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Domestic economic activity is expected to decelerate in both 2008 and 2009, weighed down by tighter credit conditions and the dampening effects of higher oil and food prices on household disposable incomes. At the same time, tourism, shipping and exports continue to act as shock absorbers, significantly cushioning these effects. All told, we expect economic growth to come in at 3.3% this year, before decelerating further to around 3.0% in 2009.