index, which by design is replicable and transparent. the listing of the abf malaysian bond index fund today will not only add to the diversity of listings on bursa malaysia but would also pave the way for the increased introduction of other more innovative products in the future. in view of the prevailing dynamic and often volatile financial environment, this development is important to meet the differentiated demands of investors for a broader range of financial products at more competitive prices and through more efficient and convenient channels. the listing of the exchange traded fund on bursa malaysia will also raise awareness and generate interest of domestic and international investors in our bond market, thus contributing towards the development of a deeper and broader bond market in malaysia. the launch of the malaysian bond exchange traded fund would not have been possible without the close cooperation and support of many parties. in particular, i would like to thank the securities commission, bursa malaysia, the association of stock broking companies in malaysia, aminvest, the fund manager and the market makers for their contributions and commitment in working with the central bank to make the listing of the abf malaysian bond index fund a reality. the remarkable and strong partnership between the regulators and the industry has been important in resolving significant regulatory as well as operational challenges in order to make the listing of the abf malaysian bond index fund possible. indeed, it represents a strategic cooperation that contributes to improve the overall growth of the financial market. 1 / 2 i would also like to thank ammerchant bank, cimb and maybank for their participation as the participating dealers. i also wish aminvest, the fund manager, every success in managing and promoting the fund. 2 / 2

rise in educational attainment — both for college and high school — may soon come to an end. one area where policy may play a role is promoting educational access and readiness for groups for whom educational attainment is relatively low. recent research has shown a substantial return to public investment in early childhood education for economically disadvantaged groups. such programs increase high school graduation, promote income over the life cycle for both participants and their parents, and produce other socially beneficial outcomes, such as greater health. 12 at the other end of the education process, a college degree has long been considered a worthwhile investment, and thus our society should promote access to and readiness for college among a broad range of individuals — in particular through federal support for need - based financial aid. 13 lastly, i will note that ultimately the return on the human capital embodied in our workforce is closely tied to public health. a rise in morbidity or fall in longevity in the u. s. population is not a concern only for humanitarian reasons. workers too ill to perform at their potential represent lost productivity and welfare for society as a whole. research has shown just such a trend among prime - age non - hispanic americans without a college degree. 14 more study is needed to determine what policies would help reverse this trend, and government funding could likely assist the effort. more broadly, programs to promote clean air and drinking water are examples of public health policies that bolster the health and longevity of the present and future workforce as a whole. concluding remarks to conclude, we return to the basic question : how much does productivity growth matter? the basic answer : simple arithmetic says it matters a lot. if labor productivity grows an average of 2 percent per year, average living standards for our children ’ s generation will be twice what we experienced. if labor productivity grows an average of 1 percent per year, the difference is dramatic : living standards will take two generations to double. 15 but fortunately, when it comes to productivity, we are not simply consigned to luck or to fate. governments can take sensible actions to promote more rapid productivity growth. broadly speaking, government policy works best when it can address a need that the private sector neglects, including investment in basic research, infrastructure, early childhood education, schooling, and public health. reasonable people can disagree about the right way forward, but if we as a society are to succeed, we need to follow policies that will support and advance productivity growth. that is easier said than done. but it can be done