Growth in real gross domestic product amounted to 4.5 percent in 2004, and preliminary anecdotal evidence suggests that this performance may have been exceeded somewhat in 2005.

Further structural reforms will be important prerequisites to unlocking the economic growth and development potential of South Africa.

What it means is another year sort of like last year, when gross domestic product grew 2.4 percent. That means another year during which the job market doesn't get a whole lot better, but also doesn't collapse. It means another year during which promises of a strong economic rebound are postponed, but so are fears of a double-dip recession. Another year, that is, that will stump the doomsayers even while it fails to inspire us to party like it's 1999.

All those reforms will need to be nurtured carefully and it is crucial that they be supported throughout by a stable and transparent macroeconomic policy framework.

The bank cannot disregard the exchange rate because the exchange rate can exercise considerable influence on developments in inflation.

He risks having to take unpopular measures to bring down the Italian deficit below three percent of gross domestic product by 2007.