[UPDATED] IMF:TT back to growth

The International Monetary Fund (IMF) will update its outlook on TT's growth prospects in July.

Responding to a question submitted by Newsday at the Fund's fortnightly press briefing in Washington, DC, IMF communications director, Gerry Rice, said the fund believed TT's economy had started showing signs of growth since the second half of 2017, and estimates the economy has returned to positive growth in 2018.

"IMF staff expects moderate positive growth over the medium term as the energy sector continues its pick up and the recovery takes hold in the non-energy sector. The IMF team will be updating its assessment in the context of the upcoming World Economic Outlook (WEO) update in July.”

At a press briefing last month, Finance Minister Colm Imbert complained that the organisation had used inaccurate and unofficial data to come up with its assessment in its WEO. The Fund had estimated then that TT only grew 0.3 per cent in 2018 and projected zero growth in 2019. Imbert, during the budget presentation in October, said the country's GDP growth for 2018 was estimated to be 1.9 per cent, a figure he stood by even after the WEO estimates.

Rice said, "On the question about our forecasts and projections (that) were published in the April WEO, they were based on information that was available as of early March, including data provided by the authorities and published information from official institutions in TT. And again, the team will update those estimates in the context of the July WEO update using information available that should take us through early June, including actual GDP growth figures for the full year of 2018, which are expected to be released in the coming weeks."

Asked to comment at yesterday's post-Cabinet media briefing, Communications Minister Stuart Young said it was positive news for the country. He said he expected Imbert to make a statement in the Lower House during today's debate, as well as again when he delivers the mid-year budget review on Monday.

This story was originally published with the title "IMF says TT has returned to growth, will revise economic outlook" and has been adjusted to include additional details. See original post below

The International Monetary Fund will update its outlook on TT's growth prospects in July. This after Finance Minister complained last month that the organisation had used inaccurate and unofficial data to come up with its assessment in its World Economic Outlook (WEO).

The Fund had estimated then that TT only grew 0.3 per cent in 2018 and projected zero growth in 2019. Imbert, during the budget presentation in October, said the country's GDP growth for 2018 was estimated to be 1.9 per cent, a figure he stood by even after the WEO estimates. Responding to a question submitted by Newsday at the Fund's fortnightly press briefing in Washington, DC, IMF communications director, Gerry Rice, said the fund believed TT's economy had started showing signs of growth since the second half of 2017, and estimates the economy has returned to positive growth in 2018.

"On the question about our forecasts and projections (that) were published in the April WEO. They were based on information that was available as of early March, including data provided by the authorities and published information from official institutions in TT. And again the team will update those estimates in the context of the July WEO update using information available that should take us through early June, including actual GDP growth figures for the full year of 2018, which are expected to be released in the coming weeks," Rice said.