data on remittances by workers to their families abroad. outward remittances surpassed remittances from abroad in 2014 ; by 2015 there was a net outflow of remittances from trinidad and tobago on the order of us $ 43 million. 12. the migration issue generates latent and potentially substantial medium term implications for public policy. in principle, the movement of workers across territories would simply help to bring demand and supply of labor into balance and improve efficiency and production. the ongoing struggle with migration in europe however shows that, on a large scale, the repercussions could be much more complex, spilling into humanitarian, cultural, ethnic, security and other spheres. in the case of trinidad and tobago, the most apparent economic consequences of migration relate to : ( i ) wage rates in the relevant sector ; ( ii ) employment conditions of migrants relative to locals ; ( iii ) the provision of social and other services to migrants ; ( iv ) the portability of national security, pension and other benefits ; and ( v ) taxation of migrants. in essence, therefore, these consequences must be taken into account in the design and implementation of aspects of trinidad and tobago ’ s global economic interactions policies that impinge on the attractiveness of trinidad and tobago for migrants, including public sector employment programs that draw workers out of other low skilled jobs. having brought into the discussion the topic of migration, alongside the earlier subjects of commodity prices, financial interconnections, interest parity and the global outlook, what are the lessons for analysts and decision makers? 13. data and intelligence on trinidad and tobago ’ s economic interaction with the rest of the world must be comprehensive, timely and meaningful. in order for private and public sector decision makers to effectively deal with the issues related to the country ’ s global economic activities, data is crucial. detailed and as far as possible real time statistics on energy markets, financial indicators, market sentiment, developments and prospects in other economies, and on migration must be constantly on hand. there are undoubtedly some existing deficiencies that must be immediately addressed. for example, comprehensive trade data is critical in assessing the external accounts but this is now only available with a lag of about a year. a longer term collaborative endeavor to improve collection, the technical basis of the statistics and dissemination of relevant data and market intelligence must be a priority. 14. moreover, domestic policies must formally integrate feedback effects from external reactions. the analysis above has shown that trinidad and tobago ’ s

boards of the international monetary fund and world bank. in light of this perspective, i ’ d like to take the opportunity to highlight five aspects of the country ’ s interactions with the rest of the world and the associated implications for public policy and private sector behavior. these are : ( i ) dependence on commodity cycles ; ( ii ) financial interconnections ; ( iii ) interest parity and capital movements ; ( iv ) the current global economic outlook, particularly for emerging markets ; and ( v ) labor mobility and remittances. 3. the clearest expression of our external dependence is in exposure to commodity cycles. as a small producer, trinidad and tobago does not have the clout to directly influence global energy prices. with the bulk of exports derived from energy, or energy - based products, the balance of payments and fiscal operations move largely to the rhythm of externally determined prices. between 2000 and 2015, energy exports accounted for 83 per cent of export values, while taxes on the energy sector made up 39 the intergovernmental group of twenty - four on international monetary affairs and development ( g - 24 ) coordinates the position of developing countries in the deliberations and decisions of the international monetary fund and world bank. aspects of trinidad and tobago ’ s global economic interactions per cent of fiscal income. oscillations in oil / natural gas prices have largely shaped the boom - bust cycles over the last half century, despite attempts to smooth consumption by saving during years of windfall. the latest episode of depressed energy prices is significant — oil prices dropped from us $ 100 per barrel in 2008 to a low of around us $ 48 in 2015 — and this was exacerbated by declines in domestic energy production. however, significant buffers in the form of fiscal space due to relatively low public sector debt, high international reserves ( close to a year of import cover ) and savings in the form of a heritage and stabilization fund ( just over half of the level of official international reserves ) have provided some breathing room from the need for immediate full scale economic adjustment. 4. but there is a very real possibility that recent energy price movements could reflect secular, as opposed to cyclical, trends. 2 swings in energy prices have often been characterized as components of a broader pattern of cyclical commodity price fluctuations. this analysis relates the combination of periodic changes in demand ( associated with regional or global macroeconomic conditions ) and alterations in supply ( due to weather patterns, decisions of suppliers or technical factors ) with