Abstract
As did other oil exporters, Trinidad and Tobago reaped large windfall gains after 1973. The diversion of oil income to subsidies and increased consumption was heavily influenced by the distinctive political economy, and has resulted in substantial weakening of the non-oil traded sectors (the “Dutch Disease”), despite concern to use oil revenues to strengthen them and a cautious spending policy. Attempts to diversify through gas-based industrialization are not likely to replace shrinking oil income.
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