The evolution of longer-run growth also has implications for the longer-term real interest rate, which is largely determined by the growth in per capita consumption and the growth rate in population. In turn, the growth in per capita consumption depends on productivity gains and the share of the population engaged in production.
We have recently completed a new Financial Institutions Act (FIA) and are well underway to completing a new Insurance Act (IA). Both pieces of legislation raise the bar with respect to the respective roles of Boards of Directors, external auditors and in the case of the insurance sector, actuaries.