Central Bank: Global Economic Recovery To Slow

The Central Bank of Trinidad and Tobago reports that global economic recovery is expected to slow in 2022.

In its Monetary Policy Report for May 2022, the Central Bank indicates this is the result of high food and energy prices caused by the Russian-Ukraine crisis. Another factor is supply shortages lingering from the COVID-19 pandemic.

It adds these energy prices have resulted in a windfall for the local energy sector, But cautions that the windfall must not be considered as permanent in this uncertain global economic climate.

The Bank indicates it has noted a boost in business activity with the rollback of COVID-19 restrictions locally. It also says there is an up tick in business lending. On the other hand, it reports sluggish employment conditions have negatively impacted consumer lending, which continues to decline.

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