Mr. John A. Moran:

There is subtlety in the lag. The lag is particularly evident in a recovery in export-driven industries where there is high technology utilisation. A recovery in the domestic economy would lag less with regard to unemployment. If we are facing a period of very low growth across the sector, it is difficult to see how unemployment can recover unless we act as I described in playing smarter. For example, in the tourism sector there is a renewed focus on new markets such as continental Europe. We are thus growing tourist numbers significantly higher in those areas. It is a question of redirecting certain sectors and how they approach issues. Although there may be an international zero-growth level, we may be able to find ourselves playing smarter in certain sectors as opposed to others. In that way we would effectively gain market share.