IMF Staff Country Reports

Trinidad and Tobago: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Trinidad and Tobago

June 5, 2024

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International Monetary Fund. Western Hemisphere Dept. "Trinidad and Tobago: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Trinidad and Tobago", IMF Staff Country Reports 2024, 150 (2024), accessed December 25, 2024, https://doi.org/10.5089/9798400277153.002

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Summary

The 2024 Article IV Consultation highlights that Trinidad and Tobago is undergoing a gradual and sustained economic recovery. Real Gross Domestic Product (GDP) is estimated to have further expanded by 2.1 percent in 2023, reflecting a strong performance of the nonenergy sector. Economic growth is projected to gain momentum in 2024, supported by the nonenergy and energy sectors, and inflation is projected to remain low. The current account surplus will narrow mainly due to a decline in energy prices and energy exports and is estimated at 5.7 percent of GDP in 2024. International reserve coverage is expected to remain adequate at 7.5 months of prospective total imports. The report recommends sustaining structural reform momentum to secure a more diversified, green, resilient, and inclusive economy. It is important to foster private sector participation and promote economic diversification. Accelerating the country’s low-carbon transition agenda could help address issues raised by border carbon adjustments. Enhancing institutional capacity will improve the quality and timeliness of macroeconomic statistics.

Subject: Economic sectors, Energy sector, Fiscal policy, Fiscal stance, Foreign exchange, International organization, Monetary policy, Public debt

Keywords: Caribbean, Energy sector, Fiscal stance, Global, Government initiative, IMF-World Bank FSAP mission, Stabilization fund, Taxation regime, Trinidad and Tobago authorities

Publication Details

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