UN General Assembly
2012

30 per cent of our gross domestic product. As in the case of other small States like ours, we were then forced to become even more indebted as we borrowed to replace infrastructure, such as arterial roads and bridges, without which our country’s economy would have faced further contraction. On top of that, we were further impacted by unilateral domestic measures which, showing insensitivity to such matters as our dependence on tourism, some major developed States implemented, making us an even less desirable tourist destination. Other islands that are highly dependent on international financial services are now suffering as a result of the attempts by some States to sully their reputations. Though we live in a beautiful part of the world, the reduction of foreign direct investment f lows due to the global economic crisis, and the recent announcement by the World Trade Organization that it has cut its forecast for global trade growth from 3.7 per cent to 2.5 per cent, can cause the outlook to look grim. This means that development cannot be just about