Answer to Question #209325 in Macroeconomics for Jesica

Question

Discuss how Covid19 has impacted Trinidad and Tobago employment, GDP, and inflation level.

Answer 1

The covid 19 pandemic has devastated the world economy. Trinidad and Tobago are no exception since the GDP fell from 28.2% in 2019 to 23%in fiscal 2020. This was cheered by the reduced energy total revenues. Mining, manufacturing, and query sectors declined their activities, thereby reducing the level of GDP. The pandemic also led to an increase in unemployment from2.69% in 2019 to 2.8 in 2020. Due to the economic disruption and pandemic restriction, companies had to lay off many of their workers, leading to unemployment. The inflation rate declined from 1%in 2019 to 0.6% in 2020 because of the decreased prices in the countries.