T&T On A Path To Sustained Growth

Many of this country's "immense economic challenges" are being navigated successfully, and the country "is on a path considered to be sustained growth." This, according to Prime Minister Dr. Keith Rowley, as part of his New Year’s Day message to the nation. Prime Minister Rowley notes that Trinidad and Tobago recorded its third consecutive year of real GDP growth, with the IMF World Economic Outlook giving T&T a 2.3% estimated growth rate for 2025. But he says what’s significantly encouraging is that economic recovery is being led by the country’s non-energy sector. T&T’s Heritage and Stabilisation Fund stands at over US$6 billion, according to the last budget, and foreign reserves are at US$5.4 billion, giving the country a comfortable buffer of seven to eight months of import cover. This, he says, while the unemployment rate remains contained, much lower than our CARICOM neighbours. Added to this is T&T’s low inflation rate, which, in October 2024, measured at 0.2%. Dr. Rowley says these positive aspects should support our collective hope, given the immense and unprecedented challenges of the past decade, ranging from international oil shocks, gas market fluctuations, the restructuring of key economic components, and the devastating impact of the pandemic.