Trinidad and Tobago: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Trinidad and Tobago
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Summary:
Sharply declining energy prices and shrinking output constitute major fiscal challenges. In a baseline scenario, fiscal deficits exceed 10 percent of GDP through the medium-term, with an unsustainable increase in government debt. Although the authorities have adopted serious fiscal measures since taking office in September 2015, further declines in energy prices have moved the goalposts. A substantial multi-year fiscal adjustment of around 8 ½ percent of GDP will be needed to keep the debt burden manageable. There is scope to raise revenues including via comprehensive VAT reform, and to rationalize spending with a broad expenditure review.
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