Tobago House of Assembly (THA) elections in January and December 2021 resulted in a change of government to a new party, the Progressive Democratic Patriots. This shift was driven by Tobago nationalism and dissatisfaction with the central government’s stance on THA autonomy. In addition, crime rates remain high, and security challenges persist.
Trinidad and Tobago’s economy experienced a surge in revenue in 2022 due to higher energy prices resulting from the war in Ukraine, marking a fiscal surplus of TTD 1.08 billion after 14 years of deficits. However, the subsequent fall in oil and gas prices will have a negative impact on projected revenues for 2023. The government may be forced to either reduce proposed expenditures or find other sources of financing to supplement the revenue shortfall.
Governance remains a main challenge in Trinidad and Tobago. There remains an urgent need to diversify the economy and reduce the state’s dependence on oil and gas revenues. Over time, the state has spoken of the need to diversify, but there is little to show in that regard. Corruption, lack of transparency and accountability are prevalent issues, necessitating urgent reforms in anti-corruption laws and governance practices.
