the unit is also responsible for providing a setting for master ’ s degree programmes for students at the aalto university, the university of helsinki and hanken school of economics. the new unit will also be responsible for coordinating the establishment of professorships in the field of economics and the recruitment of economics professors in the universities that are part of the graduate school. the unit will be a centre for economics and other quantitative social sciences. it will also cooperate with external stakeholder groups, for example economics researchers and students, as well as researchers and students of the other social sciences at universities located outside the greater helsinki area. the various branches of social sciences have many joint interests, and therefore we may witness an increase in research interaction in future. the sub - disciplines of economics that are in need of reinforcement are macroeconomics, public economics, applied micro - economics and data - based decision - making. these produce competence and research - based knowledge in key policy areas, such as monetary, financial and eu policies, social and health - care policy, competition policy and pension - related issues. the input of researchers is also needed in the planning of markets and the impact assessment of policy measures in various fields. industrial organisation and structural models can provide the necessary tools for analysis. a deep understanding of economic growth – ultimately productivity growth – is also of key importance. we must also consider what constitutes the optimal amount of resources to be allocated, on one hand, to research communities that produce the critical mass and that have already been established in finland in some sub - disciplines of economics, and, on the other hand, to ensure a sufficient degree of multidisciplinary research. in conclusion economics has produced a number of tools for finding the best solutions. economists play an important role in societal debate by contributing to the discussion the results of economics research and also by informing on the disagreements and interpretational differences in the field of research. this is not only their right but also their responsibility. [ 1 ] rajan, r. ( 2005 ) : has financial development made the world riskier? proceedings – economic policy symposium – jackson hole, federal reserve bank of kansas city. 6 / 6 bis central bankers'speeches

implemented the green revolution. after the oil shocks of the 1970s, emigration from south asia to west asia became one of the largest market - driven labour flows. this, in turn, led to a significant increase in remittance flows to the region. the asian financial crisis of 1997 impacted the south asian countries in terms of surges in capital outflows and exchange market pressures. over the years, as a crisis prevention strategy, the south asian countries prioritised sound macroeconomic policies and embraced financial sector reforms focusing on competition, prudential regulation, enhanced transparency, audit and accounting standards. these measures helped in preserving macro stability while sustaining integration of domestic economies with the global economy. 4. in recent years, multiple shocks, in particular the covid - 19 pandemic and the war in ukraine, have dampened the economic prospects of the south asian region, as in other parts of the world. some countries in the region have also been contending with the 1 / 5 bis - central bankers'speeches ramifications of unsustainable debt and climate change induced events. consequently, they have been seeking recourse to the imf's financing facilities. notwithstanding these challenges, as per the world economic outlook database ( october 2022 ) of the imf, india, bangladesh and maldives would be among the fastest growing economies in the world in 2022 and 2023. according to the asian development bank's december 2022 outlook, the south asian region's gdp is projected to grow at 6. 5 per cent in 2022 and 6. 3 per cent in 2023. 5. the world bank estimates that regional co - operation could be a win - win situation for all countries of the region1. for example, intra - regional trade is currently only one - fifth of its potential, implying an annual shortfall of us $ 44 billion. the world bank assessment also suggests that a common electricity market for bangladesh, bhutan, india and nepal can yield savings of us $ 17 billion in capital costs. investment in transport and logistics could help reduce the cost for container shipments in south asia. according to a study by the imf ( 2019 ) on south asia, more than 150 million people will enter the south asian labour force by 2030. the dependency ratio is expected to continue ebbing for almost two decades, indicating the strong demographic dividend the region is set to reap. policy priorities i would now like to focus on some of the desirable policy priorities for the