As a result, economic growth was relatively weak in early 2003 and expectations for economic growth, at least for this year, have had to be scaled back. The rapid conclusion of the military activities was accompanied by a normalisation in oil prices and a rebound in stock markets.
In this connection, I am pleased to report that our track record shows that we continue to achieve major gains in both fronts. Just the other week, the National Economic and Development Authority reported that that our economy expanded by 6.3 percent in October to December last year.