Regional economic conditions Let me now turn to economic conditions a bit closer to home. While Upstate New York outperformed the nation during the Great Recession, it has now returned to its more typical pattern of modest growth. This is not unexpected as many regions in the Northeast have tended to grow more slowly in recent decades as the population has shifted to other parts of the country and as jobs in the once dominant manufacturing industry have diminished. That being said, some parts of the region are really struggling: Syracuse, Utica, Binghamton and Elmira have all yet to see a meaningful recovery in employment, which is troubling. The Capital region, on the other hand, is a true bright spot. While Upstate New York as a whole has gained back only a little more than half of the jobs lost during the Great Recession, Albany is close to regaining all of the jobs that were lost. Though the Capital region’s public sector has exerted some downward pressure on job growth during the recovery, the education and health care sectors have been an ongoing source of stability and strength for the region. Employment in the education sector has climbed nearly 25 percent since the end of the recession, an increase of around 5,000 jobs, and the health care sector has added about 3,000 jobs.
Ajith Nivard Cabraal: Harmonizing fiscal and monetary policies to deliver stability and growth Text of the 18th Annual Oration by Mr Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka*, organized by the Faculty of Taxation, Institute of Chartered Accountants of Sri Lanka, Colombo, 27 August 2013. *  *  *  *Also: Past President, Institute of Chartered Accountants of Sri Lanka; Past President, South Asian Federation of Accountants; Former Secretary, Ministry of Plan Implementation. Chairman, Mr. Sujeewa Rajapaksha, President, CA Sri Lanka; Honourable Ministers; His Lordship Mohan Pieris, Chief Justice; Dr. P B Jayasundera, Secretary, Ministry of Finance & Planning; Secretaries to Ministries; Your Excellencies; Mr. H.A.S. Samaraweera, Auditor General; Deputy Governors and my colleagues at the Central Bank; Vice President and Council Members of CA Sri Lanka; Mr. N. R. Gajendran, Chairman, and Members of the Tax Faculty of CA Sri Lanka; Mr. Esmond Satarasinghe; Fellow Chartered Accountants; Members of the Business Community; My dear friends, At the outset, let me thank CA Sri Lanka for inviting me to deliver the 18th Annual Oration on Taxation organized by the Faculty of Taxation of CA Sri Lanka. I consider myself deeply privileged to have this unique opportunity.