We have posted positive growth rates throughout the crisis, averaging 4 per cent per year or not far below trend levels. Unemployment is at 8 per cent, a far cry from the rising joblessness in some of our major markets. Inflation has come down. Reserves have gone up. Our banks are solid and well-capitalised.
I can be forgiven for believing that smallness is no longer a liability. Quite the contrary: it can be a source of added adaptive advantage. It gives our policymakers a quick-response capacity and the flexibility to change gear quite rapidly to adapt to the constantly-changing environment that has become the new normal.