BIS Review 107/1997  -4-  After the middle of 1996, there was a substantial slow-down in the rate of expansion in gross domestic expenditure. In the second half of 1996 and during the first quarter of 1997, total gross domestic expenditure actually declined at an annualised rate of about 2 per cent, before growth was resumed again in the second quarter of 1997.
*  *  *  Mr. Pawan Hegde, Managing Director – Governance Risk and Compliance, Thomson Reuters; Mr. Paul Muthaura, Acting Chief Executive Officer; Capital Markets Authority; Distinguished Participants; Ladies and Gentlemen: I am privileged to be with you this morning for this landmark summit.