Introduction
I. Recent developments and short-term prospects
-A stronger and broader recovery
-Still buoyant oil activity
-Surge in household demand
-Rising mainland business investment
-Improved labour market conditions
-Stable inflation
-Continued large external surplus
-Short-term outlook
II. Macroeconomic policies
-Monetary management
-The fiscal stance
III. Progress in structural reform
-The labour market
-Taxation
-Competition policy
-Government subsidies
-Public sector management
-Financial services
-Environment
IV. Petroleum wealth and public finance in the long run
-Economic significance of the petroleum sector
-The future of oil and gas production
-Long-term constraints on fiscal policy
-The policy response
V. Conclusions
Notes
Annex: Calendar of main economic events
Statistical annex and structural indicators