, policymakers within the central banks global community spent a vast amount of their time attempting to understand the varying behaviours of economic agents and what they mean for effective policy design, in order to secure the intended outcomes. 2 / 4 bis - central bankers'speeches a key ingredient of effective implementation is communication. this underscores the importance of effective engagements across stakeholders. barely two months ago, we had our sasana symposium right here in sasana kijang, a full day dedicated to discussions of structural reforms with a diverse universe of audience. bank negara malaysia highlighted the areas we consider to be the pressing economic and financial issues of the day. of course, the audience included youth representatives as well – perhaps some of you, who are here today. today's event is important not only to students, but also to thought leaders and professionals. rather than a one - way lecture, an event such as today's not only provides a platform for us to hear the concerns that occupy the minds of our youth but also an avenue to crowd in ideas from our future leaders. to us, youths are a demographic we cannot afford to exclude from the conversation surrounding our country's future. tomorrow's malaysia will be built by, and for, the young minds of today. since 2022, bank negara malaysia has engaged over 2, 500 youths across 30 universities and numerous youth associations through several targeted engagements across malaysia, discussing current economic issues. the purpose of such engagements is twofold. firstly, they further our goal of passing the baton to the younger generation. it provides the avenue for the next generation to understand and comprehend the rationale behind key strategies. it is also to provide them with insights on the challenges faced and coming their way. it is vital for future leaders to understand where the problems lie, and the failure and mistakes that they can learn from. but in addition to this, the great benefit of exchanging notes with youths is the novel insight each generation brings, free from constraints hardwired into the mind of their predecessors and coloured with new and emerging concerns which reflect what the future holds. as we lay the groundwork for continuity, we must also question our assumptions and consider fresh, innovative approaches to policymaking. secondly, engaging with youths of all backgrounds plants the seeds for a well - informed society at every level in the days to come. needless to say, knowledge is power and information is liberating. ladies and gentlemen, the word " sasana " is multi

stephen s poloz : opening statement before the standing senate committee on banking, trade and commerce opening statement by mr stephen s poloz, governor of the bank of canada, to the standing senate committee on banking, trade and commerce, ottawa, ontario, 25 april 2018. * * * good afternoon, mr. chairman and committee members. senior deputy governor wilkins and i are pleased to be back before you today to discuss the bank ’ s monetary policy report ( mpr ), which we published last week. when we were last here at the beginning of november, we saw signs that the canadian economy was moderating after an exceptionally strong first half of the year. that moderation turned out to be greater and to last a bit longer than we expected. still, it is important to recognize that inflation is on target and the economy is operating close to potential. that statement alone underscores the considerable progress seen in the economy over the past year. the slower - than - expected growth in the first quarter reflected two main issues. first, housing markets reacted to announcements of new mortgage guidelines and other policy measures by pulling forward some transactions into the fourth quarter of last year. that led to a slowdown in the first quarter that should naturally reverse. second, we saw weaker - than - expected exports during the quarter. this weakness was caused in large part by various transportation bottlenecks. some of this export weakness should also reverse as the year goes on. so, after a lacklustre start to 2018, we project a strong rebound in the second quarter. all told, we expect that the economy will grow by 2 per cent this year, and at a rate slightly above its potential over the next three years, supported by both monetary and fiscal policies. the composition of growth should shift over the period, with a decline in the contribution from household spending and a larger contribution from business investment and exports. inflation should remain somewhat above the 2 per cent target this year, boosted by temporary factors. these factors include higher gasoline prices and increases to the minimum wage in some provinces. their impact should naturally unwind over time, returning inflation to 2 per cent in 2019. of course, this outlook is subject to several important risks, and a number of key uncertainties continue to cloud the future, as was the case in november. in terms of risks to the outlook, the most important remains the prospect of a large shift toward protectionist trade polices around the globe. i should be clear that our forecast already includes