In comparison with other countries, productivity gains in banks and other service sectors stand out in particular. Examples are automated processes and swifter payments in the financial industry, and improved inventory and management systems in commerce and transport. This reduces production costs. The business sector is quick to adapt and change, and to make use of new technology that is available in an international market. This is probably due to the modernisation in the 1980s and 1990s of the way the economy functions, which resulted in more efficient markets. Although satisfactory current statistics for central government and local government productivity are not available, government agencies have probably also become more efficient. New technology and new organisational structures have certainly provided opportunities to increase efficiency. Third, an ample supply of foreign labour has been an important factor behind output growth. In particular, the supply of foreign labour has increased sharply after EU enlargement in 2004. Improved terms of trade, high productivity growth in the Norwegian business sector and the increase in labour supply have resulted in a favourable environment for the Norwegian economy. Unemployment has declined considerably and is now very low. The labour market is tight. Unemployment has not been as low since the second half of the 1980s, and employment has risen sharply this year. Wage-earners and enterprises have both fared well. Cheap imported goods have resulted in a subdued rise in consumer prices and a substantial increase in wage-earners’ real wages. High export prices have restrained the rise in real labour costs.

Zeti Akhtar Aziz: Enhancing global interlinkages in the international Islamic financial system Opening speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launch of Commodity Murabahah House, Kuala Lumpur, 17 August 2009. *  *  *  It is my great pleasure to be here, this afternoon, on this occasion of the launch of the Commodity Murabahah House. The establishment of the Commodity Murabahah House is, indeed timely, as the international financial crisis is gradually stabilising and the global economy is entering into a period of recovery. This decade has seen Islamic finance enter into a new phase of development, as its international dimension gains significance. Of significance, is that the international financial crisis has not discouraged this trend. The Islamic financial system has continued, during this period, to become increasingly integrated with the international financial system. However, as this inter-connectivity intensifies, the exposure to risks arising from financial and economic developments from other jurisdictions will increase. Essentially, international Islamic financial transactions will require the development of the supporting financial infrastructure, in particular, the systems and structures for the management of liquidity. Malaysia has taken several initiatives to strengthening the international dimension of our Islamic financial system during this decade, to increase our inter-linkages with other parts of the world. In 2002, the Malaysian Government became the first to issue a global sukuk. In the same year Malaysia was in the pioneer group that established the Islamic Financial Services Board that sets international prudential standards for Islamic finance.