Conclusion Good policy uses the best available analysis, systematising what we can know about the economy from past experience, without assuming that the future will be like the past in every respect. It must avoid both the hubris of thinking we know everything and the despairing assumption that we know nothing.
As in the past, this range is calculated from the expected annual capacity for growth of the non-mining sector of the economy, as contained in the ninth National Development Plan (NDP 9); it is also based on the desired level of inflation for the year, with an allowance for the process of financial deepening as the economy develops.