economic crisis

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ECONOMIC CHANGES IN TRINIDAD AND TOBAGO (1978-2011)
Trinidad and Tobago is undivided of the wealthiest and most developed nations in the Caribbean. There are brace major economic categories that changed not beyond the time period of 1978- 2011 that includes the energy sector and tourism.
ENERGY SECTOR:
In the year 1857 in Trinidad the highest well for oil was drilled in the propinquity of the pitch lake, this gave ascend to the oil boom boosting Trinidad and Tobago system. Oil, natural gas and petrochemicals reputation for almost half of GDP and acquire shaped the economic fortunes of the commonwealth in a way that no other sector could. 
Trinidad and Tobago experienced substantial growth in revenue and adventitious exchange inflows during the year of 1973–74 and 1979–80 lawful claim to high oil prices. Initially, the godsend was used prudently by saving a extensive fraction of the proceeds abroad and investing a function of it in infrastructure and other projects aimed at output diversification. During the inferior oil boom, fiscal policy became additional expansionary and economic inefficiencies more pervasive. Eventually, a landlord of subsidies, price controls and wage increased, together with an appreciation of the absolute exchange rate and an expansion of the persons sector, undermined the non-oil sectors of the good husbandry. From 1982 however, oil prices savage and Trinidad and Tobago underwent a spun out and painful recession, with the administration shrinking at an average annual scold of 6 percent between 1982 and 1987. Unemployment, exiguity, and emigration all increased. An housekeeping recession may be defined as a phrase of negative growth of aggregate revenue or economic activity lasting one or other years.
After the discovery of seneca oil in the area in 1906 the village grew into a major oil-producing middle point. The town grew with the oil busy vigor between the 1940s and 1980s, culminating in its dignity to borough status in 1980. After the close of the oil boom Point Fortin was suit hard by economic recession in the 1980s and the closure...

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