norhana endut : into tomorrow's malaysia - institutions, inequality and innovation welcoming remarks by ms norhana endut, assistant governor of the central bank of malaysia ( bank negara malaysia ), at the 2023 ameu economics summit, kuala lumpur, 13 august 2023. * * * assalamualaikum and good morning, everyone. thank you to the association of malaysian economics undergraduates, ameu, for the invitation to deliver the opening remarks for this flagship event, the ameu economics summit 2023. let me start by saying, welcome to sasana kijang! yesterday was international youth day, celebrating the energy, hope and new ideas that youths bring to the table in shaping the future of our nation. let me therefore commend the ameu for organising today's event, with the theme " into tomorrow's malaysia : institutions, inequality and innovation ", which in my view, aptly focuses on the important issues which is on our institutions, and the role they play in building a progressive and advanced malaysia. ladies and gentlemen, let me begin by borrowing a phrase from one of my professors during my phd years, the late, professor douglas north who was the 1993 nobel prize laureate in economic sciences for his work on the role of institutional change and cognitive approach to economics. he said, and i quote, " to predict the future we would have to know today what we learn tomorrow which will shape our future actions ". professor north underscored that institutions form the incentive structure of a society and thus, the political and economic institutions of a nation are the underlying determinant of a country's economic performance. to this, i would like to add that, after more than two decades in policymaking, i would argue that institutions are the sole determinant of a nation's economic development. institutions are the humanly devised constraints that structure how humans interact individually and as a society. these constraints are either formal constraints, such as rules, laws and constitutions, or informal constraints such as norms, behaviours, conventions, and self - imposed codes of conduct – and importantly, how these constraints are being enforced. north argued that learning the evolution of institutions and what drives the evolution helps inform us of the path of economic performance of a nation. what does this mean for today's discussion? 1 / 4 bis - central bankers'speeches firstly, a critical assessment of our institutions is important for us to predict where our nation is heading

, policymakers within the central banks global community spent a vast amount of their time attempting to understand the varying behaviours of economic agents and what they mean for effective policy design, in order to secure the intended outcomes. 2 / 4 bis - central bankers'speeches a key ingredient of effective implementation is communication. this underscores the importance of effective engagements across stakeholders. barely two months ago, we had our sasana symposium right here in sasana kijang, a full day dedicated to discussions of structural reforms with a diverse universe of audience. bank negara malaysia highlighted the areas we consider to be the pressing economic and financial issues of the day. of course, the audience included youth representatives as well – perhaps some of you, who are here today. today's event is important not only to students, but also to thought leaders and professionals. rather than a one - way lecture, an event such as today's not only provides a platform for us to hear the concerns that occupy the minds of our youth but also an avenue to crowd in ideas from our future leaders. to us, youths are a demographic we cannot afford to exclude from the conversation surrounding our country's future. tomorrow's malaysia will be built by, and for, the young minds of today. since 2022, bank negara malaysia has engaged over 2, 500 youths across 30 universities and numerous youth associations through several targeted engagements across malaysia, discussing current economic issues. the purpose of such engagements is twofold. firstly, they further our goal of passing the baton to the younger generation. it provides the avenue for the next generation to understand and comprehend the rationale behind key strategies. it is also to provide them with insights on the challenges faced and coming their way. it is vital for future leaders to understand where the problems lie, and the failure and mistakes that they can learn from. but in addition to this, the great benefit of exchanging notes with youths is the novel insight each generation brings, free from constraints hardwired into the mind of their predecessors and coloured with new and emerging concerns which reflect what the future holds. as we lay the groundwork for continuity, we must also question our assumptions and consider fresh, innovative approaches to policymaking. secondly, engaging with youths of all backgrounds plants the seeds for a well - informed society at every level in the days to come. needless to say, knowledge is power and information is liberating. ladies and gentlemen, the word " sasana " is multi