The Economic Commission for Latin American and Caribbean (ECLAC) says T&T will suffer a -2.5 percent economic contraction this year. 

In its latest economic survey of Latin America and the Caribbean 2016 released in Santiago, Chile, yesterday, the UN agency listed this country among six the region expected to suffer declines this year.

The others are Venezuela, Suriname, Brazil, Ecuador and Argentina.

The report predicts the Caribbean will suffer a 0.3 per cent contraction in its Gross Domestic Product and there will be a 0.8 per cent contraction in growth rate for Latin America and the Caribbean overall—a steeper decline than the 0.5 per cent recorded last year.

ECLAC said the data underscores the urgent need to mobilize public and private investment to promote the region’s economic recovery and meet the challenges imposed by the 2030 agenda for sustainable development.