Economic Impact of COVID-19 on Trinidad and Tobago and its Policy Response

ambarish — Tue, 02 Jun 2020 16:38:30 +0000

Trinidad and Tobago economy is expected to be adversely affected by COVID-19 pandemic in 2020. In 2020, the real gross domestic product (GDP) of Trinidad and Tobago is expected to shrink, unemployment level to increase and current account balance to show negative growth due to COVID-19.

In this blog post we will be focusing on economic impact of COVID-19 pandemic on Trinidad and Tobago. We will also be taking a look at the social, fiscal, monetary and employment related policy measures taken by Trinidad and Tobago government under following sections –

Impact of COVID-19 on Trinidad and Tobago Economy in 2020
Coronavirus (COVID-19) Related Employment Policy Measures by Trinidad and Tobago
Coronavirus (COVID-19) Related Social Policy Measures by Trinidad and Tobago
Coronavirus (COVID-19) Related Economic Policy Measures by Trinidad and Tobago

We have covered various macroeconomic factors and PESTLE (political, economic, social, technological, legal, and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and risk analysis for Trinidad and Tobago in separate 91��Ƭ�� reports.

1. Impact of COVID-19 on Trinidad and Tobago Economy in 2020

Trinidad and Tobago’s real gross domestic product (GDP) was TTD 155.83 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 4.54% to be around TTD 148.75 billion in 2020.

Trinidad and Tobago’s unemployment rate was 4.96% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 1.59% and reach 5.04% in 2020. Unemployment is further estimated to increase in 2021 by 1.56% and reach 5.12% of total labor force in Trinidad and Tobago.

Trinidad and Tobago’s current...

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