real gdp growth rate, y / y % chg., % points world 3. 8 3. 6 advanced economies 2. 4 2. 2 united states 2. 2 2. 9 euro area 2. 4 1. 9 united kingdom 1. 8 1. 4 japan 1. 9 0. 8 4. 8 4. 5 6. 6 6. 4 china 6. 8 6. 6 asean 5. 3 5. 2 cy emerging market and developing economies emerging and developing asia russia 1. 6 2. 3 latin america and the caribbean 1. 2 1. 0 avg. growth rate ( 1980 - 2018 ) ： + 3. 5 % projection projection 3. 2 ( - 0. 1 ) 1. 9 ( + 0. 1 ) 2. 6 ( + 0. 3 ) 1. 3 ( 0. 0 ) 1. 3 ( + 0. 1 ) 0. 9 ( - 0. 1 ) 4. 1 ( - 0. 3 ) 6. 2 ( - 0. 1 ) 6. 2 ( - 0. 1 ) 5. 0 ( - 0. 1 ) 1. 2 ( - 0. 4 ) 0. 6 ( - 0. 8 ) 3. 5 ( - 0. 1 ) 1. 7 ( 0. 0 ) 1. 9 ( 0. 0 ) 1. 6 ( + 0. 1 ) 1. 4 ( 0. 0 ) 0. 4 ( - 0. 1 ) 4. 7 ( - 0. 1 ) 6. 2 ( - 0. 1 ) 6. 0 ( - 0. 1 ) 5. 1 ( - 0. 1 ) 1. 9 ( + 0. 2 ) 2. 3 ( - 0. 1 ) source : world economic outlook update, international monetary fund ( imf ). note : figures in parentheses are the difference from the april 2019 projections. y / y % chg. imf projections - 1 cy 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 source : imf. chart 2 japan's real gdp s. a., ann., q / q % chg. s. a., q / q % chg. s. a., tril. yen real gdp ( nominal value, right scale ) q2 q3 q4 q1 q2 0. 4 - 0. 5 0. 4 0. 7 0. 4 real gdp [ ann., q

consumer education and protection measures have been implemented, which would also be applicable broadly to branchless banking related issues. a specific department known as consumer and market conduct department was established in 2006 to spearhead the initiatives. these initiatives included financial education at schools and for the general public ; greater disclosure requirements about the features of financial products and the associated risks ; the financial mediation bureau to provide an avenue for redress ; the credit counselling and debt management agency to assist individuals in financial distress ; and a public service centre at the central bank and all its branches to provide information and advice. the market conduct regulations also give the regulator powers to oversee fees and charges to ensure the quantum is reasonable for the services provided. these measures are broad enough to provide consumer protection in relation to branchless banking in general terms. however, they may be less effective in addressing some of the unique aspects of branchless banking, such as disputes with non - bank agents located in remote or rural locations. perhaps this forum could consider some of these aspects. collaboration in terms of sharing best practices, standards and regulations would reduce the cost as well as expedite the development of more inclusive financial sectors. we need to be mindful of the fact that for effective collaboration to take place, we must have common goals to bind our work. in this case, that common goal is the development of more inclusive financial sectors, by making available a broad range of financial services to the poor and micro enterprise segments of society and the economy, as well as those living in remote areas. before i conclude, let me again stress that the development of more inclusive financial sectors is an important objective, and as policymakers we need to pursue this without compromising on the prudential standards that sustain confidence in the financial system. branchless banking has tremendous potential to increase the outreach of financial services provided the different players and regulators are able to work within common regulatory framework. and finally that we must adopt a collaborative stance in pursuing this important global agenda which can make a real difference for the millions of people that remain caught in poverty. on behalf of bank negara malaysia i would also like to thank our principal facilitators for the workshop from the consultative group to assist the poor, the subject matter experts from world bank, the representatives from maxis communications malaysia and global exchange of philippines, and the representative from group speciale mobile association who joins us from london. i also welcome the participation of the alliance for financial inclusion in this forum, and we look forward to