The Energy Sector and the Trinidad and Tobago Economy

From Wikipedia, the free encyclopedia
Jump to: navigation, search

The Nation of Trinidad and Tobago have enjoyed a thriving economy,(which is based on energy and oil, from recent oil finds (48 million barrels)[1] to oil finds dating back to the 1950s.

The Job Market[edit]

The Job market in Trinidad and Tobago stands at a very lucrative position. According to the[2](OECD) Organization for Economic Co-operation and Development, in October 2011 when its Development Assistance Committee (DAC) released its list, Trinidad and Tobago were no longer on that list for the first time in history. In essence this means that the nation of Trinidad and Tobago is no longer considered a developing nation, but can be enlisted among the developed nations of the world. In addition the thriving energy sector, the nation controls twenty five [3](25%) percent of the world's natural gas with a whopping GDP of twenty (US$20.5b) billion US dollars.[4] These factors are quintessential in driving the demand for quality labor, especially in specialized area as it pertains to the energy sector. Such area of specialization are for the first time in history being sort after in this little nation, but requires the expertise of ex pats to fill. According to former Prime Minister Patrick Manning,[5] the nation is the financial capital of the Caribbean, and being so heavily reliant on the oil and energy sectors, fosters and facilitates an environment of constant demand for specialized jobs.In addition, the Natural Gas sector is for the first time facing competition from countries such as Qatar and the United States. All these factors are stimulating the need to produce local specialist as the demand increases.They are also clear indications that the nation is at the end of an economic downturn and poised for a period of economic boom.

The Creation of a Wealth of Jobs[edit]

A wealth of Jobs would be created in the short run to feed a diversity of economic demands across all sectors of the economy. Finance Minister Winston Dookeran unveiled the largest Budget (TT$54Billion) in the history of the nation in October 2011, re iterating the Government's resolve to transform the economy, which will boost investor confidence in the nation. This process of transformation will create a hosts of jobs and numerous foreign investor opportunities.[6] The proverbial wheels of the economy are being oiled the economy and other areas of the economy such as the Financial and Manufacturing Sectors will benefit tremendously from the spin offs.

Tourism[edit]

Tourism is another area that is poised to see a quantum leap and the demand for a plethora of jobs. The European Union Council on Tourism and Trade(EUCTT)has also awarded the nation as being "The Best Tourist Destination for 2012". Local hotels have already began to make plans to facilitate an influx of European tourists upon the nation receiving the prestigious designation.[7]

Recruitment a Viable Tool[edit]

Government Ministers have already made plans to facilitate viable tools in assisting with the roll out. Within the past couple years Government agencies have begun to utilize recruitment tools such as Agencies and job boards.[8] The government have recognized the usefulness in sourcing and outsourcing labor from different areas. Recruitment on the whole in Trinidad and Tobago have experienced huge strides, from the traditional snail mail to company's emails and job boards. Local experts have mentioned that moving forward in such a small area, is a big tool to in executing and rolling out macro plans smoothly.

References[edit]