Against this background, with regard to the outlook over the next three years, the economy is projected to continue growing at a pace above its potential from fiscal 2015 through fiscal 2016. Under these circumstances, the output gap is likely to turn positive and thereafter move further into excess demand territory.
For developing economies, like most of ours, the changes will bring their own sets of challenges and, as securities regulators, we need to ensure that we address these challenges while taking advantage of the benefits they offer. Technology is playing a vital role in every aspect of financial activity globally and has transformed the securities industry.