Although globalization should have little effect on aggregate employment and the NAIRU, international trade does expand the economy's productive potential. By enabling a country to concentrate on producing those goods and services in which it is most efficient, an expansion of trade boosts the productivity of domestic labor and capital, permanently raising the level of potential output.
You will recall I had appealed to the public to use electronic payments channels back in March 2020. Indeed, electronic payment transactions—in particular mobile payments—have recorded significant increase since. 54. I am pleased to announce that all banks offering domestic retail payments have successfully on-boarded the Instant Payment System (IPS) in August 2020.