markets. in addition, rising inflationary pressures in the global economy arising from high energy, commodity and food prices has resulted in the erosion of the purchasing power. despite a slower performance in the external sector the continued expansion of the asian economies is expected to be sustained. growth is predominantly supported by strong domestic demand and the increased intra - regional trade and investment activities. a more recent phenomenon is the increased mobility of labour in the region. increasingly, talent from our region have ventured beyond domestic borders. this trend is not limited to our immediate borders but also to more distant emerging and developed economies. again, we are seeing the two - way flow of talent for the different areas of professional expertise and the workforce leading to an increasingly diversified background of employment in different parts of the world. malaysian professionals can be found in every continent in wide ranging areas of employment. let me turn to the participation of women in the economy. about half of the malaysian population are women and they account for about 47 % of the workforce. the representation of women at the professional, managerial and technical levels has increased from less than 30 % in 1990 to about 40 % currently. such progress has been achieved given the educational opportunities that have been made available to women. literacy rates among women is about 90 % due to the countries comprehensive and inclusive education system. female primary and secondary students account for half of total enrolment, while at the public universities, female students account for 55 % of the total enrolment. it is this educational foundation which has accorded equality to women in malaysia. it has enabled women from all walks of life and backgrounds to contribute and participate fully in malaysia's economic prosperity. women in malaysia have also participated significantly in the small and medium enterprise sector of the economy. a significant number of women run family businesses makes up a large part of this sector. another area in which there is significant participation of women is the services sector which has now become one of the most important sources of growth for the malaysian economy projected to expand by 7. 7 % in 2008. ninety percent of womenowned smes in malaysia are in fact in the services sector. some of these activities are also developing in the informal sector. as, the formal economy in malaysia continues to prosper, there is significant scope to integrate the informal sectors of our economy with the formal sector. deliberate actions to integrate the informal economy into the formal economy will give this segment of society increased opportunities. as part of the efforts to promote greater engagement of women in

zeti akhtar aziz : implications of emerging global economy trends for malaysia speech by dr zeti akhtar aziz, governor of the central bank of malaysia, on the occasion of the international women's day forum, kuala lumpur, 1 april 2008. * * * fundamental changes occurring in the international environment have dramatically altered the configuration of the global economy. a global shift is taking place resulting in a rebalancing of economic power. accompanying these changes is the increase in the international mobility of talent and capital flows. in this more dynamic environment, comparative advantages and distinct capabilities are also shifting. this has resulted in a rethinking of the business models and the manner in which we operate to achieve performance. in addition, corporate cultures have needed to change. this reorientation has entailed reviews of the strategic focus, the strategies, approach and processes as well as the redeployment of resources. in conjunction with the international women's day that was on march 8, it is my honour to be here today to speak at this forum organised by accenture. my remarks will focus on the implications of these newly emerging trends in the global economy on malaysia. more specifically, to discuss the new future that is emerging before us, and the opportunities it accords. equally important, is the ability to raise the level of our flexibility and capacity to adjust to these changing conditions. on the occasion of the celebration of the international women's day, it is important for us to reflect on the implications of this rapidly changing environment for women. women account for almost half of the world's population. the integration and full deployment of women in the workforce is therefore a vital part of our quest for higher performance in this new era of the modern economy. let me begin with some brief words on the economic and financial transformation that is occurring in malaysia. indeed, malaysia is very much a part of this new phase of globalisation in which the concentration of economic power in the global economy is now becoming more dispersed. international trade, investment and financial flows have now become increasingly a two - way process. in fact, it is these very changes that have increased the tolerance level and strengthened the resilience of the economy. the malaysian economy continues to be transformed in several ways. firstly, domestic demand has become an important driver of growth compared to previously being export driven. malaysia has thus become part of the massive cumulative market that is growing in asia. secondly, this has contributed to changing significantly