2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 62
projections for all major Euro economies have been revised
upwards with the aggregate outlook up one-half of a
percentage point to a rate of 2.4 per cent in 2018, followed
by an upward revision of 0.3 of a point to 2 per cent in 2019.
Economic prospects for both China and India
remain largely unchanged, though still relatively buoyant
with growth rates exceeding 6.4 per cent and 7.4 per cent in
2018 and 2019, respectively.
In a nutshell, the relatively bullish outlook for
the world economy, and especially the U.S., in the near term
presents both opportunities and challenges for The Bahamas.
While the global environment will clearly support the
ongoing recovery and expansion of our economy, it will be
incumbent on us to capitalize on these near term
developments and prospects to meaningfully address the
fiscal problems that we confront. That will be critical to
59