Fourth is the development of a highly skilled and resilient workforce by strengthening the educational system, sustained upskilling, and adequate health protection to future-proof our workforce. In this way, the country’s productive capacity can benefit more strongly from its favorable demographics. The structural reform imperatives I have outlined are outside the ambit of BSP.
Yet they have profound impact on the realization of the BSP’s policy thrusts. Against this backdrop, what else can the BSP do? The BSP’s policy space remains sufficient. The BSP has yet to exhaust the conventional monetary instruments in its toolkit to support the liquidity requirements of the economy, should conditions warrant.