works more efficiently when more information about it is publicly available. indeed, the data have been used to identify credit demand that might otherwise have been overlooked. the conclusions drawn from the data have also encouraged the establishment of partnerships between lenders and community organizations to meet credit needs. the other assumption is that disclosure of data improves compliance with, and enforcement of, fair lending and consumer protection laws. as you know, the hmda data are the first reference point for fair lending examinations conducted by the federal reserve and the other banking regulators. the data help to identify potential fair lending issues in the institutions regulated by the federal reserve and other supervisory agencies. the public disclosure of price information - - in the form of spreads between the annual percentage rate on a loan and the rate on treasury securities of comparable maturity - - is designed to improve market efficiency and regulatory compliance. even with the addition of the price data, however, hmda data alone are not sufficient to prove discrimination. but new data will allow examination resources to be deployed more strategically by allowing supervisory agencies to determine, in advance, which lenders and higher - priced loan products may require more scrutiny. the new disclosure requirements will ensure that, as the marketplace develops and changes, interested parties will be able to conduct more efficient fair lending reviews. just as the release of data about race and sex helped lenders to focus on the underserved markets identified by the data, so will the new pricing data help them focus on those people and geographic areas that may be underserved. over the last decade, lenders made great strides in improving their lending policies and developing strong compliance - management and oversight programs. it is hard to argue that this improvement was not, in large measure, a response to the 1989 release of data about race and sex. credit scoring systems and innovative programs such as second reviews of denied loans became industry standards in an effort to serve these underserved markets better. the new data provide a similar opportunity to improve the efficiency of the mortgage market. a published board staff analysis of the 2004 data finds substantial disparities among racial and ethnic 2 / 4 groups in the incidence of receiving higher - priced loans. those disparities may narrow when information about credit scores, loan - to - value ratios, and other credit - related factors is considered, but it is not clear that taking into account those other factors will erase the disparities. one cause of the disparities worthy of note is the finding that blacks and hispanics are much more

strong growth last year. more specifically, the boost from the first - car scheme dissipated sooner than expected. household debt, which has risen fast and is now in the ballpark of 80 percent of gdp, starts to weigh on durable and semi - durable purchases visibly. and businesses also seem to postpone investment awaiting better economic conditions at home and abroad. in light of these factors, the bank of thailand projected gdp growth to be around 4 percent this year, a downward revision from a more bullish view we had earlier. but i would like to note that this is still a reasonable growth amid weak external environments, coupled with the fact that consumption has become somewhat overstimulated already. looking ahead, fundamentals of the economy remain sound overall. monetary and fiscal conditions will continue to be supportive. and despite some delay, contribution from exports is also bound to improve as the global economy gains a firmer footing. some concerns that i have about the outlook, however, are the possibility of continued sluggishness in private demand, and the possibility that supply - side constraints – both in the labor market and the production sector – could hold back the future potential of investment and exports. through this turbulent time, the bank of thailand has been steering its monetary and financial policies with prudence. the flexible inflation - targeting framework succeeds in anchoring inflation expectation, thus fostering continued growth and stability. the managedfloat regime accommodates baht movements that are in alignment with fundamentals, with policy instruments ready to curb excessive speculation and overshooting if needed. the strong international reserves position, at the same time, helps cushion against sharp flow reversals. efforts have also been expended on financial liberalization and regulatory reforms under the financial sector master plan. and for the banking sector, banks ’ capital bases have been strengthened well above international standard, while granting new subsidiary licenses for foreign banks will ensure that the future banking system stays competitive and vibrant. c. lifting barriers to sustainable growth distinguished audience, sound macroeconomic and financial practices have been instrumental in safeguarding economic stability and helping the country weather through numerous shocks that have come its way. sufficient policy spaces in monetary and fiscal policies provided buffers amid intense headwinds and supports in the times of need – notably in the aftermath of the global financial crisis and the flood devastation in late 2011. but now that the height of the global crisis is behind us, and the need for short - term macroeconomic management less pressing, a serious attention should also be