Trinidad and Tobago has earned a reputation as an excellent investment site for international companies. A sector-edge has been in the past four years, the natural gas . The tourism is a growing industry, although it is not so important, proportionally, as in many other Caribbean islands. The economy benefits from a low inflation rate and trade surplus. The year 2002 was marked by solid growth in the sector of oil , partially overshadowed by domestic political uncertainties.
There are large reserves of oil and natural gas, and a well developed heavy industries - iron and steel , methanol and fertilizers , and petroleum and its derivatives.
The transport links by air, sea and land are excellent, and telecommunications links with the Americas and Europe are modern.
During the 1970s , high oil prices the world have created a rapid expansion of the local economy, with GDP growing 72.5% between actual 1970 and 1977. These were the boom years in Trinidad and Tobago and much of the country's infrastructure was developed during this period. However, the reduction in oil prices along with high levels of public spending led to a prolonged economic downturn that began in 1988 and ultimately ended in 1993.
After a period of radical economic adjustment under the International Monetary Fund and the supervision of the World Bank , the government's economic policy is well in line with the principles prevailing in the current market: liberalization of trade, open economy, streamlining the public sector , promoting the company private and foreign investment , and development of exports and tourism.
