T&T Chops GDP Outlook

T&T Chops GDP Outlook

Caribbean

The central bank of Trinidad & Tobago slashed its real 2008 GDP growth forecast to 3.5% from 5.6%. It also lowered expectations for 2009 to 2.0% from 5.0%, mainly because of the drop in oil prices. Since energy revenues made up 64% of total government revenues in 2007, JPMorgan and, separately, an IMF mission that visited the Caribbean nation, say they believe the government should cut spending. JPMorgan says the government is expected to announce this week a review of its $7.8bn 2009 budget, wh

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