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Trinidad and Tobago is heavily dependent on importa for our goods. 9 per cent of T&T’s imports come from China and 39 per cent from the US and as such our economy can be significantly impacted by a fall in imports from China as goods will become scarce. This can lead to inflation occurring as their will be such a high demand for goods and little supply, therefore resulting in increased prices.

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The  slowdown in china’s economy  negatively impacted the demand for energy, resulting in a decline in oil prices. This resulted in a price was as Russia and Saudi Arabia indicated that they would be increasing their oil output and discounting their crude prices. This action causes crude oil prices to collapse to the low US$30/barrel range as other economies cannot compete with Russia and Saudi Arabia. This affects T&T as we are an energy based economy. the Government now projects to receive $3.5 billion less in revenues which is expected to widen the budget deficit to over $8.5 billion. The reduction in the Government’s projected revenues results in a decline in the GDP growth rate.

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The agricultural  sector is set to benefit from a $7 million grant given to Trinidad and Tobago by the United Nations Green Climate Fund (GCF). This area has been heavily impacted by climate change. This fund seeks to build capacity to protect, restore and diversify the livelihoods of families that depend on agriculture, strengthening the countries food and nutrition security.

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The government has increased government spending to mitigate the increased unemployment due to Covid-19. the Government will pay a salary relief grant of up to $1,500 to all persons who are temporarily unemployed or displaced because of the COVID-19 pandemic. This increase in government spending can Worsen the economy’s budget deficit as it is coming from savings.

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The Central Bank of Trinidad and Tobago has reduced the repo rate allowing the Commercial Banks to pass this onto the Business community in the form of reduced interest rates. The Banking Sector has in turn provided support to businesses by reducing interest, waiving penalties on overdraft, and deferring mortgage payments. This is to prevent the collapse of these businesses.

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The repo rate was adjusted to 3.5 per cent and lowered the reserve requirement for banking deposits. These measures will have a direct impact on liquidity and lending rates. The immediate impact would be an additional $2.6 billion in the money supply.

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Interest rates on credit cards have been lowered by amounts ranging from 10 per cent to 17 per cent of the existing rates, on a bank by bank basis. First Citizens Bank, has reduced its credit card interest rate from 24 per cent to 20 per cent and Republic Bank will reduce its interest rate from 24 per cent to 21 per cent. These measures seek to lessen the burden on those persons who are unemployed due to Covid-19.

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$157 million has been allocated to regional health authorities (RHAs) to fight any local spread of the covid19 global pandemic. The Eastern RHA will get $6.2 million, the North West RHA gets $16.6 million and the South West RHA gets $4.5 million. These measures to prevent the spread of the virus reduces the risk of the economy crashing as businesses would be able to carry on business as normal sooner.

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Despite covid-19 fears, thousands of individuals, foreign and local paraded the streets for carnival. This event increased the amount of foreign exchange in the economy and the economy benefited from tourism.

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GDP growth will reduce in response to the outbreak of the Corona Virus as travellers are advised to stay at home and boarders have been closed. The demand in related industries has diminished and world travel has dropped significantly. Due to tourism being a major sector in Trinidad and Tobago this is a reality for our economy.

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It is clear that you only focus on this Padlet since the closure of school. this Padlet was suppose to start since the reopening of school at the beginning of the term.