That is partly because conditions in the world economy were different from what had been expected and partly because several domestic factors were different. Some in-built responses have been in evidence.
For example the decline in the exchange rate, even if not by as much as we might have expected, has had the effect of supporting growth and keeping inflation from falling as much as it might have done. And, of course, monetary policy has also responded to the evolving situation, consistent with the Reserve Bank’s mandate.