For Latin America and the Caribbean, growth is projected to decline from 2.4 percent in 2024 to 2.2 percent in 2025. This decline is largely due to a revision in Mexico’s growth by 1.7 percent for 2025, reflecting weaker-than-expected activity in late 2024 and early 2025, as well as the impact of the US tariffs, related uncertainty and geopolitical rigidities and a tightening of financing conditions. In Advanced Economies, the IMF has projected growth of 1.5 percent in 2025 from 1.8 percent in 2024. For the Euro Zone, growth is projected to marginally increase to 1.0 percent in 2025, from 0.9 percent in 2024. Following a marked slowdown in 2024, growth in Emerging and Developing Asia is expected to decelerate further to 5.1 percent in 2025 from 5.3 percent in 2024, as within this region, the Association of Southeast Asian Nations (ASEAN) countries have been among the most affected by the April tariffs.

For Latin America and the Caribbean, growth is projected to decline from 2.4 percent in 2024 to 2.2 percent in 2025. This decline is largely due to a revision in Mexico’s growth by 1.7 percent for 2025, reflecting weaker-than-expected activity in late 2024 and early 2025, as well as the impact of the US tariffs, related uncertainty and geopolitical rigidities and a tightening of financing conditions. In Advanced Economies, the IMF has projected growth of 1.5 percent in 2025 from 1.8 percent in 2024. For the Euro Zone, growth is projected to marginally increase to 1.0 percent in 2025, from 0.9 percent in 2024. Following a marked slowdown in 2024, growth in Emerging and Developing Asia is expected to decelerate further to 5.1 percent in 2025 from 5.3 percent in 2024, as within this region, the Association of Southeast Asian Nations (ASEAN) countries have been among the most affected by the April tariffs.

With economic buoyancy expected to continue in 2024, growth in Advanced Economies is forecasted to be muted at 1.7 percent in 2024, the same growth rate estimated for 2023. Returning to pre-pandemic levels, this level of growth is expected to be sustained mainly by growth in the United States (US) coupled with stronger consumption due to rising real wages and higher investment from easing financial conditions in the Euro Area. In the Latin America and the Caribbean region, economic growth is projected to decrease to 1.9 percent in 2024 from an estimated 2.3 percent in 2023 driven by weakening global economic activity, elevated debt levels and erratic weather occurrences. A subdued external environment together with rising protectionism and policy uncertainty is expected to contribute to decelerating growth in Emerging and Developing Asia from an estimated 5.7 percent in 2023 to 5.4 percent in 2024.

According to the Ministry of Finance’s estimates, the Trinidad and Tobago economy is expected to register Real GDP growth of 2.7 percent in 2023, following more moderate growth of 1.5 percent in 2022. The expected outturn for 2023 is premised on an expansion in the Non-Energy Sector, partially counteracted by a marginal decline in the Energy Sector. Based on actual data from the Central Statistical Office (CSO) for the first quarter of 2023, real economic activity expanded by 3.0 percent, buttressed by marginal growth of 0.3 percent in the Energy Sector and a sharper 4.2 percent expansion in the Non-Energy Sector.

Building upon the economic expansions recorded in the Non-Energy sector during calendar 2022, year-on-year improvements were registered by twelve (12) Non-Energy industries, during the first three months of calendar 2023. Most notable was Trade and Repairs, which retained its position as the largest contributor to GDP, and grew robustly by 10.9 percent during this period. The Non-Energy Manufacturing sector also registered a strong performance driven by expansions in real economic activity within the Food, Beverages and Tobacco Products (7.6 percent); and Textiles, Clothing, Leather, Wood, Paper and Printing (31.5 percent) sub-industries. Significant growth was also reported by the Accommodation and Food Services (17.5 percent), and Transport and Storage (16.7 percent) sectors.