Now let me turn to our economic prospects and our high aspirations.
We are living in troubled and testing times. Several questions arise. Will we be agile enough to meet the severe tests ahead? What kind of growth should we seek? Should it not be more inclusive? And more equitable? We are trying hard to move into niche markets but is this enough? What else must we do to escape the middle-income trap, to be amongst the best small economies, not just in Africa, but in the wider world where our main competitors are to be found?
We have seen the likes of Malta, Singapore, Hong Kong, Ireland and others raising the bar to achieve GDP per capita, adjusted for purchasing power, more than twice the levels we have achieved despite our continued economic growth. Can we make the breakthrough? Are we prepared to do what it takes to do so? Continue reading