I would also like to thank the organizers, FT Global Events, for their efforts in holding this event in Bahrain and for inviting me to address this distinguished audience. Ladies & Gentlemen, much has changed since we last gathered here for this conference. At the time, the economic boom in the GCC region, with oil trading around $ was the main headline news.
In particular, I have been of the view for quite a while that acceleration of growth to 4 percent or better in 2004 is plausible; and I agree also that the decline in the unemployment rate, though steady, is likely to be slow. Why do I believe that there are grounds for optimism about economic growth, even as more caution is warranted regarding unemployment?