The terms of trade directly boosted GDI by approximately 7 per cent between 2002 and 2013. 2 Rising commodity prices also boosted economic activity, particularly business investment, which generated job growth in the natural resource sector. In 2014, business investment in the oil and gas extraction sector peaked at almost $ billion.
While financial innovation is revolutionizing the manner of delivering banking products and services, it has pluses and minuses. The opportunities FinTech brings come with heightened market competition and threats from cyber-attacks. These have significant implications on banks’ risk management and consumer protection frameworks. Being ready for competition Thrift banks should also be ready for competition.