economic growth. the thai economy this year will continue to be driven largely by domestic demand and tourism. exports will likely remain flat or decline further, not only due to subdued global demand but also price effects as export prices have tumbled following the low commodity prices. but, so far the impact on the labor market, even those in export - oriented sectors, has appeared well - contained. notwithstanding the threatening uncertainty around us, tourism continued to be a main growth driver for the thai economy, with expected tourist arrivals of around 31 millions in 2016. the clmv market is another bright spot. the thai exports to clmv market are expanding in accordance with their growing middle class and vibrant economic activities. the clmv market is now accounting for 10. 4 percent of thai total exports, which is already larger than our exports to japan, the third largest export destination. in terms of the domestic economy, we have learned from the latest gdp release that the construction sector has picked up with a strong growth of more than 20 percent in the fourth quarter of last year, thanks to government infrastructure projects. the spillovers from these projects are also benefiting the real estate market. demand for properties continues to expand as we see mortgage loans growing at around 10 percent year on year in recent months. financing conditions have also been favorable. monetary policy stance remains accommodative and in full support of economic recovery. and, despite the slow economic growth, the overall credit and corporate bond issuance to the private sector continues to grow at around 7 percent. the bank of thailand would ensure that the cost of funds is conducive to the ongoing recovery, while also keeping a cautious eye on risks to financial stability. on the fiscal front, the government has become more effective in disbursing and implementing investment projects. government relief and stimulus measures are also essential at difficult times, especially for those severely affected by adverse economic situations, such as from the current drought. but while taking care of the short - term issues, we must not forget to reckon longer term challenges facing the thai economy. thailand is in need of serious initiatives to upgrade and unlock our economic potential in the long term. in this context, we welcome many new initiatives by the government to push ahead with structural reforms. this brings me to the last part of my talk tonight on the way forward for the thai economy, and how we and our partners like japanese businesses may ride together toward sustainable prosperity. let me first touch upon some of the ongoing reforms

final rules. in any event, i recommend that french insurers continue with their preparations in order to be ready technically in 2014 as if the standards were going to enter into force as scheduled. is the programme of job cuts that you have just announced for the banque de france sufficient when compared with staff levels at other central banks? i find the accusations about the supposedly excessive staff levels at the banque de france exasperating. they are based on spurious international comparisons since other central banks – such as the bank of england – do not print their own banknotes, do not ( yet ) incorporate the banking supervisor and do not perform tasks such as the management of bis central bankers ’ speeches over indebtedness, which is entrusted to the banque de france by law. more than 200, 000 households debt applications processed every year is no mean feat! we have already made a great effort over the past few years as our staff levels have been cut by nearly 20 % in ten years. and we will continue with this effect ; but it is based on a detailed analysis of our activities and requires substantial investment in order to increase productivity. our programme is ambitious but in keeping with the reality of the tasks we perform and respectful of our employees. bis central bankers ’ speeches