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Predicted Worsening of Crisis in Trinidad and Tobago

Port of Spain, Trinidad/Photo: Web
Predicted Worsening of Crisis in Trinidad and Tobago

The Central Bank of Trinidad and Tobago predicted today that the current economic crisis will worsen this year due to the persistence of low oil prices and uncertainties in the global market.

According to that entity, the Gross Domestic Product (GDP) will shrink by two percent, the annual inflation will increase to six and unemployment will rise to 4.1 percent.

The Bank also forecast a negative behavior in other sectors such as construction and manufacturing, as a result of the spending cuts applied by the government to keep the economy afloat.

Trinidad and Tobago is one of the countries hardest hit by the downturn in international prices of raw materials and oil, which contributes 40 percent of GDP.

The decline in these figures and the mismanagement of finances by the previous executive led the country to declare recession in December and forced the current administration to reduce the public budget.

In addition to the crisis, 29 companies made frequent layoffs between September 2015 and last March, which resulting in about 5,000 unemployed.

Source/Prensa Latina
CF/IC

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