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International Monetary Fund. Western Hemisphere Dept.
Trinidad and Tobago faced unprecedented challenges in 2020–21. The combined effects of COVID-19 and energy production and price shocks pushed the economy further into recession. A decisive policy response helped contain the virus spread and protect lives and livelihoods. The fiscal position worsened due to significant tax revenues shortfalls, pushing public debt up. The vaccination pace accelerated recently, but vaccine hesitancy remains high, amid a potential new wave of infections.
International Monetary Fund. Western Hemisphere Dept.

.3 percent (year-on-year) in October 2021—the first increase since August 2018. Fiscal Policy The authorities’ decisive emergency response widened the fiscal deficit in 2020 and 2021 . The government provided ample policy support to vulnerable households and SMEs to mitigate the widespread impact of the pandemic. In addition to the ongoing support to the health sector and the vaccine rollout, targeted policy measures will continue to deliver social assistance to avoid further scarring. To aid in the transparency of all pandemic-related expenditures, the authorities