The Visual Summary presents highlights, inclusive of a visual representation of the key points of the Monetary Policy Report for November 2024.

The Visual Summary presents highlights, inclusive of a visual representation of the key points of the Monetary Policy Report for May 2024.

As geopolitical tensions persist and intensify, global macroeconomic prospects may be undermined. Fresh conflict in the Middle East threatens to reignite inflation if energy prices increase and suppress economic growth.

The Visual Summary presents highlights, inclusive of a visual representation of the key points of the Monetary Policy Report for November 2023. 

Since the November 2022 Monetary Policy Report, risks to global financial stability from the monetary policy actions by major central banks to combat record-high inflation rates have surfaced, further dampening the global economic outlook.

Initially poised for recovery from the COVID-19 pandemic and the 2022 geopolitical shock, the global growth outlook dulled as financial risks surfaced.

The global economy continued to face headwinds in 2022. In particular, the Russia-Ukraine conflict, China’s decelerating growth momentum on account of intermittent COVID-19 restrictions along with elevated energy and food costs, drove inflation rates far higher than desired.

Domestically, economic activity continued its positive trajectory driven by an expansion in both energy and non-energy sector activity during the third quarter of 2022, according to Central Bank of Trinidad and Tobago estimates.