"This report covers research activities undertaken by the Institute through its five broad areas of Trade and International Economics; Macroeconomic Modeling and Forecasting; Microeconomics; Incomes, welfare and Poverty; and Public Sector Reforms. At the close of the year projects were at different stages of implementation, including on-going and completed. For the year under review, the Institute produced a total of 18 publications, which will go a long way in serving as reference material for influencing current and future policy dialogue, as well as policy formulation, in Botswana. The Institute continued to improve on its governance profile by applying internationally accepted best practice in governance. The report concludes with financial statements produced by KPMG."