Former Minister Imbert warns of possible economic collapse — The Rio Times
Former Trinidad and Tobago Finance Minister Colm Imbert said during the state budget debate that the country’s economy is in recession and could collapse in the coming months, if it has not already done so. The Rio Times reports.
Imbert, who represents the opposition People’s National Movement, spoke against the budget for the 2026–2027 fiscal year presented by Finance Minister Davendranath Tancoo on October 12. He called the budget figures a mirage, fabricated and nonsensical.
Budget parameters
The government plans expenditure of TT$63.368 billion and revenue of TT$59.729 billion. The projected budget deficit for the 2027 fiscal year is TT$3.639 billion, or 2.1% of GDP. The revised deficit for the 2026 fiscal year is estimated at TT$7 billion.
The budget is based on the assumption that oil will cost $77 per barrel and natural gas $5 per MMBtu. Oil revenue is forecast at TT$14.355 billion.
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Economic indicators
The Finance Ministry expects real output to contract by 2.2% in 2026 after a 0.5% decline in 2025. Reduced activity in the energy sector was cited as the main reason.
According to the ministry’s review, real GDP declined by 1.8% year-on-year in the first quarter of 2026 after falling by 1.2% in the fourth quarter of 2025. The unemployment rate rose to 5.4% in the first quarter from 4.3% in the previous quarter.
Natural gas production during the first eight months of the 2026 fiscal year averaged about 2.44 billion standard cubic feet per day, 5.1% less than a year earlier. The review also notes the controlled shutdown of the Nutrien plant since October 2025 and the temporary suspension of the Proman melamine plant since January 2026.
Opposition leader Penelope Beckles also stated that there was a recession, citing two consecutive quarters of negative dynamics. At the same time, the cited indicators are year-on-year comparisons rather than quarterly ones. According to the IMF’s October regional forecast cited by the publication, the country’s economy may grow by 0.2% in 2026.
