from resiliency to recovery and beyond : central bank policies for an uncertain world dr. sethaput suthiwartnarueput, governor of the bank of thailand edited script from thailand focus 2021, the stock exchange of thailand ( set ) 25 august 2021 distinguished participants, it is a great pleasure and a privilege for me to be here to address the 15th thailand focus and let me thank the stock exchange of thailand for inviting me to give my remarks today. i would like to cover three areas. first, i will share my thoughts about the economic outlook for thailand. secondly, i will talk about what the bank of thailand has been doing in response to this crisis. and thirdly, i would like to share with you about what we are likely to do going forward. part 1 : the economic outlook for thailand first, on the economic outlook, thailand has been hit very hard by the covid - 19 crisis and harder than our neighboring countries. as a result, our economic recovery is likely to be slow and lag that of the region. these are due to the following reasons. first, thailand relies heavily on tourism. tourism accounts approximately 11 to 12 percent of gdp, which is two to three times higher than that of neighboring countries. thus, tourism that is likely to recover much slower than other sectors will be a drag to the speed of the economic recovery. the second reason is that our vaccine rollout has admittedly been slower than that of the region. the share of the population that have received two doses of vaccines in thailand currently stands at about seven percent, which lags behind other countries in the region including malaysia, indonesia, and the philippines. therefore, given that thailand has been hit severely by the third wave of the outbreak with subsequent lockdown and the likelihood in achieving a larger share of vaccinated population that will take some time, this indicates that the recovery is likely to be slow going forward. second, thailand ’ s economic recovery is likely to be highly uneven or so - called “ k - shaped recovery ”. our export sectors have recovered back to where they were prior to the crisis and are producing and exporting at levels higher than the pre - crisis levels. however, other sectors, notably the services and tourism - related sectors, have been recovering more slowly. in particular, hotels and restaurants are lagging significantly and experience a great page 1 of 9 degree of hardship. the reason why this has hit the economy particularly hard is that tourism, aside from accounting a large

jurgen stark : the changing global economic structure - a view from europe speech by dr jurgen stark, vice president of the deutsche bundesbank, at the american council on germany, new york, 14 april 2005. * * * it is both a pleasure and an honour to speak to you here today. my remarks will focus on the changing global economic structure. what has changed since the early 1990s? an increasing proportion of economic activity is marketdetermined. within a period of only 15 years, major centrally planned economies have turned into market economies and several previously strongly regulated emerging market economies have implemented radical reforms. all of this has stimulated very strong and ongoing growth dynamics. consolidated and internationalised competitive conditions have ensued from this process, thus continuously placing adjustment requirements on all economies. this challenge is being accompanied in many, predominantly advanced economies by demographic changes which require additional efforts. i under realistic assumptions the us, but in particular also asia, will remain the centres of gravity of the global economy in the next years. however, without changes in the conduct of economic policy this would also mean that the existing global current account imbalances would become even more pronounced. this could result in an increasing risk of sudden exchange rate and financial markets movements. moreover, enormous challenges add to the vulnerabilities connected with the current global imbalances. the changes in the global economic structures in the wake of globalisation are particularly important : 1. production processes can be regionally fragmented to a greater extent than ever before. 2. the number of tradable goods has risen sharply - many services have become tradable. 3. the financial markets are closely integrated on a global scale. 4. economic policies, but also tax systems and regulations, are competing with one another internationally for capital investment and savings. the number of countries affected by today ’ s globalisation processes is far larger than the number involved in earlier phases. this applies particularly to the involvement of emerging markets and developing countries in the global economic integration processes. the shares which these countries have in the world ’ s goods markets, direct investment flows and portfolio inflows have expanded considerably. ii the increasing integration of above all large emerging economies into the global economy means that the volume of world trade and global growth prospects will continue to rise. the so - called bric countries - brazil, russia, india and china - are arousing particular interest in this respect, with the two large asian countries - china and india - assuming a prominent role. while china