The primary macroeconomic challenge for the next 10 years is to ensure that they do not turn into another “lost decade”. This lesson is consistent with economic theory and evidence. Since the time of Irving Fisher, economists have explored the impact of a legacy of indebtedness for growth.
It will be a fruitless exercise if regulators’ efforts to make relevant and enabling regulations are not matched by the corresponding responses from the financial institutions. I believe that the time has come for more concerted efforts by all stakeholders to tackle the challenge of financial inclusion as we navigate our way towards the ideals of Vision 2030.