given to the agenda of long - term competitiveness and sustainable growth. this calls strongly for structural reforms of the supply side of the economy, where the constraints are particularly binding and a large - scale upgrading long overdue. bis central bankers ’ speeches pursuing demand management policies alone can only take us so far – somewhat akin to stepping on the gas pedal without upgrading or modifying the car we drive. pursuing demand – side policies can also come with a steep price tag, especially when the policy borders on the realm of populism. such policy would add to micro - level risks by making households undisciplined and addicted to “ easy ” money, while also add to macro - level risks by stretching fiscal resources without enhancing competitiveness in any meaningful way. the bank of thailand views the need to address structural issues to be very timely and pressing. “ lifting barriers to sustainable growth ” was indeed the central theme of investigation of the bank of thailand symposium this year, which was held at the bangkok convention center last week, and i hope some of you had a chance to participate in the event. my comment today, however, is my personal view and is not intended to be related to the symposium. successful reforms, in my opinion, will need concentrated efforts on the following three areas : relieving labor market constraints, engineering a “ transformative ” upgrading of the supply side, and leveraging opportunities surrounding us. let me elaborate on each of them. relieving constraints in the labor market ladies and gentlemen, moving the country forward requires taking a step backward to examine closely what is holding us back at the moment. the first area that has been particularly binding is the labor market – an issue that has been nagging us all along, but often fails to get attention amid the clamor of short - term economic issues. over the past decade, both the total workforce and labor productivity have been growing very sluggishly. another related problem is that of skill mismatch, where workers with needed vocational training are in much shorter supply relative to university graduates. these pose serious limits to capacity expansion and innovation efforts of the private sector. to alleviate the problems in the near term requires that distorted incentives be corrected. policy distortion such as the rice mortgage scheme and subsidy of other agricultural prices should be kept to a minimum, for these incentives drive workers away from high valueadded sectors to the agricultural sector. to solve the problems in the longer term requires educational reforms that tackle two major challenges : namely, raising

from cyber threats. iii. thirdly, to the extent feasible as per domestic laws, countries can share information and intelligence about cyber threats and attacks. this can help to identify emerging threats and vulnerabilities and enable financial institutions take proactive measures to prevent attacks. iv. fourthly, countries can work together to develop and implement incident response plans. this can help to ensure that in the event of a cyber - attack, there is a coordinated and effective response that minimizes the impact on the financial sector. v. fifthly, cyber - attacks should become more expensive and riskier for the perpetrators through effective measures to confiscate proceeds of crime and prosecute criminals. stepping up international efforts to prevent, disrupt and deter attackers would reduce the threat at its source. vi. finally, countries can collaborate on capacity building and training programs to ensure that financial institutions have the necessary skills and resources to manage cyber risks effectively. this can include training on cybersecurity best practices, incident response planning, and the use of advanced technologies to detect and prevent cyber - attacks. 4 / 5 bis - central bankers'speeches conclusion 23. let me now conclude. with growing interconnections across the world, curbing cyber risk requires an international effort. it is expected that the g20 forum would complement the efforts of various international bodies towards building an approach for helping financial sector through capacity development initiatives aimed at designing and implementing international standards and best practices as a priority. 24. i request all to participate actively in the upcoming cyber security exercise that will be held today. together, we can make the financial sector more secure and trustworthy. thank you 5 / 5 bis - central bankers'speeches