  We review recent theoretical progress in the computation of radiative
corrections beyond one loop within the standard model of electroweak
interactions, both in the gauge and Higgs sectors. In the gauge sector, we
discuss universal corrections of $\O(G_F^2M_H^2M_W^2)$, $\O(G_F^2m_t^4)$,
$\O(\alpha_sG_FM_W^2)$, and those due to virtual $t\bar t$ threshold effects,
as well as specific corrections to $\Gamma\left(Z\to b\bar b\right)$ of
$\O(G_F^2m_t^4)$, $\O(\alpha_sG_Fm_t^2)$, and $\O(\alpha_s^3)$ including
finite-$m_b$ effects. We also present an update of the hadronic contributions
to $\Delta\alpha$. Theoretical uncertainties, other than those due to the lack
of knowledge of $M_H$ and $m_t$, are estimated. In the Higgs sector, we
concentrate on $\Gamma\left(H\to f\bar f\,\right)$ and consider in
$\O(\alpha_sG_Fm_t^2)$ the universal corrections and those which are specific
for the $\scriptstyle b\bar b$ mode, as well as $\O(\alpha_s^2)$ corrections in
the $q\bar q$ channels including the finite-$m_q$ terms.
