Many more have also made inquiries which I am very glad to see. Ladies and gentlemen, Let me now turn to the concluding part of my talk tonight. Amid the volatile global financial climate, Thailand’s strong external positions will serve as buffers against financial shocks. The private sector’s prudent financial management and policymakers’ credible policy will allow us to successfully ride with the global tides. In the real sector, the Thai economy is expected to maintain its gradual recovery path, driven mainly by government spending and tourism. Exports of goods, on the other hand, is subject to a slowdown in trading partners’ economies and structural constraints of the Thai industries. Inflationary pressure remains subdued, but the headline inflation will gradually rise in line with a recent pick up in oil prices. Against this backdrop, monetary policy stance will remain adequately accommodative to support economic activities, while safeguarding financial stability. Over a longer horizon, the Bank of Thailand is committed to creating financial infrastructure and nurturing the financial eco-system to help lift up growth potentials of the Thai economy. We aim to promote financial innovation, financial inclusion and  4  BIS central bankers’ speeches  financial literacy, as strong foundations for sustainable economic development. With regard to the payment systems, the new infrastructures are being built to support the transition towards the digital economy. Rules and regulations on exchange-rate management are to be relaxed further for greater flexibility of investors and multinational companies.

Intrinsically Linked, One with the Force The FOMC is mandated by Congress to promote maximum employment and price stability. The goals of our dual mandate are intrinsically linked. Specifically, price stability is essential for the economy to reach its full potential and to sustain maximum employment over the long term. Since the pandemic, imbalances between demand and supply have persisted throughout the economy, leading to high inflation and a tight labor market. Although we have seen some signs of a gradual cooling in the demand for labor—as well as for some goods and commodities—overall demand continues to exceed supply. I'll first discuss what this means for employment. At the national level, job growth has been robust, with monthly job gains averaging about 220,000 over the past three months. Other indicators show that labor demand is gradually slowing, yet remains very strong. For example, job openings have come down from their peak level in March of last year. Still, the ratio of job openings to unemployed far exceeds levels prevailing before the pandemic, when the labor market was very strong. Similarly, quit rates have been gradually declining, but are above pre-pandemic levels. In addition, the unemployment rate is at a historically low level of 3.4 percent. And in April, the employment-to-population ratio for those between the ages of 25 and 54 reached the highest level since 2001. The strength of the labor market is evident in parts of the Federal Reserve's Second District. Fairfield County in Connecticut has fully recovered from the pandemic.