Although the economy recovered relatively quickly from the 2009 recession and grew by 3,1 per cent 3,5 per cent in 2010 and 2011 respectively, growth moderated to 2,5 per cent in 2012 and since the crisis has lagged that of our emerging market peers, as has our export growth.
Policymakers are already adjusting regulation and supervision practices to deal with a rapidly evolving financial system; cooperation to secure a level playing field and to reduce the scope for competition in laxity is required. Coordination when intervening on interlinked markets is necessary.