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A Future without Oil? Diversifying Options for Trinidad and Tobago

Author

Listed:
  • Carneiro, Francisco Galrao

    (World Bank)

  • Longmore, Rohan

    (World Bank)

  • Riveira Cazorla, Marta

    (World Bank)

  • Jaupart, Pascal

    (London School of Economics)

Abstract

Trinidad and Tobago (T&T) is an example of successful diversification within the oil and gas sector and the country is now a global player in the energy industry. Diversifying its asset base so that the nonresource sector can continue to grow and generate jobs once the country’s oil reserves are depleted is also an important priority for Trinidadians. With reserves of oil and gas in T&T expected to be exhausted by 2025–30, the government is focusing more and more on options for diversification. Although many countries have grown and improved their development outcomes while remaining highly dependent on natural resource rents, the obvious concern is what will be the sources of growth for the country when oil runs out? In this context,this note identifies the binding constraints and potential drivers to further economic diversification in T&T.

Suggested Citation

  • Carneiro, Francisco Galrao & Longmore, Rohan & Riveira Cazorla, Marta & Jaupart, Pascal, 2014. "A Future without Oil? Diversifying Options for Trinidad and Tobago," World Bank - Economic Premise, The World Bank, issue 142, pages 1-7, May.
    • Handle: RePEc:wbk:prmecp:ep142
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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