Central Bank maintains 2.5 per cent economic growth for Trinidad

PORT OF SPAIN, Trinidad, CMC – Less than 24 hours after the Washington-base International Monetary Fund (IMF) said Caribbean countries would experience economic growth of just over one per cent this year, the Central Bank of Trinidad and Tobago (CBTT) is maintaining that the oil rich twin island republic will record economic growth of 2.5 per cent in 2013.
The Washington-based financial institution said that in much of the Caribbean, high debt and weak competitiveness will continue to constrain growth and that these economies are projected to grow by about 1.25 per cent in 2013 from 0.5 per cent percent in 2012, as external demand strengthens gradually.
But the Monetary Policy Report for April 2013 issued by the CBTT on Tuesday noted that with economic activity expected to pick up gradually over the course of the year, it is keeping its “2013 growth projection at 2.5 per cent”.