Theme: Laying the Foundation of Growth in the 1990s.
Comrade Speaker, I rise to move the Motion for the approval of the Estimates of the Public Sector and the Budget for 1991).
I should like to begin with some general observations of short compass aimed at providing a conspectus of the international environment within which this Budget has been fashioned.
For the developed countries, lower levels of growth in the 1990s than in the previous decade might reasonably be expected. The limited trickle-down of the benefits of the international economic growth is now widely recognised. This is partly attributable to structural changes in the global economy and. in the patterns of consumption and the efficiency of production in the developed countries. Efforts to maintain or restore economic balance in the developed countries of the West, and in particular, the more active use of interest rates and lax fiscal policies, have contributed to the dampening of the demand for traditional products for countries such as ours. The prospects for the Third World growth in the 1990s remain dependent on the outcome of a variety of initiatives.