Expect Lingering Economic Effects Of Pandemic In 2021

The Central Bank of Trinidad and Tobago says the lingering economic effects of the COVID-19 pandemic are expected to persist well into the first nine months of 2021. According to the bank's Monetary Policy Report, the pandemic resulted in lower natural gas, crude oil, Liquefied Natural Gas, and petrochemical prices and production. The report added thatas businesses closed at the onset of the pandemic, others reduced their operations and declines were recorded for non-energy sectors, such as Wholesale and Retail Trade, along with Construction and Manufacturing sectors. The Central Bank report said, however that growth was recorded in the Real Estate, Financial and Insurance sectors. The International Monetary Fund, in its World Economic Outlook in October 2020, anticipated a contraction of the global economy by 4.9% in 2020, with some recovery likely for 2021. However, the current surge of COVID-19 cases globally, and the reintroduction of lockdown measures in many countries suggest that economic recovery may take longer than anticipated.