BUSINESS

Trinidad And Tobago Reports 10% Contraction In Economy

Trinidad and Tobago is reporting a 10 percent shrink in its economy resulting from the impact of the coronavirus pandemic.

The twin island republic shut down its borders and required people to remain at home in an effort to curb the spread of the virus.  

Prime Minister Dr. Keith Rowley said oil and gas production declined significantly.

He said the economy is shrinking even as the government continues to support hardest-hit citizens at a big cost.

Dr. Rowley warned that the country should be prepared for the re-introduction of property tax that had been suspended for several years.

Trinidad and Tobago has 2,493 positive cases of the coronavirus. 

The country has also recorded 39 deaths related to the respiratory illness.

Yvad Billings, Readers Bureau, Contributor

Edited by Jesus Chan

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