Heritage and Stabilisation Fund (HSF) stood at US$5,029.6million, a reduct... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The NAV of the HSF has been fluctuating during the year due to elevated market volatility and an increase in investor uncertainty.
The Fund was however boosted by an estimated $1.1 billion injection on September 23, 2022. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
EXECUTIVE SUMMARY 2 1 TENACITY AND STABILITY IN THE FACE OF GLOBAL CHALLENGES Review of the Economy 2022 21 THE INTERNATIONAL ECONOMY1 Global Overview Advanced Economies and the Euro Zone Emerging and Developing Asia Latin America and the Caribbean Global Overview The tentative post-pandemic recovery was derail... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Global output faltered significantly, as the world’s three largest economies, the United States, China, and the Euro Zone stalled, with dire consequences for the global outlook.
Beleaguered by geopolitical tensions, embattled trade routes, food and energy insecurities and volatile financial markets, the global economi... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Consequently, as at July 2022, the International Monetary Fund (IMF) estimated global growth to be at 3.2 percent in 2022, down from 6.1 percent in 2021 (Figure 1).
This was a further downward revision from its October 2021 and April 2022 projections.
In 2023, global growth is forecast to be lower (2.9 percent) as ri... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Similarly, the World Bank (WB) has estimated decelerated growth from 5.7 percent in 2021 to 2.9 percent in 2022 followed by an average of 3.0 percent in 2023, amid lingering supply and demand imbalances, COVID-19 resurgences and waning policy support.
1 IMF World Economic Outlook July 2022; Fiscal Monitor April 2022; ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
2 IMF says global economy faces ‘confluence of calamities’ in biggest test since World War I, May 23, 2022.
2 2 REVIEW OF THE ECONOMY 2022 Review of the Economy 2022 22 Figure 1: Real GDP Growth for Major Economic Regions 2018-2022 Source: The IMF’s World Economic Outlook, July 2022 Growth in major Advanced Economies ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The IMF estimates that growth in the Euro Zone is also likely to be constrained in 2022 due to weaker economic activity in France, Germany, and Spain, as a result of the spill-over effects from the war in Ukraine.
The IMF also assumes tighter financial conditions, with the European Central Bank discontinuing net asset... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
In Emerging and Developing Asia, the estimated sharp slowdown in China’s economy will negatively impact the region, while growth for 2022 in Latin America and the Caribbean is estimated to be stronger than previously projected as a result of a more robust recovery in large economies such as Brazil, Mexico, Colombia and... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
The conflict in Ukraine has also contributed to product-line closures, transport delays and spiralling input costs.
These issues have, in turn, contributed to a challenging mix of rising prices and decelerating economic growth, a phenomenon resonant of the 1970s era of stagflation. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
In Europe, after several years of relative price stability, extreme weather events ravaged harvests, while the Russian Federation’s invasion of Ukraine, idled its once-hectic Black Sea ports and laid waste its once-fertile fields. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
With both countries accounting for a quarter of global exports of wheat, a fifth of barley and maize and more than half of sunflower oil, the Russia/Ukraine conflict has significantly contributed to burgeoning global -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 2018 2019 2020 2021 2022 Percentage (%) Advanced Economies... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
In May 2022, the United Nations (UN) warned that the coming months threaten ‘the spectre of global food shortages’3 that could last for years.
Beyond food output and sluggish supply, the conflict has also had negative spill-over effects on fertilisers, as both countries are also large manufacturers of potash-based cro... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
This confluence of factors is expected to keep food prices well-elevated in the next year.
Broadening price pressures in 2022 have led to end of year inflation estimates of 5.9 percent in Advanced Economies from 5.2 percent in 2021, 4.0 percent in Emerging and Developing Asia from 3.0 percent in 2021 and 12.1 percent ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Figure 2: Consumer Price Index (CPI) for Major Economic Regions 2018-2022 Source: The IMF’s World Economic Outlook, July 2022 Amid the threat of deteriorating global economic conditions, the IMF, as at the end of July 2022, has allocated a total of Special Drawing Rights (SDR) 660.7 billion (equivalent to about US$943.... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
This included the largest-ever allocation of about SDR 456.0 billion approved in August 2021 to help meet urgent financing needs and alleviate the economic fallout of the catastrophic humanitarian crises worldwide.
Subsequently, in April 2022, the IMF approved the establishment of an Administered Account for Ukraine i... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
0 2 4 6 8 10 12 14 2018 2019 2020 2021 2022 Percent (%) World Advanced Economies Emerging and Developing Asia Latin America and the Caribbean THE INTERNATIONAL ECONOMY 2 4 REVIEW OF THE ECONOMY 2022 Review of the Economy 2022 24 response to several member countries’ requests to provide donors with a secure vehicle to e... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Concurrently, in March 2022, the WB approved a supplemental budget support package of $489 million for Ukraine, called Financing of Recovery from Economic Emergency in Ukraine (FREE Ukraine).
This package comprised a supplemental loan for $350 million and guarantees in the amount of $139 million.
The WB also mobilize... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Subsequently, in June 2022, the WB approved $1.49 billion of additional financing for Ukraine under the Public Expenditures for Administrative Capacity Endurance in Ukraine (PEACE) Project, part of a total support package of nearly $13.0 billion in emergency financing.
As at the end of July 2022, the World Bank had di... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Advanced Economies and the Euro Zone In 2022 and 2023 Advanced Economies and the Euro Zone, notably European economies, are facing three simultaneous headwinds: escalating inflation; slowing external demand; and spill-over effects from the crisis in Ukraine.
Of critical concern is the curtailment of supplies of Russia... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
As of early July 2022, Russian gas deliveries to Poland, Bulgaria, Finland, Denmark, and the Netherlands have already been disrupted while supplies to Germany, Italy, France and others have been reduced.
The United States’ economy has recovered rapidly from the pandemic due largely to a sizable policy stimulus; the Am... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Unemployment has returned to end-2019 levels and the fiscal deficit is now declining rapidly; public debt however still surpasses its pre-pandemic levels and is anticipated to continue to rise as a share of GDP over the medium-term. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
On September 21, 2022, in a bid to subdue inflation and withdraw from monetary accommodation, the Federal Open Market Committee (FOMC) decided to raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Against this policy rate backdrop, the U.S. economy is expected to decelerate in 2022/2023; narrowly escaping recession, with growth slowing to 2.3 percent in 2022 and 1.0 percent in 2023, from 5.7 percent in 2021.
The chief downside risk is sudden monetary tightening which may stem from an intensification of the Ukra... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
THE INTERNATIONAL ECONOMY 2 5 TENACITY AND STABILITY IN THE FACE OF GLOBAL CHALLENGES Review of the Economy 2022 25 Likewise, spurred by robust policy support, well-executed vaccination campaigns and rising consumption, the Japanese economy is projected to maintain growth of 1.7 percent, similar to the previous year an... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
While Japan has weathered the pandemic well in comparison to other advanced economies, its habitual COVID-19 containment measures have contributed to a deceleration of the much-anticipated recovery.
In addition, given Japan’s close trade ties with China, a sharper-than-expected slowdown in China poses downside risk to... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
In Europe’s largest economy, Germany, a nascent recovery in late 2021 and early 2022 was subsequently eclipsed by Russia’s invasion of Ukraine, unleashing new headwinds just when automobile production and services activity were on the rebound. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
A confluence of curtailment of gas flows from Russia, higher energy prices, lack of key intermediate inputs, weaker external demand and confidence, along with tighter financial conditions will all contribute to projected weaker growth of 1.2 percent in 2022 and 0.8 percent in 2023; down from 2.9 percent in 2021. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Further, surging energy costs are reducing the current account surplus and fuelling price pressures, with end of period inflation registering 5.7 percent and 8.0 percent in 2021 and 2022, respectively.
Uncertainty remains high, with a clear and present danger of a persistent shut-off of the Russian gas exports to Euro... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Whilst the IMF had earlier expected a slowing of growth in the UK economy to 3.2 percent in 2022 from 7.4 percent in 2021, the Bank of England in its August 2022 Monetary Policy Report, has projected that the UK economy will enter into a recession in the final quarter of 2022.
In June 2022, the UK’s CPI rose by 9.4 pe... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Notwithstanding, unemployment was expected to remain contained at 4.2 percent, down slightly from its 2021 level of 4.5 percent, reflecting continued tightness in the labour market.
In its July 2022 update, the IMF also projected that the UK’s fiscal deficit would nearly halve to 4.3 percent in 2022, from 8.0 percent ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
In 2021, real GDP growth reached 7.6 percent, exceeding pre-COVID levels and making Singapore one of the top performing advanced economies.
The recovery has however, been uneven, as exemplified by activity in tourism-related, consumer-facing and construction sectors remaining below pre-pandemic levels.
In 2022, growt... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
THE INTERNATIONAL ECONOMY 2 6 REVIEW OF THE ECONOMY 2022 Review of the Economy 2022 26 vaccinations and the release of pent-up demand as the economy reopens.
Headline inflation is, however, projected to rise to 4.8 percent in 2022, before moderating to 2.3 percent.
Emerging and Developing Asia5 For Emerging and Devel... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Also weighing heavily on growth will be the ramifications of the war in Ukraine specifically, increased trade policy uncertainty and stressed supply chains in a region once hailed for its spectacular growth.
Together with weakening growth, inflationary pressures are rising above central bank targets, driven by a globa... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Consequently, real GDP is expected to slow substantially from 8.1 percent in 2021 to 3.3 percent in 2022, the slowest in over four decades.
The slowdown in China will have negative repercussions for the global economy, as Shanghai, for example, one of the affected cities, is a major global supply chain hub.
Further, ... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Despite China’s recent slowdown however, signs of a rebound in economic activity are emerging, led by private consumption.
As such, growth is forecast at 4.6 percent in 2023.
In India, growth slowed in the first half of 2022 as activity was interrupted by a surge in COVID-19 cases, resumption of mobility restrictions... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Although the unemployment rate has been reduced to pre-COVID levels, the labour force participation rate also remains below pre-pandemic levels and many workers have opted for lower-paying and less-secure jobs.
India’s growth rate in fiscal year 2021 was 8.7 percent, with the release of pent-up demand.
However, growt... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Growth will however be buttressed by fixed investments by both the private sector and the government, in response to incentives and reforms to improve the business climate. | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
In Malaysia, following stringent nationwide lockdowns in 2021 due to the ominous Delta variant, an export– oriented manufacturing sector which remained active during lockdowns will enable growth of approximately 5.7 5 Comprises 29 countries: Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, Fiji, India, Indonesia... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
THE INTERNATIONAL ECONOMY 2 7 TENACITY AND STABILITY IN THE FACE OF GLOBAL CHALLENGES Review of the Economy 2022 27 percent in 2022.
However, the depths of the wounds inflicted by the pandemic are likely to have long-term scarring and the recovery remains uneven, mired in significant downside risks.
Tourism and agric... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
In addition, a worse-than-expected slowdown in China, Malaysia’s largest trading partner, as well as long-standing political uncertainty and the war in Ukraine could portend further adversity in Malaysia.
Latin America and the Caribbean6 The economies of Latin America and the Caribbean have staged a robust post-pandem... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
During the first half of the year, the reopening of important sectors such as travel and hospitality and the relaxing of pent-up demand augured well for the economies, allowing for a solid expansion and for employment to return to pre-pandemic levels.
However, the region is expected to face formidable challenges in th... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
As a result, 3.0 percent growth is anticipated in 2022; down from 6.9 percent in 2021.
Among the largest economies, Chile and Colombia have registered a robust rebound; buttressed by strong growth in services.
This in part, is due to the economies’ fiscal stimulus in late 2021.
Mexico’s economic output is yet to reg... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
However, growth is projected at 5.8 percent in 2022, down from a high of 10.6 percent in 2021, led by a rise in household consumption, supported by pent-up domestic demand, robust remittance inflows and resumption of consumer credit.
While GDP has already returned to pre-pandemic levels, employment has paled in compar... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Strong demand, coupled with supply limitations and increasing commodity prices, have led to mounting inflation which is projected to increase to 6.9 percent (end of period) in 2022, from 5.6 percent in 2021.
Further, external risks remain imminent and an intensification of the ongoing conflict in Ukraine may exacerbat... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
Domestic risks are also tilted to the downside, including 6 Comprises 32 countries: Antigua and Barbuda, Argentina, The Bahamas, Barbados, Belize, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Pa... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
THE INTERNATIONAL ECONOMY 2 8 REVIEW OF THE ECONOMY 2022 Review of the Economy 2022 28 uncertainty around the progression of the pandemic and slower implementation of the infrastructure agenda and peace accords.
In June 2022, Gustavo Petro, a former guerrilla, was elected Colombia’s first leftist president.
Likewise,... | https://transfered-docs-lawep.s3.amazonaws.com/thematic1e/pw_1/1725652123696.pdf | https://www.finance.gov.tt/wp-content/uploads/2022/09/Review-of-the-Economy-2022.pdf | Trinidad and Tobago |
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