These imbalances culminated in the unprecedented external payments crisis in 1991, which was managed with the introduction of stabilization and structural reforms. 10. The economy stabilized around 1993–94 and growth picked up again. The third phase (1994–95 to 2002–03) witnessed relatively higher growth which ended, however, in 2002–03 with the economy being hit by a severe drought.
However, despite this improvement, too many Americans remain unemployed or underemployed, wage growth is still sluggish, and inflation remains well below our longer-run objective. As always, the Federal Reserve remains committed to employing its tools to best promote the attainment of its objectives of maximum employment and price stability. Thank you. I would be pleased to take your questions.