IMF Says TT Has Returned To Growth, Will Revise Economic Outlook

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The International Monetary Fund will update its outlook on TT’s growth prospects in July. This after Finance Minister complained last month that the organization had used inaccurate and unofficial data to come up with its assessment in its World Economic Outlook (WEO).

The Fund had estimated then that TT only grew 0.3 per cent in 2018 and projected zero growth in 2019. Imbert, during the budget presentation in October, said the country’s GDP growth for 2018 was estimated to be 1.9 per cent, a figure he stood by even after the WEO estimates. Responding to a question submitted by Newsday at the Fund’s fortnightly press briefing in Washington, DC, IMF communications director, Gerry Rice, said the fund believed TT’s economy had started showing signs of growth since the second half of 2017, and estimates the economy has returned to positive growth in 2018.

“On the question about our forecasts and projections (that) were published in the April WEO. They were based on information that was available as of early March, including data provided by the authorities and published information from official institutions in TT. And again the team will update those estimates in the context of the July WEO update using the information available that should take us through early June, including actual GDP growth figures for the full year of 2018, which are expected to be released in the coming weeks,” Rice said.

Source Newsday

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