these 3 - month rates come down further, and those declines be sustained. we are also looking for evidence that near - term inflation expectations are easing and that longer - term expectations are centred on our 2 % target. near - term expectations remain high and our surveys suggest that uncertainty about where inflation is headed remains unusually elevated. looking at indicators of labour markets and economic activity, it is clear that even though the economy has started to slow, it remains in excess demand. job vacancies have declined from their peak but remain high, and businesses continue to report 2 / 3 bis - central bankers'speeches widespread labour shortages. with the economy now fully reopened, households want to enjoy many of the close - contact services they have missed, but businesses can't keep up, and we have seen prices for services rise rapidly. higher policy interest rates are beginning to slow demand. higher mortgage rates have contributed to a sharp slowing in housing activity from unsustainable levels, and consumer and business spending on goods is moderating. this has led to declines in house prices and is exerting downward pressure on goods prices. moving forward, we expect the effects of higher interest rates to continue to work through the economy, moderating household spending and business investment. slowing global growth, particularly in the united states, will also weigh on canadian exports. we project growth in gross domestic product ( gdp ) will stall through the end of this year and the first half of 2023 before picking up in the second half. annual average gdp growth is therefore projected to decline from about 3a¼ % this year to just under 1 % next year and about 2 % in 2024. with growth below potential for several quarters, excess demand in the economy dissipates and the economy moves into excess supply in 2023. putting the global and canadian outlooks together, we expect inflation will hover around 7 % in the final quarter of this year, fall to around 3 % by the end of next year and return to the 2 % target by the end of 2024. the bank of canada's job is to ensure inflation is low, stable and predictable. we are still far from that goal. we view the risks around our forecast for inflation to be reasonably balanced, but with inflation so far above our target, we are particularly concerned about the upside risks. we are mindful that adjusting to higher interest rates is difficult for many canadians. many households have significant debt loads, and higher interest rates add to their burden.

entities. the fatf considers that if implemented effectively and with respect to applicable human rights provisions by countries and the private sector, targeted financial sanctions are an important means to deprive terrorist and proliferation financiers of their funds, thereby protecting citizens from the threats of crime, terrorism and weapons of mass destruction. in order to be effective, however, these measures also have to be implemented and enforced in practice. 1 / 2 bis central bankers'speeches as an international financial centre, mauritius is committed to protecting its financial services sector from abuse. as a member of the united nations, mauritius has given effect to the sanctions regime under the un security council resolutions as well as the fatf recommendations 6 and 7 though the enactment, in may 2019, of the united nations ( financial prohibitions, arms embargo and travel ban ) sanctions act 2019 – the un sanctions act as it is more commonly referred to. the un sanctions act imposes a number of obligations on financial institutions, namely – prohibition against dealing with funds and other assets ( asset freeze ) of a designated or listed party ; prohibition against making funds and other assets ( and financial services ) available to, or for the benefit of listed parties ; reporting obligations and reporting of suspicious information, amongst others. the un sanctions act further requires financial institutions to implement internal controls and other procedures to enable a financial institution to effectively comply with the un sanctions act. it is therefore imperative for financial institutions to have adequate policies and procedures, systems and controls in place to enable the financial institutions to, amongst others, – identify the existing accounts, transactions, funds or other assets of designated persons and entities ; immediately freeze any identified funds or other assets held or controlled by designated persons and entities and prevent designated persons and entities from conducting transactions with, in or through them. as the central bank of the country and the aml / cft regulator for the banking sector, the bank of mauritius must safeguard not only the financial stability and soundness but also the integrity of the banking sector. non - compliance with the aml / cft obligations, including the targeted financial sanctions, will therefore, be severely dealt with by the bank. on those notes, allow me, ladies and gentlemen, to leave the floor to our panel of distinguished speakers who will guide you on the implementation of these obligations. i thank you for your kind attention and wish you a fruitful workshop. 2 / 2 bis central bankers'speeches