Dynamic household consumption and private investment backed by strong confidence raised GDP by nearly 9% in 2004, for a third consecutive year of high growth. Absent any shocks, expansion should remain robust in 2005 and 2006 at a more sustainable rate of around 6%.

The strict macroeconomic policy mix and structural reforms should be fully enforced to ensure that growing capital inflows do not reverse suddenly in the future, and that the domestic economy makes efficient use of such financial resources.