Professor John McHale:

In the medium term we see a sustainable growth rate of between 3% and 3.5% in the economy. It will vary from year to year. We are experiencing catch-up in terms of the unused capacity in the economy. We can do so without unsustainable pressures building. It is unlikely that we would be able to sustain a growth rate of 5% for any length of time without pressures building. We predict growth rates somewhere between 3% and 3.5%. That is the best estimate.