3/9  BIS central bankers' speeches  The unemployment rate remains elevated (23.2% in July 2016 and 23.1% in the second quarter of 2016), posing significant threats to social cohesion, while youth unemployment also remains alarming (at 38.1% in the age category of 15–29 years in the second quarter of 2016), intensifying the “brain drain” that deprives the economy of high-skilled human capital.
In terms of the medians of the Policy Board members' forecasts, the real GDP growth rate is projected to be relatively high at 3.8 percent for fiscal 2021, and then be 2.7 percent for fiscal 2022 and 1.3 percent for fiscal 2023.