A report by the International Monetary Fund (IMF) states that the Trinidad & Tobago economy is making a turnaround following the global economic recession and is expected to show growth in 2012.
The report dated March 25 said Commercial Bank credit, especially in the business sector, expanded since mid-2011 for the first time since early 2010, while retail sales increased by 6.4 per cent, up to the third quarter of 2011.
It added that the recovery comes after slowdown over the last three years and credits the upward trend to buffers that provided room for maneuver.
The report said monetary policy in the country remained "accommodative" even in the face of subdued inflation. However, it noted that activity in the energy sector was weaker than anticipated. The IMF said that contributed to the decline in 2011.
With respect to the country's external accounts, the report said there was a rebound in 2010 that caused the short term economic outlook to improve.
The report dated March 25 said Commercial Bank credit, especially in the business sector, expanded since mid-2011 for the first time since early 2010, while retail sales increased by 6.4 per cent, up to the third quarter of 2011.
It added that the recovery comes after slowdown over the last three years and credits the upward trend to buffers that provided room for maneuver.
The report said monetary policy in the country remained "accommodative" even in the face of subdued inflation. However, it noted that activity in the energy sector was weaker than anticipated. The IMF said that contributed to the decline in 2011.
With respect to the country's external accounts, the report said there was a rebound in 2010 that caused the short term economic outlook to improve.
The report added that the current account surplus increased to 20 per cent of Gross Domestic Product in 2010, and to about 21 per cent in 2011. It said this represented an eight per cent improvement over 2009 figures, and came mainly from better energy prices and a recovery of non-energy exports.
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