Trinidad and Tobago: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Trinidad and Tobago
IMF Staff Country Reports, March 10, 2022
Source details
- Canonical URL
- Trinidad and Tobago: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Trinidad and Tobago
Other formats
Bibliographic details
- Published: March 10, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400202582.002
Summary and key findings
- Trinidad and Tobago faced unprecedented challenges in 2020–21.
- The combined effects of COVID-19 and energy production and price shocks pushed the economy further into recession.
- A decisive policy response helped contain the virus spread and protect lives and livelihoods.
- The fiscal position worsened due to significant tax revenues shortfalls, pushing public debt up.
- The vaccination pace accelerated recently, but vaccine hesitancy remains high, amid a potential new wave of infections.
Economic context and sectors affected
- Major shocks: COVID-19 pandemic and energy production and price shocks.
- Sectoral focus reflected in subjects and keywords: Energy sector, Economic sectors, External sector statistics.
- Macroeconomic themes: GDP contraction, Fiscal stance, External sector statistics.
Fiscal outcomes and public debt
- Fiscal deterioration driven by significant tax revenues shortfalls.
- Result: public debt increased (public debt pushed up).
- Fiscal policy topics highlighted: Fiscal policy, Fiscal stance, gas taxation regime.
Health developments and risks
- Decisive emergency/health policy response contributed to containing virus spread and protecting lives and livelihoods.
- Vaccination: pace accelerated recently.
- Risk: vaccine hesitancy remains high and there is potential for a new wave of infections.
Policy implications and institutional context
- Authorities: analysis pertains to Trinidad and Tobago authorities and their government plan.
- Institutional/organizational context: International Monetary Fund, Western Hemisphere Dept.
- Policy lenses referenced: COVID-19 response, fiscal policy adjustments, monetary policy, public debt management, and considerations for the energy sector.
Publication and document metadata
- Title: Trinidad and Tobago: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Trinidad and Tobago
- Publication date on landing page: March 10, 2022
- Series: Country Report No. 2022/073
- Issue: 073
- Volume: 2022
- Pages: 84
- DOI: https://doi.org/10.5089/9798400202582.002
- Stock No: 1TTOEA2022001
- ISBN: 9798400202582
- ISSN: 1934-7685
- Subjects listed: COVID-19, Economic and financial statistics, Economic sectors, Energy sector, External sector statistics, Fiscal policy, Fiscal stance, Health, International organization, Monetary policy, Public debt
- Keywords listed: Caribbean, COVID-19, decisive emergency response, Energy sector, External sector statistics, Fiscal stance, gas taxation regime, GDP contraction, Global, government plan, Trinidad and Tobago authorities, Trinidad and Tobago economy
International Monetary Fund. Western Hemisphere Dept. "Trinidad and Tobago: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Trinidad and Tobago", IMF Staff Country Reports 2022, 073 (2022).
Content in this bundle
- 1. COVID-19: Authorities’ Policy Responses