, but to slow to 4. 9 percent. 2 / 3 bis - central bankers'speeches chart : policy rate will likely be held steady for some time the committee assesses that the policy rate needs to be maintained at the current level for some time ahead. a policy rate path broadly consistent with the forecast in the december report provides a reasonable balance between the monetary policy objectives. if the economy evolves as projected in this report, the policy rate will be held steady in the period to autumn before it is gradually lowered. chart : inflation will move down and unemployment edge up we now expect an improvement in the norwegian economy ahead compared with the outlook in december. with the current path of the policy rate, inflation is projected to come down faster this year and to approach target in the course of the coming years. unemployment is expected to increase somewhat, but the number of unemployed is expected to be somewhat lower than projected in december. wage growth is set to edge lower, but given the decline in price inflation, it is still likely that wages will rise faster than prices in the years ahead. there is uncertainty about future developments in the norwegian economy. if the rapid increase in business costs persists or the krone turns out to be weaker than projected, inflation may remain elevated for longer than currently projected. in that case, the committee is prepared to raise the policy rate again. if there is a more pronounced slowdown in the norwegian economy or inflation declines more rapidly, the policy rate may be lowered earlier. we know that the steep series of interest rate increases has a cost. the interest rate rise has come on top of a sharp rise in prices. many people have less money to spend, and for some of them it has become difficult to make ends meet. it is likely that no further rate increases will be needed. many people will see an increase in their purchasing power and a lighter debt burden. even so, we must be prepared for somewhat higher unemployment and for a continued decline in activity in certain industries for a while ahead. but given the current outlook, inflation will return to target without a sharp rise in unemployment. 3 / 3 bis - central bankers'speeches

nestor a espenilla, jr : ancient to modern networks speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the host country event " past, present and future of the world economy ", adb headquarters, manila, 4 may 2018. * * * adb president takehiko nakao, chair of the adb board of governors and finance secretary carlos g. dominguez iii, distinguished guests and speakers, good morning! the compelling theme, the powerful messages, the learned speakers, as well as the lively discussions that ensued will not only be imprinted in our minds, but will inspire us to work harder and closer to fulfill our goals. the motivation to network, cooperate and collaborate is one that is ingrained in our common histories and in our very nature as global citizens. this week, we were reminded of this shared intrinsic drive in the most fortunate way when we revisited the silk road discussed ( no less ) by an outstanding historian who authored a bestseller on the topic. professor peter frankopan impressively granted us greater understanding of the past so that we could make better sense of the present. for me, the discussion served as a reminder that to march on to the future we must wholeheartedly embrace our natural desire and need to continuously develop and grow through the sharing and trading, not only of resources, goods, products and services, but also of precious, innovative and transformative ideas. for instance, the launch of the current chinese government ’ s “ one belt, one road ” initiative was inspired by the silk road initiative. the billions being poured into a reinvented and modern ‘ silk road, ’ comprising a network of around 60 countries in asia and europe will result in physical connections through land bridges, railways, utility grids and maritime highways. it will birth a new ecosystem of integrating networks which will benefit the philippines and many countries in terms of the global and regional supply chains. the “ one belt, one road ” initiative highlights china ’ s growing influence. with this and other initiatives and resulting prominence, we ask, “ will there be significant changes in rank and order in the brotherhood of nations? ” even now in various multilateral institutions, emerging markets are clamoring for greater voice, representation and engagement. this is consistent with our increasing role and growing importance in the global economy. as we assess the shifts in the international economic order, there is