“Accelerating economic diversification is no longer optional.”
That’s the message from Finance Minister Davendranath Tancoo following Standard & Poor’s latest decision to affirm Trinidad and Tobago’s investment grade rating at BBB– while revising the outlook from stable to negative.
The ratings agency cited the country’s strong democratic institutions, economic stability, and buffers like the Heritage and Stabilisation Fund, but warned that reforms are critical to tackle stagnant growth and limited diversification.
In a statement on Thursday, the Finance Minister said the report reflects resilience but also underscores the urgency for change.
“The S&P report emphasises Trinidad and Tobago ‘s resilience and underscores its position as a trusted place for international investors, particularly during periods of global uncertainty. At the same time, the revised outlook highlights the need for transformative reforms to advance economic diversification, strengthen fiscal discipline, and ensure long-term growth.”
The Minister elaborated on the Government ‘s strategy, adding: “Accelerating economic diversification is no longer optional. It requires a comprehensive strategy and coordinated efforts, which are central to our Manifesto. In the upcoming Budget, I win announce key measures to support this agenda and tackle bottlenecks to long-term growth.”