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Economic Survey of Latin America and the Caribbean 2010-2011

International Integration and Macroeconomic Policy Challenges Amid Global Economic Turmoil

image of Economic Survey of Latin America and the Caribbean 2010-2011

This publication is issued annually by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). This sixty-third edition of the Economic Survey looks at the nature of the recovery from the financial global and economic crisis whose fallout spread across the region in the second half of 2008 and in 2009. It also delves into the challenges posed by highly liquid conditions in international financial markets combined with high prices for the region’s key commodities. Finally, it analyzes the situation in the countries of Latin America and the Caribbean during 2010 into the first part of 2011.

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Trinidad and Tobago

Thanks to the upturn in the global economy, real GDP expanded by 2.5% in Trinidad and Tobago in 2010. This was a significant improvement over 2009, when the economy contracted by 3.5%. The energy sector’s performance was much better than in 2009, while the non-energy sector remained flat. Inflation also posed a challenge to the authorities, increasing to 13.4% year-on-year (compared with 1.3% at the end of 2009) as a result of domestic supply-side shocks. Nevertheless, by early 2011, the inflation rate started to trend downward. Prospects for a sustained recovery in economic growth still remain weak and growth of 2% is forecast for 2011.

English

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