High population growth has given rise to a young dependent population and increased unemployment among the youth. The average years of schooling of labor force (3¼ years) remains quite low making it difficult to impart new skills to the burgeoning labour force. Raising this by 1½-2 years could have raised real per capita economic growth rate by about ½ percentage points per year.
By doing so, we confirmed that the central bank staff is the most important and valuable asset of the institution. Its capabilities, solidarity, adaptability, and flexibility were key elements in getting through the pandemic, and contributed decisively to fulfill the mission of our institution uninterruptedly.