While we expect growth to approach 2.5 per cent over the next couple of years, we also see the economy’s potential capacity growing at around an average of 2 per cent. This is why we say that it will take a couple of years for us to close our excess capacity gap and get inflation back to near our 2 per cent target.
Looking beyond that, one would normally expect our economy to grow at its potential, which, as I said, is around 2 per cent, and which is made up of about 1 to 1.5 per cent growth in productivity and a gradually declining contribution from labour force growth, driven by the demographics story I outlined earlier.