it is still too early to anticipate future developments in robotics and ai and how they will be integrated into productive tasks and thus to predict the scope and effects of new generative ai models that are capable of carrying out tasks requiring creativity and innovation – previously the sole domain of humans. however, the reallocation of employment across sectors and occupations and the demand for new professional qualifications reflecting new technological developments will undoubtedly accelerate. employment policies have a pivotal role to play in minimising the fallout of this shift on employment and productivity and in adapting labour supply to the new technological environment. demographics are another important factor to take into account : specifically, the ageing of the working population, which also has implications for the volume of employment, its sectoral and occupational composition and productivity. these implications reflect both 2 / 4 bis - central bankers'speeches composition effects, owing to differences in employment and productivity rates by age, and the fact that employment opportunities for older people and labour productivity across all age groups tend to be lower in older societies. as noted, the high structural unemployment rate in spain is one of the economy's main challenges and the object of study by the banco de espana. in this regard, chapter 3 of our 2023 annual report1 offers a thorough review of the spanish labour market. it concludes that there is room for improvement both in passive policies, which protect workers when they lose their jobs, as well as in active policies, which seek to promote the employability of unemployed workers and their adjustment to the labour demand existing at any given time. moreover, it suggests that anything that hinders sectoral and occupational reallocation of employment will exacerbate job destruction linked to technological change. this means that employment protection legislation and collective bargaining regulations must also be reconsidered in the light of the new technological and demographic environment. all of the aforementioned aspects of the spanish labour market also bear on the second challenge facing our economy – its low level of productivity, which is a result of many factors that interact with each other and should be tackled together. these factors include, for example, any aspects that constrain business growth and business demographics in general and the reallocation of productive resources across sectors and firms, as well as spain's shortfall in terms of technological capital and investment in innovation, as described in chapter 2 of our latest annual report. 2 the role of these factors in limiting productivity growth in spain has been comprehensively documented in the literature, at least to the

institutional capture is a major obstacle in this area, with many reforms still to be implemented effectively and evenly on the ground. improving the quality of indonesia ’ s infrastructure is another essential aspect of strengthening indonesia ’ s competitiveness and we are still work on it with full commitment. as far as recent development and prospect of the economy, challenge emerge as the global world bank, investing in indonesia ’ s institutions for inclusive and sustainable development, 2008 recovery process makes is still highly uncertain and will determine the degree to which indonesia ’ s growth accelerates in 2010 and beyond. i believe that the future success will depend on improving the policy conduct and quality of our institutions, particularly the public sector. our top priority is to maintain stability as well as increase the resiliency of domestic financial market from possible liquidity shock. our policy will always be directed consistently on achieving medium term inflation target and thus promote macroeconomic stability. for sustainable growth, indonesia will have to ensure effective implementation of key reforms to the investment climate to both permits the private sector to drive growth and to increase public institutions capacity. on my view, access to financial services should be enhanced through a well - functioning and deep financial market. the later is needed to facilitate and promote longer term investment, maintain markets confidence especially on short - term investment, and thus prevent the economy from sudden reversal. this can be done by improving market efficiency through prudent practices of the market players, existence of liquid market, strong liquidity risk management, and wider - range financial instruments including hedging instruments. the presence of credible credit information system is also needed to lessen credit risks and lowers borrowing costs. against this backdrop, we are committed to improve regulatory quality, the rule of law, and good governance through accountability and enhancing institutional capacity. distinguished guest, ladies and gentlemen building on its existing economic and political fundamentals, indonesia today has the opportunity to create this virtuous cycle of sustainable and inclusive growth. overall, indonesia has a strong willingness to improve the condition. i am very optimistic to the direction of indonesian economy ahead and expect you all would share the same few. before i end up my remarks, i would like to deliver my sincere gratitude to all distinguished speaker mr. john chambers, dr. richard clarida, and mr. russell king, who has dedicated their valuable time to share with us today, and for that reason, let ’ s us proceed to the seminar and have a fruitful discussion. god bless you all. indonesia 2005 ‐ 2011 ‐