At the Forefront
Oil wealth is often considered a curse, but Trinidad & Tobago – behind
the foresight of its leaders – has built the Caribbean's most dynamic
economy on a large and well-managed oil and gas industry.
Unlike Venezuela, which has suffered economic and political
crises throughout its recent history, Trinidad has posted 12
consecutive years of solid growth. Last year alone, the economy
grew 6.2%, its best performance since 2000. Average incomes of
more than $7,000 a year are among the highest in the region,
losing only to Barbados. Oil and gas prices are likely to
remain high this year and next, so economists are forecasting
5% to 6% growth through 2006.
Trinidad's leaders had the foresight to focus investment in
the country's natural gas industry as oil reserves began
dwindling. The country has become the main foreign supplier of
liquefied natural gas (LNG) to the US east coast. Last year,
Train III, a new LNG plant, came...
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