The International Monetary Fund (IMF) nonfuel commodity index fell by 26.0 per cent between Q1 2014 and Q4 2015, with metals experiencing the biggest decline: the IMF metal index fell by 35.3 per cent in this period (IMF 2016d). This is higher than the 2014 global average of 2.6 per cent, but lower than the 3.6 per cent recorded by the wider group of emerging and developing states to which most of the Commonwealth small states belong (see Table 1.1 and Figure 1.1) (World Bank 2016a). Growth in Commonwealth small states reflects both the internal conditions of each state and the challenges faced by small states in general. The openness of small states to trade, and to trade with a small number of advanced economies in particular, renders them acutely vulnerable to exogenous global economic changes (IMF 2015a).