But in spite of all these, the economy still turned in a very respectable outcome. GDP growth is estimated at 6.2 percent. Headline inflation has picked up to around 7.9 percent in December 2004, due mainly to the feed through from energy price adjustments and other supply side shocks, but more broad-based inflationary pressures were held in check.
The key responsibility for us, economic policy makers in the G20, is therefore to continue our action based on the three pillars:   commitment to the policy goals that we have set out    consistency in their implementation, across time, across countries and across policy domains    and collaboration among all of our constituencies.