will resolve the tensions between the dynamics of the real sector, inflation and exchange rate conditions in the us economy. in japan, the uk and europe, the markets expect policies to remain as expansionary, or be even more so, considering their weak economic growth rates and projected inflation exceeding their central banks ’ targets. 2 / 14 bis central bankers'speeches in this context, the fraction of fixed - income assets — including long term — with negative rates has increased considerably around the world. i draw your attention to this fact, because it was unimaginable some years back. thus, higher risk appetite and the search for yield have pushed the prices of risky assets up, squeezing sovereign spreads and appreciating currencies vis - a - vis the dollar ( figure 7 ). in any case, the intensity with which this change in financial conditions will impact activity or commodity prices is not so clear. in the baseline scenario, global activity projections do not change significantly. for the 2016 – 2017 biennium average growth in the world economy is expected to stand at 3. 2 %, while chile ’ s trading partners should grow by 3. 0 %, also fairly unchanged from june. the terms of trade will deteriorate less over the projection horizon, although the trajectories foreseen for the prices of copper and oil are similar to those of june, expecting prices in 2018 of us $ 2. 3 per pound of copper and around us $ 55 per barrel of oil ( table 1 ). locally, second - quarter data for domestic activity and demand confirmed bounded economic growth. gdp posted lower annual growth than in the first quarter, but with a configuration where natural - resource - related sectors — particularly mining — showed less favorable performance while other gdp changed little, if anything. the total consumption component of demand continued to grow at around 2. 5 % in annual terms, while investment posted positive growth, boosted by specific factors associated with imports of machinery and equipment. on the other hand, during the second quarter investment in construction and other works showed a sharper than expected fall, with a still weak real estate sector ( figure 8 ). in this context, this report ’ s baseline scenario assumes that gdp will rise between 1. 5 % and 2. 0 % this year, considering that the information reviewed for the first half of the year brings no surprise with respect to our june projections. for 2017, a range is projected for gdp between 1. 75 % and 2. 75 %, down

. it is with this in mind that the regional statistics conference was envisioned, organised and realised. on behalf of the local organising committee, i would like to take this opportunity to thank all our key partners in making this conference a reality. special thanks to the isi and its sea regional network for choosing to have this inaugural regional conference in kuala lumpur. i would also like to thank tan sri andrew sheng ; professor dr. pedro silva ; and mr. agus sudjianto, as well as all paper presenters for sharing their thoughts and experiences at the conference. as part of our effort to encourage more involvement of young statisticians in statistical conferences and to recognise their participation in this conference, we will confer the young statistician ’ s award of the isi - rsc 2014 at the end of this conference. there are 26 entries for 4 prizes under this award. the winners will be announced at the closing ceremony on wednesday afternoon. i look forward to the productive and engaging discussions during this conference, and wish you a pleasant stay in kuala lumpur. i shall now invite the isi president, professor vijay nair to deliver his opening remarks. bis central bankers ’ speeches