barry whiteside : lifting financial literacy levels in fiji speech by mr barry whiteside, governor of the reserve bank of fiji, at the launch of the be money wise ( bmw ) program, suva, 20 august 2013. * * * distinguished guests, ladies and gentlemen and, most importantly, all the children present here today. introductory remarks a very warm welcome to you all. i am delighted to be present here today at the official launch of this important initiative – the “ be money wise ” ( bmw ) program. this launch marks another milestone in our journey towards lifting financial literacy levels in fiji. background please allow me to share with you the concept of the be money wise program which has evolved out of the work being carried out in our capital market for a number of years now. the objective of this program is to teach our children “ money smart ” principles by using creative fun - filled activities. in time we expect that this will lead to the development of a culture of financial prudence in our children, preparing them well for their adult working life. the activities planned within the program are focused on the importance of acquiring good money management skills so our children will learn how to save and understand the concept of investing in the various financial products available in fiji. the program will run from 2013 to 2020 as an important part of the reserve bank ’ s national capital markets master plan 2020. the bmw program is intended to complement what children learn in school through the national financial education program. i would like to now address our children in particular at this time. girls and boys, we have used the bee in the be money wise logo so that you can identify with the program easily – just as some of you already do with our financial literacy mascot, “ vuli ” the vonu. the honey bee in the logo represents the hard working and productive nature of the bee. the bee is well known for being a very productive insect. if you watch a swarm of bees working at their hive you will notice that each bee has a particular job to do. bees also plan for the long term. honey is produced by bees as a food source. in cold weather or when fresh food sources are scarce, bees use their stored honey as their source of energy. in the same way, the bmw program aims to remind you to always work hard and to be productive and creative in managing your money and in making financial decisions. always think and plan for your future, just as the bee does. and just as the honey produced

the economy will likely receive a substantial boost from $ 1. 5 trillion in personal and corporate tax cuts and a $ 300 billion increase in federal spending, with estimates suggesting a boost to the growth rate of real gdp of about 3 / 4 percent this year and next. 3 risks and uncertainties in short, with a tightening labor market and inflation near target, fiscal stimulus in the pipeline suggests some risk to the upside. by contrast, recent developments abroad suggest some risk to the downside. global growth has been synchronized over the past year, but recent developments pose some risk. political developments in italy have reintroduced some risk, and financial conditions in the euro area have worsened somewhat in response. with some uptick in political uncertainty, and inflation still below target in the euro area and japan, monetary policies among the advanced economies look likely to be divergent for some time. in addition, some emerging markets may find conditions more challenging. an see brainard ( 2018 ). for example, the international monetary fund ( 2018 ) estimates that the tax cut legislation will raise the level of u. s. gdp 1 - 1 / 4 percent by 2020, and the congressional budget office ( 2018, p. 13 ) estimates that increased spending caps will boost the level of real gdp by 0. 6 percent in 2019. - 3environment with a strengthening dollar, rising energy prices, and the possibility of rising rates raises the risks of capital flow reversals in some emerging markets that have seen increased borrowing from abroad. although stresses have been contained to a few vulnerable countries so far, the risk of a broader pullback bears watching. in addition, uncertainty over trade clouds the horizon. an escalation in measures and countermeasures - - although an outside risk - - could prove disruptive at home and abroad. sustaining full employment here at home, the labor market is strong. so far this year, payroll gains have averaged 200, 000 per month, sufficient to put further downward pressure on unemployment. indeed, the unemployment rate moved down to 3. 9 percent in april following six consecutive months at 4. 1 percent. the unemployment rate for african americans dropped in april to 6. 6 percent, which is the lowest level recorded since this series began in 1972 but still high relative to other groups. it is difficult to know how much slack remains. april ’ s 3. 9 percent unemployment rate was the lowest reading since december 2000. if the unemployment rate falls another couple of tenths - - which seems likely,