The housing market, fiscal consolidation, and unexpectedly anemic foreign demand all play a significant role in explaining the weakness of aggregate demand in the U.S. economy, weakness that could not have been accurately predicted based on past recession experiences or by the fact that this recession started with a massive financial crisis.
For this reason, starting in 2011, the prizes of CMA winners include microinsurance. Indeed, challenging times call for stronger partnerships. And to show our support and solidarity to our microentrepreneurs, we conducted here at the Bangko Sentral last week a three-day event which we called Microfinance Partnerships during Challenging Times.