domestic demand remains robust. more fundamentally, the continued rise of china and the formation of the asean economic community ( aec ) will generate enormous economic opportunities for the region. as will be discussed later, the key challenge for thailand will be how to optimally position ourselves to reap the full benefits of this trend. this brings me to the internal challenges. the overriding focus for thailand this year is ensuring domestic recovery and restoration after the devastating floods in 2011, as well as putting in place short and long - term plans to prevent a repeat of these events. the damage from the floods was severe, with widespread disruptions in the agriculture and manufacturing industries in affected areas. as a result, economic activity contracted by 9 per cent year - on - year in the last quarter of 2011 and the economy barely grew over the year as a whole. bis central bankers ’ speeches in the face of such dramatic numbers, it is important to remind ourselves of the nature of the shock that thailand faced. floods, like other natural disasters, are temporary one - off events. they hit you out of nowhere, but then disappear. this is very different from growth slowdowns due to inherent weaknesses in the economy, such as financial crises. as we are witnessing in many parts of the developed world, such retrenchment in economic activity tend to be long - lasting as previous excesses have to be worked out from the system. the aftermath of one - off shocks, on the other hand, is generally characterized by rapid resumption of economic activity as things get back on track. thus there is no question that thailand will recover quickly and strongly from the floods. we project that economic growth will rebound to 4. 9 percent in 2012, boosted by private and public spending for post - flood restoration. in 2013, economic growth is projected to gather momentum, expanding by 5. 6 percent. this positive trajectory reflects a number of key fundamental strengths in the thai economy. first, our human capital remains intact and strong. thailand ’ s flexible and skilled workforce will continue to provide a solid foundation for businesses to flourish and expand. second, the corporate sector boasts healthy balance sheets from accumulated savings and profits, enabling them to rebuild and invest. third, the banking sector is strong and well - placed to provide the financing necessary to sustain the investment cycle. finally, thailand is well positioned geographically to serve as a supply - chain hub for many industries and to reap the benefits of an expanding as well as more integrated asian economic block

, which were adapted after hearing their input. other federal reserve partnerships with indian country include initiatives on access to credit ; native community development financial institutions ; financial education programs tailored to early childhood, secondary, and higher education ; workforce development ; housing ; social services ; and elder programs. and as part of our ongoing effort to deepen our understanding of tribal economies, last year, the federal reserve board announced that we had joined the central bank network for indigenous inclusion, along with the reserve bank of new zealand, the bank of canada, and the reserve bank of australia. this is part of our commitment to learning best practices and expanding our international partnerships with central banks that are similarly invested in supporting indigenous people and communities. - 3the federal reserve works for all of us, and our research and analysis must reflect the specific needs and circumstances of all of our communities. i am grateful for our partnership with the national center for american indian enterprise development, and i want to thank you, as well as all our colleagues, advisors, and stakeholders who help us work toward a stable and inclusive economy for all. thank you.