UN agency predicts economic fall for T&T

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The Economic Commission for Latin America and the Caribbean (ECLAC) has predicted a 2.5 percent economic decline for Trinidad and Tobago this year.

That is one of the most significant economic falls in this part of the world, according to ECLAC.

The United Nations’ body said Venezuela would contract by 8 percent and Brazil by 3.5 percent.

There are similar forecasts for T&T and Ecuador, while Argentina is projected to shrink by 2.1 percent.

Suriname is the only other Caribbean country whose economy is projected to decline.

Apart from lower energy prices, which are affecting Venezuela and T&T, countries of Latin America and the Caribbean are affected by reduced internal and external demand for their products.

They are also impacted by deteriorating terms of trade, such as costlier imports and cheaper exports, according to ECLAC.

The organization is predicting higher urban unemployment in the region, which, it said, could average 8.1 per cent.

The commission recommended that the countries should adopt policies that support investment and increased productivity.

Steps should also be taken to reduce tax evasion, ECLAC urged.

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