respect, it is worth to consider the following. first, the above - mentioned imf study finds considerable differences across time and countries. in particular, it notes that internal factors contributed more to deviations from estimated growth during the slowdown observed after the global financial crisis. other studies reach a similar conclusion. for instance, according to research carried out by world bank staff, although the recent emes slowdown was driven initially by external forces, domestic factors have increasingly weighed on growth. 3 in fact, this study estimates that the growth slowdown in emes since 2011 has predominantly reflected slowing total factor productivity ( tfp ) growth. the significant decline in tfp growth in emes in recent years has also been stressed by other analysts. 4 furthermore, the evolution of economic growth in emes in coming years will be affected by demographic trends. since 2010, working - age population growth has slowed from pre - crisis rates in all eme regions. in addition to the resulting slowdown of labor market inputs, this may adversely affect innovation, productivity growth and savings. 5 second, a substantial recovery of the world economy in coming years is still out of sight. some analysts have expressed concern about the possibility of chronic low growth in the advanced economies, be it as a result of factors on the demand ( a long - lasting excess of saving over investment pulling down growth, inflation and real interest rates ) or supply ( ageing and low productivity growth among them ) sides. 6 regardless of whether or not these fears prove valid, it will be, in all likelihood, a long time before we see again rates of growth in the aes similar to those observed before the global financial crisis. it is also important to note that the transition to a new consumption - services based economic model in china, coupled with the nature of other challenges currently faced by its economy see international monetary fund ( 2014 ) : “ on the receiving end? external conditions and emerging market growth before, during, and after the global financial crisis ”, chapter 4 of world economic outlook, april. see didier, tatiana et al. ( 2015 ) : “ slowdown in emerging markets : rough patch or prolonged weakness? ”, world bank group policy research note, december. see for instance international monetary fund ( 2015 ) : “ where are we headed? perspectives on potential output ”, chapter 3 of world economic outlook, april. see didier, tatiana et al. ( 2015 ) : “ slowdown in emerging markets : rough patch or prolonged

ben s bernanke : financial education and the national jump $ tart coalition survey remarks by mr ben s bernanke, chairman of the board of governors of the us federal reserve system, at the jump $ tart coalition for personal financial literacy and federal reserve board joint news conference, washington, dc, 5 april 2006. * * * good morning. we are here today to learn about a report on a topic of vital importance to our economic future : the financial literacy of america ’ s young people. increasingly, personal financial security requires the ability to understand and navigate the financial marketplace. for example, buying a home, saving for retirement or for children ’ s education, or even effectively managing the family budget now requires more financial sophistication than ever before. financially literate consumers make the financial marketplace work better, and they are better - informed citizens as well. as a former educator and school board member, and as the parent of two young adults, i am personally convinced that improving education is vital to the future of our economy and that promoting financial literacy in particular must be a high priority. i know that those of you here today join me in this conviction. the jump $ tart coalition is a leader among organizations seeking to improve the personal financial literacy of students from kindergarten to the university level. in particular, through its biennial survey of high school seniors - - the results of which you will hear about in a few minutes - - jump $ tart has brought increased attention to the issue of financial literacy among youth in the united states. over the tenyear history of this survey, the data gathered have become some of the most useful measures of what young adults understand about finances. the federal reserve is strongly committed to jump $ tart ’ s mission to better educate america ’ s youth about personal finance. on the regional level, many federal reserve bank staff members work closely with the state coalitions to help achieve this mission. in fact, there is at least one specialist in economic education at each of the reserve banks and at most of the branches. many of these specialists offer training seminars to help educators teach economics and personal finance in their classrooms. the federal reserve also supports a variety of programs and initiatives to increase financial literacy. i want to take a moment to describe just two of these initiatives. the first is a student competition called the fed challenge, a program designed to teach students about monetary policy and the national economy. among other activities, students in this competition take the roles of federal reserve