pace above its potential through fiscal 2016. in fiscal 2017, although demand related to hosting the olympic games will underpin the economy, the growth rate is expected to slow to around a level somewhat below the potential, mainly because of a fall in household spending due to the consumption tax hike. looking at the medians of the policy board members ’ forecasts in the january 2016 outlook report, the real gdp growth rate is projected to be 1. 1 percent for fiscal 2015, 1. 5 percent for fiscal 2016, and 0. 3 percent for fiscal 2017. looking at the outlook in detail by major component, business fixed investment is projected to continue to see a moderate increase on the back of a marked improvement in corporate profits and accommodative financial conditions. private consumption is projected to generally remain resilient, reflecting the developments in real disposable income. housing investment is expected to continue picking up, underpinned by the continued steady improvement in the employment and income situation and the low levels of housing loan rates. industrial production is likely to start picking up as the inventory adjustments progress, and thereafter is likely to follow a moderate increasing trend, supported by an increase in final demand at home and abroad. exports, which have been picking up, are expected to head toward a moderate increase for the time being since automobile - related exports are likely to continue increasing on the back of firm sales developments in the united states, europe, and china. however, in the longer run, exports are expected to tend to mark a fall rather than a clear increase, given the decline in expected growth in emerging and commodity - exporting economies, protracted low commodity prices, and the resulting excess in production capacity related to materials and energy. on the price front, the year - on - year rate of increase in the cpi ( all items less fresh food ) is likely to be about 0 percent for the time being, due to the effects of the decline in energy prices. nevertheless, as the underlying trend in prices steadily rises and the effects of the decline in bis central bankers ’ speeches crude oil prices dissipate, the rate is likely to accelerate toward 2 percent – the price stability target. looking at the medians of the policy board members ’ forecasts in the january 2016 outlook report, the year - on - year rate of increase in the cpi ( all items less fresh food ), excluding the direct effects of the consumption tax hike, is projected to be 0. 1 percent for fiscal 2015, 0

performance data not only provides peer pressure that spurs action, but also provides empirical evidence on which financial inclusion policy actions are delivering the most optimal impact. the analysis of the global findex data has provided strong evidence that countries which adopted mobile banking outperformed those that did not. such empirical evidence facilitates policymakers and the private sector in their drive for greater financial inclusion. priorities for greater financial inclusion in these recent years, there has been significant progress in advancing financial inclusion across the world. according to the global findex, 700 million adults have gained access to formal financial services since 2011. this is indeed a significant achievement. yet 2 billion adults today are still unbanked. therefore both the private and public sectors, need to intensify efforts to accelerate meaningful and effective efforts in the drive for greater financial inclusion. in malaysia, our priorities are to enhance greater access to digital financial services, as well as to enable the underserved to benefit from increased convenience, greater efficiency and lower cost. another important priority would be financial education for the newly banked, to ensure that new entrants into the financial system behave responsibly and do not suffer the unintended consequences of being over - indebted. for asean, financial inclusion is an increasing priority because it is estimated that 260 million adults in the region still do not have access to the formal financial system, while 45 million small businesses have difficulties in accessing financing. to overcome this challenge, asean finance ministers and central bank governors in march 2015 decided to elevate financial inclusion to be a policy priority. it is our shared vision that every person and every small business in the region can participate and benefit from the opportunities that will be brought forth by greater regional integration under the asean economic community. conclusion our collective efforts in advancing financial inclusion have yielded many significant achievements. the global findex database 2014 will be an important contribution to more bis central bankers ’ speeches optimal and impactful financial inclusion policy making and implementation. bank negara malaysia would like to congratulate the world bank group on this accomplishment. we would also like to reaffirm our unwavering commitment to the financial inclusion cause and look forward to deepening our cooperation with all stakeholders to fulfil the promise of greater financial inclusion, thereby bringing hope and better opportunities to our communities. thank you. bis central bankers ’ speeches