IMF Sees Trinidad Economy Growing in 2018 After Recession

(Bloomberg) -- IMF releases statement by email on Trinidad & Tobago economy.

- Economy expected to return to 1.5% growth over medium term helped by energy projects coming online and recovery in the non-energy sector

- The economy improved in 2nd half of 2017 on a strong recovery in gas production

- GDP contracted 2.6% in 2017, 6.1% in 2016

- Fiscal deficit expected to narrow to avg of 4%/GDP as energy revenues rise

- Fiscal performance improved on spending cuts in 2017

- Total public debt reached 61%/GDP

- Risks include lower energy prices, disruptions in energy output, implementation of the reform of oil and gas tax regime

- IMF urges fiscal adjustments over the medium term to create fiscal space for future commodity shocks and put debt on a downward trajectory