Economic Development: From Sugar to Hydrocarbons and Beyond

This chapter examines the economic development of Trinidad and Tobago (TT) by describing the country’s transition from a sugar-based economy in the eighteenth century to one reliant on hydrocarbons. The discovery of crude oil in 1857 propelled the development of the country’s oil and gas sector, with initiatives like the Point Lisas industrial park fostering the growth of the energy sector. However, after shifting from mainly oil to natural gas in the mid-1990s, the country now faces dwindling energy exports and reduced investments in the energy sector. This underscores the pressing need for structural reforms to boost competitiveness along with economic diversification policies.