  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 $\O(G_F^2M_H^2M_W^2)$, $\O(G_F^2m_t^4)$,
$\O(\alpha_sG_FM_W^2)$, $\O(\alpha_s^2G_Fm_t^2)$, 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 report on the $\O(\alpha_sG_Fm_t^2)$
corrections to $\Gamma\left(H\to f\bar f\,\right)$ including those which are
specific for the $b\bar b$ mode, the $\O(\alpha_s^2)$ corrections to
$\Gamma\left(H\to q\bar q\right)$ including the finite-$m_q$ terms, and the
$\O(\alpha_s)$ corrections to $\Gamma(H\to gg)$.
