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T&T now considered a developed country
October 2011 might just be one of the most important months in T&T history as according to an updated Development Assistance Committee (DAC) report T&T is now a developed country. This was announced by High Commissioner for Britain in T&T Arthur Snell in his blog on the Foreign and Commonwealth Office’s Web site. According to the blog, the Organisation for Economic Co-operation and Development (OECD) released its DAC list for 2011 in October. For the first time T&T has not been included on that list. According to Snell, this reflected a sustained period of economic growth and relatively high per capita income.
In his message Snell said the OECD played an important role in co-ordinating the aid policies of the world’s biggest donor countries. “This includes the definition of which are actually developing countries that qualify for aid money from the biggest donors,” he wrote. Snell felt it would be simplistic to suggest that being a developed country was the same as a country in which everyone had access to development. He added that for some purposes being a developed country may seem like a disadvantage as T&T might no longer qualify for certain types of aid or funding.