This paper is based on the work done by the Macroeconomic Framework Sub-Group of the Economic Advisory Board of which the author was the Convenor. Projections made by the Sub-Group have been revised in light of recent numbers and in response to comments received from members of EAB in the meeting on December 2, 1999. Inputs in particular, from the State Bank of Pakistan, Planning Commission and the Economic Advisers Wing, Ministry of Finance, are acknowledged. Any defects which remain are the sole responsibility of the author.