IDEAS home Printed from https://ideas.repec.org/a/wbk/prmecp/ep142.html
   My bibliography  Save this article

A Future without Oil? Diversifying Options for Trinidad and Tobago

Author

Listed:
  • Carneiro, Francisco Galrao

    (World Bank)

  • Longmore, Rohan

    (World Bank)

  • Riveira Cazorla, Marta

    (World Bank)

  • Jaupart, Pascal

    (London School of Economics)

Abstract

Trinidad and Tobago (T&T) is an example of successful diversification within the oil and gas sector and the country is now a global player in the energy industry. Diversifying its asset base so that the nonresource sector can continue to grow and generate jobs once the country’s oil reserves are depleted is also an important priority for Trinidadians. With reserves of oil and gas in T&T expected to be exhausted by 2025–30, the government is focusing more and more on options for diversification. Although many countries have grown and improved their development outcomes while remaining highly dependent on natural resource rents, the obvious concern is what will be the sources of growth for the country when oil runs out? In this context,this note identifies the binding constraints and potential drivers to further economic diversification in T&T.

Suggested Citation

  • Carneiro, Francisco Galrao & Longmore, Rohan & Riveira Cazorla, Marta & Jaupart, Pascal, 2014. "A Future without Oil? Diversifying Options for Trinidad and Tobago," World Bank - Economic Premise, The World Bank, issue 142, pages 1-7, May.
    • Handle: RePEc:wbk:prmecp:ep142
    as

    Download full text from publisher

    File URL: http://siteresources.worldbank.org/EXTPREMNET/Resources/EP142.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. KPODAR Kangni, 2005. "Manuel d'initiation à Stata (Version 8)," Computer Programs 0501107, University Library of Munich, Germany.
    2. Manuel R. Agosin & Roberto Alvarez & Claudio Bravo‐Ortega, 2012. "Determinants of Export Diversification Around the World: 1962–2000," The World Economy, Wiley Blackwell, vol. 35(3), pages 295-315, March.
    3. Mohsin Habib & Leon Zurawicki, 2002. "Corruption and Foreign Direct Investment," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 33(2), pages 291-307, June.
    4. Christopher F Baum, 2006. "An Introduction to Modern Econometrics using Stata," Stata Press books, StataCorp LP, number imeus, March.
    5. World Bank, 2011. "World Development Indicators 2011," World Bank Publications - Books, The World Bank Group, number 2315, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Longmore, Rohan & Jaupart, Pascal & Cazorla, Marta Riveira, 2014. "Toward economic diversification in Trinidad and Tobago," Policy Research Working Paper Series 6840, The World Bank.
    2. Thomas, Vinod & Albert, Jose Ramon G. & Perez, Rosa T., 2012. "Examination of Intense Climate-related Disasters in the Asia-Pacific," Discussion Papers DP 2012-16, Philippine Institute for Development Studies.
    3. Jennifer Brauner, 2015. "Military spending and democracy," Defence and Peace Economics, Taylor & Francis Journals, vol. 26(4), pages 409-423, August.
    4. Maria Persson & Fredrik Wilhelmsson, 2016. "EU Trade Preferences and Export Diversification," The World Economy, Wiley Blackwell, vol. 39(1), pages 16-53, January.
    5. Concetta Castiglione & Davide Infante & Janna Smirnova, 2014. "Is There Any Evidence on the Existence of an Environmental Taxation Kuznets Curve? The Case of European Countries under Their Rule of Law Enforcement," Sustainability, MDPI, vol. 6(10), pages 1-21, October.
    6. Steiner, Andreas, 2013. "The accumulation of foreign exchange by central banks: Fear of capital mobility?," Journal of Macroeconomics, Elsevier, vol. 38(PB), pages 409-427.
    7. Canavire-Bacarreza, Gustavo & Martínez-Vázquez, Jorge & Vulovic, Violeta, 2013. "Taxation and Economic Growth in Latin America," IDB Publications (Working Papers) 4583, Inter-American Development Bank.
    8. Reitz, Stefan & Rülke, Jan-Christoph & Stadtmann, Georg, 2012. "Nonlinear expectations in speculative markets – Evidence from the ECB survey of professional forecasters," Journal of Economic Dynamics and Control, Elsevier, vol. 36(9), pages 1349-1363.
    9. Godwin Okafor & Jenifer Piesse & Allan Webster, 2017. "FDI Determinants in Least Recipient Regions: The Case of Sub†Saharan Africa and MENA," African Development Review, African Development Bank, vol. 29(4), pages 589-600, December.
    10. Lee, Boram & Rosenthal, Leonard & Veld, Chris & Veld-Merkoulova, Yulia, 2015. "Stock market expectations and risk aversion of individual investors," International Review of Financial Analysis, Elsevier, vol. 40(C), pages 122-131.
    11. Frietsch, Rainer & Neuhäusler, Peter & Rothengatter, Oliver, 2012. "Patent Applications – Structures, Trends and Recent Developments," Studien zum deutschen Innovationssystem 8-2012, Expertenkommission Forschung und Innovation (EFI) - Commission of Experts for Research and Innovation, Berlin.
    12. Ilhan-Nas, Tulay & Okan, Tarhan & Tatoglu, Ekrem & Demirbag, Mehmet & Wood, Geoffrey & Glaister, Keith W., 2018. "Board composition, family ownership, institutional distance and the foreign equity ownership strategies of Turkish MNEs," Journal of World Business, Elsevier, vol. 53(6), pages 862-879.
    13. Rabah Arezki & Klaus Deininger & Harris Selod, 2015. "What Drives the Global "Land Rush"?," The World Bank Economic Review, World Bank, vol. 29(2), pages 207-233.
    14. Huy Quang Doan, 2019. "Trade, Institutional Quality and Income: Empirical Evidence for Sub-Saharan Africa," Economies, MDPI, vol. 7(2), pages 1-23, May.
    15. Langyintuo, Augustine S. & Mungoma, Catherine, 2008. "The effect of household wealth on the adoption of improved maize varieties in Zambia," Food Policy, Elsevier, vol. 33(6), pages 550-559, December.
    16. Lise Rakner, 2012. "Foreign Aid and Democratic Consolidation in Zambia," WIDER Working Paper Series wp-2012-016, World Institute for Development Economic Research (UNU-WIDER).
    17. Samuel Fosu, 2013. "Banking Competition in Africa: Sub-regional Comparative Studies," Discussion Papers in Economics 13/12, Division of Economics, School of Business, University of Leicester, revised Jun 2013.
    18. Chang Pao-Li, 2014. "Complementarity in Institutional Quality in Bilateral FDI Flows," Working Papers 20-2014, Singapore Management University, School of Economics.
    19. Boeker, Warren & Howard, Michael D. & Basu, Sandip & Sahaym, Arvin, 2021. "Interpersonal relationships, digital technologies, and innovation in entrepreneurial ventures," Journal of Business Research, Elsevier, vol. 125(C), pages 495-507.
    20. Christopher David Absell, 2023. "British slave emancipation and the demand for Brazilian sugar," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 17(1), pages 125-154, January.

    More about this item

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • O2 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wbk:prmecp:ep142. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael Jelenic (email available below). General contact details of provider: https://edirc.repec.org/data/prewbus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.