For example, a team of New York Fed economists published a series earlier this year aimed at understanding the gap in COVID-19 intensity by race and by income.3 And last month, they shared their findings around racial differences in ICU stress during the third wave of COVID-19.4 1/2  BIS central bankers' speeches  There’s no single or simple solution that can fully address these problems. But, as a nation we can build a stronger foundation so that everyone can fulfill their economic potential, thus better enabling the Federal Reserve to fulfill its mandate. That’s why at the New York Fed—and across the Federal Reserve System—a key area of focus is to better understand economic drivers of health and wellbeing, and to champion promising solutions. We are able to do this in large part through our Community Development efforts to better understand the needs and issues of low- and moderate-income communities throughout our District. Our Community Development team recently adopted a new strategy to concentrate on three key areas: health, household income, and climate.5 Our aim is to connect people, programs, and proposals—especially those focused on fostering racial equity—with the funding needed to promote equitable growth and tackle economic inequality. We are already doing important work in this space and there is so much planned for the future.
To conclude my talk today, I would like to reaffirm that our fundamentals are strong and that we in Thailand will do our best to regain full potential to achieve sustainable economic development. BIS central bankers’ speeches  3  Let’s think about challenges of the bear during winter. Even while hibernating, the bear cannot stay perfectly still. It needs to move and keep its muscles warm to prepare for spring. Thailand’s current economic condition is like a winter, we stakeholders are the bear that is hibernating, and like the bear, we must prepare for the coming spring. If we keep playing our roles in managing the economic transition, we will all reap the benefits of the turnaround. Thank you. 4  BIS central bankers’ speeches