As we all know the global economy went through a period of extraordinary financial instability in 2008 and 2009. This was accompanied by the worst global economic down turn and a collapse in trade. No country escaped the reach of this economic storm, and we were no exception. Our export oriented sectors, notably minerals and tourism, have been especially hard hit.
Consequently, the economy is expected to contract by about 1.1 percent in 2009, while a moderate recovery is envisaged for 2010. In part, due to depressed international demand conditions, inflationary pressures have been largely under control. The annual rate of inflation has declined to 7.1 percent in September.