Although there is a risk of investment overheating, the fundamentals remain in place for continued robust growth. It is worth mentioning the projections by the International Monetary Fund for growth in the world's real GDP in 2004 and 2005 - at 5.0 percent and 4.3 percent, respectively - which support the view of continuing worldwide economic expansion.
In addition, in terms of the Real Effective Exchange Rate over the past eight years, the peso has largely maintained its competitiveness against a basket of currencies of our major trading partners and competitor countries. In the meantime, we have been able to keep the Gross International Reserves at comfortable levels.