To achieve the preferred outcome, which is socioeconomic transformation, requires a rate of growth ranging between 5 and 7 per cent which is not attainable with the current economic policies and the existing economic resource base. Socioeconomic transformation requires the creation of a dynamic private sector which is export oriented and internationally competitive.
This will require an efficient and effective state and a transformed financial sector as supporting and complementary institutions. Of major importance however will be what we refer to at the ECCB as the seven great modernizations which represent the fundamental platform for achieving our goals. The seven are as follows: 1. Energy  2. Transportation  3. The Environment  4.