Budget Speech 2011 - Government of Grenada

At home, many of us lost loved ones yet here we are blest with the gift of
life at the start of a new year.
I say, despite the many challenges, our Nation has much to be thankful for.
We gratefully acknowledge the provision and protection of Almighty God
during the difficult year just ended. For as Matthew 17:28 reminds us and
I quote “in Him we live and move and have our being”. End of quote.
Mr. Speaker, this presentation will be essentially delivered in four parts.
First, we will take a brief look at the external economic environment.
Second, we will provide an account of our Government’s stewardship
in the past year. Third, we will articulate our Government’s vision for
Grenada’s recovery and prosperity. Finally, we will indicate what we
propose to do this year.
2.0 INTERNATIONAL AND REGIONAL DEVELOPMENTS
2.1 Recent Performance and Prospects of Global Economy
The global economy recovered slowly in 2010 amid fears in the first half
that it could slip back into recession. However, the growth has been fragile
and accompanied by considerable uncertainty.
This recovery has been led by large emerging economies such as China,
India and Brazil.
The US economy is estimated to have grown by 2.6 per cent in 2010 lower
than the global growth rate of 4.8 per cent. The UK economy is estimated
to have grown by1.0 per cent.
The United Nations publication entitled World Economic Situation and
Prospects for 2011, issued in December 2010 notes the following and I
quote:
“The road to recovery from the Great Recession is proving to be long,
winding and rocky. After a year of fragile and uneven recovery, growth
of the world economy is now decelerating on a broad front, presaging
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2011 Budget Statement