My remarks will focus on recent developments and prospects for the economy of Trinidad and Tobago in 2012. Unfortunately, one cannot fully understand and address the challenges that we are facing unless one appreciates the momentous changes that are currently taking place in the international economy.
It is no cliché that the global economy is going through a major transformation and that economies, large and small, need to adapt to survive. As we meet today, the eyes of the world are locked on Europe, since the storm in the euro area is casting a long shadow over the entire global economy.