The forecast for possible developments over the next five years provided in Table 1 is, like all economic forecasts, based on past trends, and on discretionary assumptions about possible future developments. For the purpose of this forecast, it was assumed that Government will continue to implement the GEAR strategy and will retain disciplined fiscal and monetary policies.
Competition has been enhanced as new technology makes it easier for non-banking institutions to offer these products and for out-of-market financial firms to compete with local financial institutions.