Compensating factors may have been at work, one of which is longer working hours. One of the clear benefits of home-working is reduced commuting time, some of which might have been allocated to work. Studies point to daily savings in commuting time of almost an hour. They also suggest around a third of that saved time has been spent working.12 Assuming an eight-hour working day, that represents a 4% increase in working hours. Studies of the length of the working day – measured by the time between the first and last email being sent – point to a larger effect still, with close to an 8% rise in working hours as a result of home-working.13 If that is roughly right, this suggests most workers’ overall economic contribution may not have been much affected by the switch to home-working, with extra hours compensating for reduced productivity. Another relevant factor is that some of initial losses in productivity from home-working might be expected to lessen over time: as the kitchen chair is replaced by an office chair (office equipment sales have soared); as the video-conferencing facilities become less daunting to navigate; and as children return to school. Consistent with the last of those, there is evidence both of women assuming more of the childcare responsibilities during lockdown and of their productivity being harder hit.14 Indeed, one of the beneficial long-term side-effects of home-working is that it has brought about a forced improvement in both our digital kit and our digital skills.
Complementing these efforts is our development of the Capital Account Liberalization Master Plan aimed at facilitating and encouraging more outward investment by Thai residents in foreign assets. Apart from the sizeable diversification gains to be had, a more streamlined capital account and foreign exchange regulatory regime will help to boost financial market development and reduce costs for the private sector. Finally, in recognition of the fact that the full benefits of improvements in financial services cannot be realized without adequate readiness on the part of consumers, we have recently launched the Financial Consumer Protection Center to provide financial education to the public. In all this, it must be stressed that the BOT can only do so much. Effective upgrading of Thailand’s competitiveness and lifting our level of productivity requires strong commitment from all segments of the economy. A common vision among all stakeholders is necessary, especially when it comes to implementing tough structural reforms. The BOT will strive to be an active participant in pushing forward the national agenda on reforms, particularly on issues that involve the public sector, to upgrade the efficiency of our economy. Let me end by thanking the German business community for the substantial contribution that you have made to our economy and I very much hope to see the mutually beneficial relationship between our countries continue to blossom into the future. Thank you. BIS central bankers’ speeches  3