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IMF said Trinidad and Tobago’s economy is confronting a major shock.

An International Monetary Fund (IMF) mission has released a statement following its visit to Trinidad and Tobago from March 3 to 15, 2016, to conduct the annual Article 4 consultation.

The IMF said Trinidad and Tobago’s economy is confronting a major shock with the sharp fall in energy prices that accelerated through early 2016. Based on available information on job losses and continued supply-side constraints in the energy sector, the mission projects GDP to fall one per cent this year. In addition, declines in energy-based revenues will constrain the Government’s ability to act as an engine of growth.