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