Business View Caribbean - April 2015 97
Trinidad and Tobago Ministry
of Finance and the Economy
Minister Larry Howai’s budget statement for 2015
Our economy has performed admirably in the face of
the adverse cumulative effects of the difficult external
environment and the turbulence in financial markets
brought about by the 2008-2009 global financial cri-
sis.
The spill-over impact was inevitable in the context of
our increasing economic and financial integration into
the world economy; but our strong economic funda-
mentals provided a substantial buffer which allowed
this country to emerge very quickly from the negative
effects of that crisis.
We are now encouraged by the strengthening recovery
of the global economy. Economic activity is gaining mo-
mentum and the International Monetary Fund (IMF) in
its July 2014 Outlook is projecting an expansion of 3.4
percent in 2014 and 4.0 percent in 2015. While many
economic and geopolitical risks remain, these growth
projections for the global economy are good news for
emerging and developing countries.
The growth rate in most Caribbean countries has been
improving as several economies which are more tour-
ism-oriented are benefitting from the higher levels of
growth in the United States as well as from the eco-
nomic recovery in the United Kingdom. We look to the
eventual turnaround of the Euro Zone area to add a
GOVERNMENT & PUBLIC SECTORS
