THE CENTRAL Bank of Trinidad and Tobago (CBTT) says the coronavirus has affected   all aspects of   the local economy this year, as it warned that the world  economic  performance  will  be  severely  impacted by the emergence of the virus.

In its July Economic Bulletin released on September 15, the CBTT noted that the  International  Monetary  Fund  (IMF)  in  its  June  2020  World  Economic  Outlook  (WEO) Update is anticipating global growth to contract by  4.9  per  cent  in  2020.

Finance Minister Colm Imbert is due to deliver the 2020-21 national budget on October 5.

Activity

The CBTT said that in the Trinidad and Tobago situation, the energy  sector  is  expected to slow as global economic activity and international  travel have been curtailed, resulting in significant contractions in demand for    many energy products.

“The non-energy sector will also continue to be impacted  in a climate of  uncertainty as to the course of  the disease and the implementation of  needed measures. 

“Moreover, global supply disruptions will have knock-on effects  on  domestic  manufacturing,  and wholesale and retail trade.  Inflation is expected to stay  subdued,” the Central Bank noted.