Ours is a small middle-income economy, with a population of only 1.2 million, but we have an economy which is fully monetised. Financial intermediation, overwhelmingly banks and NBFIs’, will make up nearly 11 percent of GDP this year. Let us pause a moment to reflect on this percentage contribution. It is higher than almost all the real sectors.
It is higher than the tourism sector, where Hotels and Restaurants are expected to contribute a little less than 9 per cent of GDP. It is higher than the Export Processing Zone, which will account for 7.4 per cent. And it is of course much higher than the sugar sector, whose contribution to GDP is forecast at 3.3 per cent.