Trinidad & Tobago: Country Profile (as of May 2022)

SOCIOECONOMIC ENVIRONMENT

Trinidad and Tobago’s economy has slightly improved with a 14.35 per cent increase in GDP per capita when comparing 2020 and 2022 figures. During 2022, real GDP growth is expected at 5.7 per cent reinforced by continued policy support and the anticipated recovery in oil and gas. Containment and health measures put in place by the Government to control the spread of COVID-19 prompted the longest border closure of any Latin American country with severe implications in job access. According to a WFP led survey, job loss and income reduction has been reported by 50 percent of the survey´s respondents, while 80 percent of those are from the lowest income groups.

KEY ISSUES

NATURAL RESOURCE DEPENDENCY

Trinidad and Tobago’s economy is heavily dependent on the energy sector and is therefore vulnerable to fluctuations in global oil and gas prices. Exports from these commodities make up 85 per cent of total export earnings, 40 per cent of Government revenue and more than 35 per cent of GDP. The poor performance of oil and natural gas in recent years contributed to a protracted recession (real GDP declined by 6.1 per cent in 2016) from which the country was only just beginning to recover as the COVID-19 crisis erupted.

VENEZUELAN MIGRANTS

Trinidad and Tobago has received more than 28,500 Venezuelan refugees and migrants, partly because of geographical proximity. Due to the deteriorated socio-political landscape in Venezuela, projections suggest that the number of Venezuelan migrants and refugees on the island will reach 34,000 in 2022. It is becoming more common that migrants are now resorting to riskier travel routes in search for better living conditions, however, with the deterioration of the economic conditions in Trinidad and Tobago, close to 2,000 Venezuelans have returned to their home country due the rising cost of living.

CRIME AND VIOLENCE

Since the year 2000, crime and violence have increased substantially in Trinidad and Tobago, a trend largely attributed to street gangs and organized crime activity. In a recent UN Citizen Survey, 47.2 per cent of respondents identified crime as the country’s most serious problem, however, the trend is not always reflected in official statistics. Data on the number of robberies in the country is 4.6 times higher than that of official data while the incidence of domestic violence reported was 6.3 times higher. Domestic-based violence remains a serious concern, as reported cases of sexual offenses and domestic violence have consistently risen.