january, 1 / 3 bis - central bankers'speeches supported by a bounce in exports and solid consumer spending. the labour market is still tight. the unemployment rate, at 5 %, remains near its record low, and wages continue to grow in the 4 % to 5 % range. employment growth has been surprisingly strong, reflecting continued demand and increases in labour supply, as more women have joined the workforce and immigration has increased. respondents to the bank's business outlook survey say it's becoming easier to find the workers they need, which suggests that the tightness in the labour market is beginning to ease. past policy rate increases are working their way through the economy and restraining demand. higher interest rates are slowing household spending, particularly on big - ticket items. as mortgages are renewed at higher rates, more households will feel the restraining effects of monetary policy. business investment is also expected to soften in the year ahead, dampened by weaker demand for canadian exports and higher financing costs. taking these forces into consideration, we expect canadian gdp growth to be weak for the rest of this year before beginning to pick up gradually in 2024 and through 2025. on an annual average basis, this suggests growth will slow from 3. 4 % last year to about 1. 4 % this year and 1. 3 % in 2024, and then pick up to 2. 5 % in 2025. this outlook is slightly stronger than our previous projection for 2023, but slightly weaker for 2024. what does all of that mean for inflation? i know many canadians are still struggling to manage the rising cost of living, and at more than 5 %, inflation is still too high. but we've come a long way from the 8. 1 % inflation we saw last summer, and we see further declines ahead. annual cpi inflation declined to 5. 2 % in february, led by falling goods price inflation, which reflects lower energy prices, normalizing supply chains and the effects of restrictive monetary policy on interest - rate - sensitive sectors. the more timely three - month rate of inflation has fallen to 1. 6 %, suggesting headline inflation will continue to ease in coming months. but price pressures for many things canadians need to buy are still too high. food price inflation is still above 10 %. we expect that to decline in the months ahead because production and distribution costs have eased. services price inflation also remains high and is expected to decline only gradually. continued strong demand for services and the still -

s s mundra : defeating poverty – issues and challenges keynote address by mr s s mundra, deputy governor of the reserve bank of india, at the 39th skoch summit, new delhi, 20 march 2015. * * * 1. mr. sameer kochhar, chairman, skoch group ; other dignitaries on the dais and in the audience ; delegates to the summit ; members of the print and electronic media ; ladies and gentlemen! it is a pleasure and privilege for me to be present here today at the inaugural session of the 39th skoch summit on the theme of “ defeating poverty ”. the theme of this conference is extremely relevant at the current juncture when the groundwork on linking each household to the banking sector in a mission mode under the pmjdy is nearing completion. i congratulate skoch for choosing this particular theme for its summit. 2. the ilo declaration of philadelphia, 1944 states “ poverty anywhere is a threat to prosperity everywhere. ” poverty, therefore, has implications for global stability which has been well appreciated by the policy makers the world over. as across the globe, policy makers in india i. e. goi and the financial sector regulators, particularly rbi have also endeavored to ensure that poverty is tackled in all its forms and that the benefits of economic growth reaches the poor and excluded groups in the society. 3. franklin d. roosevelt said “ the test of our progress is not whether we add more to the abundance of those who have much ; it is whether we provide enough for those who have too little. ” if we were to apply this yardstick for measuring our progress, we would be considered to have failed miserably. even after nearly sixty eight years since achieving our independence, poverty remains one of india ’ s largest and most pressing problems. there is no gainsaying that a nation cannot become great when the lives of millions of its citizens are benighted by poor nutrition, limited by poor learning opportunities and shriveled by gender discrimination. what is poverty? 4. the merriam webster dictionary defines poverty as “ the state of one who lacks a usual or socially acceptable amount of money or material possessions. ” however, poverty is not simply characterized by a lack of adequate income. it has far reaching implications. people who suffer from poverty experience a number of deprivations and restrictions. its manifestations include hunger and malnutrition, limited access to education and other basic services, social discrimination and exclusion, as well as the