Answer to Question #209713 in Macroeconomics for Cassie

Question

How Covid19 has impacted Trinidad and Tobago:

1. Employment
2. GDP
3. Inflation Level

Answer 1

Covid 19 has disrupted the world economy. Trinidad and Tobago have also been affected in the following ways:

1. Unemployment- Unemployment increased from 2.69% in 2019 to 2.8% in 2020 due to companies laying off some workers because of their economic difficulties that led to a loss.

2. GDP- GDP declined from 28.2% in 2019 to 23% in 2020 because the government received reduced revenues from mining, manufacturing, and quarry sectors.

3. Inflation level- The inflation rate fell from 1% in 2019 to 0.6% in 2020 due to decreased prices in the country.