DOCSLIB.ORG

Half Year Economic and Fiscal Update 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Half Year Economic and Fiscal Update 2020 B.6 Half Year Economic and Fiscal Update 16 December 2020 Embargo: Contents not for communication in any form before 1:00pm on Wednesday 16 December 2020 B.6 Half Year Economic and Fiscal Update 16 December 2020 ISBN: 978-1-99-004500-4 (Online) An introduction to the Half Year Economic and Fiscal Update The Treasury is New Zealand’s economics and finance ministry. We advise on the direction of New Zealand’s economic policy with the aim of achieving a strong and sustainable economy, and raising New Zealand living standards. This includes reporting on the expenditure of government (fiscal) revenue, and assisting to ensure spending is fit for purpose and can improve outcomes for New Zealanders. Sharing what we do As the government’s lead economic and financial adviser, we forecast the economic outlook for New Zealand and the Government’s fiscal outlook. This Half Year Economic and Fiscal Update (Update) is part of a suite of documents we release as required by the Public Finance Act 1989. This Update primarily outlines what the Treasury observes in our current economic and fiscal climate, what we might see in the future, and what risks we may face over the next four years (our forecast period). This gives an indication of what the economy is most likely to do to inform decision-making. Making it New Zealander-centric Our advice is not just based on facts and figures. Improving outcomes means we need to understand which outcomes to improve and what is important to New Zealanders. We use the Treasury’s Living Standards Framework to recognise the different aspects of New Zealanders’ living standards and wellbeing. Our framework builds on 30 years of New Zealand and international evidence on wellbeing and provides a high-level framework on intergenerational wellbeing. Understanding our path The Treasury is in a unique position to focus on improving the way our economy can raise New Zealand living standards. Along with delivering first-rate economic and financial advice, we are committed to providing it in a way so New Zealanders understand how we work to achieve our goals. If you would like to know more about who we are and what we do, please go to our website at https://treasury.govt.nz © Crown Copyright This work is licensed under the Creative Commons Attribution 4.0 International licence. In essence, you are free to copy, distribute and adapt the work, as long as you attribute the work to the Crown and abide by the other licence terms. To view a copy of this licence, visit https://creativecommons.org/licenses/by/4.0/. Please note that no departmental or governmental emblem, logo or Coat of Arms may be used in any way which infringes any provision of the Flags, Emblems, and Names Protection Act 1981. Attribution to the Crown should be in written form and not by reproduction of any such emblem, logo or Coat of Arms. Internet The URL for this document on the Treasury’s website at December 2020 is https://treasury.govt.nz/publications/efu/half-year-economic-and-fiscal-update-2020 Contents Statement of Responsibility ................................................................................ 1 Executive Summary ............................................................................................. 3 The impacts of the response to COVID-19 on the economic and fiscal outlook ....... 5 Economic Outlook ................................................................................................ 9 Overview ................................................................................................................. 9 Economic Outlook ...................................................................................................13 Fiscal Outlook ..................................................................................................... 31 Overview ................................................................................................................31 Key Trends in the Fiscal Outlook ............................................................................35 Comparison to the Pre-election Update ..................................................................42 Operating Balance before Gains and Losses ..........................................................43 Residual Cash and Net Core Crown Debt ...............................................................46 Total Crown Balance Sheet ....................................................................................47 Key Economic Assumptions Used in the Forecast Financial Statements ................48 Risks to the Fiscal Forecasts ............................................................................ 49 Overview ................................................................................................................49 COVID-19 ...............................................................................................................50 Fiscal Sensitivities .................................................................................................51 Balance Sheet Risks ...............................................................................................52 Specific Fiscal Risks ...............................................................................................54 Statement of Specific Fiscal Risks ..........................................................................57 New Risks by Portfolio ............................................................................................62 Changed Risks by Portfolio .....................................................................................65 Updated Risks by Portfolio ......................................................................................67 Risks Removed Since the Pre-election Update .......................................................76 Contingent Liabilities and Contingent Assets ..........................................................77 Forecast Financial Statements .......................................................................... 81 Statement of Accounting Policies ............................................................................82 Government Reporting Entity ..................................................................................83 Forecast Financial Statements ................................................................................87 Notes to the Forecast Financial Statements ............................................................93 Forecast Statement of Segments ..........................................................................104 Fiscal Indicator Analysis .......................................................................................110 Core Crown Expense Tables ........................................................................... 117 Glossary of Terms ............................................................................................ 122 Time Series of Fiscal and Economic Indicators ............................................ 129 B.6 | i Statement of Responsibility I make this statement in accordance with section 26W of the Public Finance Act 1989. On the basis of the economic and fiscal information available to it, the Treasury has used its best professional judgement in preparing, and supplying the Minister of Finance with, this Economic and Fiscal Update. The Update incorporates the fiscal and economic implications both of government decisions and of other circumstances as at 30 November 2020 that were communicated to me by the Minister of Finance in accordance with the requirements of the Public Finance Act 1989 and of other economic and fiscal information available to the Treasury as at 30 November 2020. This Update does not incorporate any decisions, circumstances or statements that the Minister of Finance has determined, in accordance with section 26V of the Public Finance Act 1989, should not be incorporated in this Update. Caralee McLiesh Secretary to the Treasury 9 December 2020 To enable the Treasury to prepare this Economic and Fiscal Update I have ensured all government decisions and other circumstances as at 30 November 2020 of which I was aware and that had material economic or fiscal implications have been communicated to the Secretary to the Treasury, in accordance with the requirements of the Public Finance Act 1989. In accordance with section 26W of the Public Finance Act 1989, I accept responsibility for the integrity of the disclosures contained in the Update, responsibility for the consistency and completeness of the Update information with the requirements of Part 2 (Fiscal responsibility and wellbeing) of the Public Finance Act 1989 and responsibility for the omission from the Update under section 26V of the Public Finance Act 1989 of any decisions, circumstances or statements not incorporated in it. Hon Grant Robertson Minister of Finance 9 December 2020 B.6 | 1 Executive Summary 2020 2021 2022 2023 2024 2025 June years Actual Forecast Forecast Forecast Forecast Forecast Real production GDP (annual -2.1 1.5 2.6 3.7 3.8 3.2 average % change) Unemployment rate (June quarter) 4.0 6.6 6.8 5.7 4.7 4.0 CPI inflation (annual % change) 1.5 1.4 1.2 1.4 1.8 2.1 Current account (annual, % of -1.9 -2.8 -3.8 -3.4 -3.2 -3.2 GDP) Fiscal measures ($billions) Core Crown tax revenue 85.1 88.3 89.1 96.9 102.5 108.8 Core Crown expenses 108.8 114.2 109.1 112.0 115.3 118.7 Total Crown operating balance -23.1 -21.6 -16.4 -10.3 -7.5 -4.2 before gains and losses Core Crown residual cash -23.7 -40.2 -36.3 -23.7 -5.5 3.9 Net core
Load more

Recommended publications
  • Central Treasury Rules
    CENTRAL TREASURY RULES VOLUME I MAIN RULES PART I – GENERAL PRINCIPLES AND RULES Short Title 1. These rules may be called the “Treasury Rules of the Central Government”. Application 11-A. These shall apply to - - (a) Union Territories of Chandigarh, Lakshadweep and Dadra and Nagar Haveli; (b) Payments of pensionary benefits to the Government pensioners in the Central Government and Union Territories; and (c) An office authorized to hold and operate and a Departmental Treasure Chest. 1-B. If the Government considers it necessary or expedient so to do for avoiding any hardship or removing any difficulty that may arise as a result of the application of these rules, it may, subject to such restrictions and conditions, if any, as it may think fit to impose, dispense with or relax the provisions of any of these rules in any case or class of cases. Definitions 2. In these rules, unless the context otherwise requires; the following expressions have the meaning hereby assigned to them, that is to say:- (a) “Accountant General” means the Head of an Office of Accounts and Audit subordinate to the Comptroller and Auditor-General of India. When used in relation to a treasury, this expression refers to the authority to whom the accounts of the treasury are rendered. 1 | P a g e (b) “Accounts Officer” means the Head of an Office of Accounts set up under the scheme of departmentalization of Government Accounts. Chief Accounts Officer in relation to accounts of Railways means the Head of a Railway Accounts Office. (c) “Administrator” means the Administrator of a Union Territory specified in the First Schedule to the Constitution.
    [Show full text]
  • Quantitative Easing and the Independence of the Bank of England
    QUANTITATIVE EASING AND THE INDEPENDENCE OF THE BANK OF ENGLAND William A. Allen, NIESR )] NIESR Policy Paper. 001 Policy papers are written by members of the National Institute of Economic and Social Research to specifically address a public policy issue. These may be evidence submitted to a public or parliamentary enquiry or policy research commissioned by a third party organisation. In all circumstances the NIESR authors have full editorial control of these papers. We will make all policy papers available to the public whether they have been supported by specific funding as a matter of course. Some papers may be subsequently developed into research papers. Date: January 2017 About the National Institute of Economic and Social Research The National Institute of Economic and Social Research is Britain's longest established independent research institute, founded in 1938. The vision of our founders was to carry out research to improve understanding of the economic and social forces that affect people’s lives, and the ways in which policy can bring about change. Seventy-five years later, this remains central to NIESR’s ethos. We continue to apply our expertise in both quantitative and qualitative methods and our understanding of economic and social issues to current debates and to influence policy. The Institute is independent of all party political interests. National Institute of Economic and Social Research 2 Dean Trench St London SW1P 3HE T: +44 (0)20 7222 7665 E: [email protected] niesr.ac.uk Registered charity no. 306083 This paper was first published in January 2017 © National Institute of Economic and Social Research 2017 Quantitative easing and the independence of the Bank of England William A.
    [Show full text]
  • New Zealand Third National UPR Report As Submitted to UN [PDF
    UNCLASSIFIED UNIVERSAL PERIODIC REVIEW – NEW ZEALAND REPORT I. Introduction New Zealand has a proud tradition of protecting and promoting human rights at home and overseas. We recognise that human rights are vital for the development of diverse, inclusive and democratic societies. We welcome the opportunity presented by the Universal Periodic Review (UPR) to take stock of our progress and discuss New Zealand’s human rights achievements, challenges and opportunities. New Zealand’s second UPR resulted in 155 recommendations, 121 of which the Government accepted. Government agencies worked together to identify the actions necessary to support implementation of the accepted recommendations and improve human rights in New Zealand. The National Plan of Action for the Protection and Promotion of Human Rights, Mahere Rautāki a Motu,1 monitors progress in achieving the accepted recommendations. The Plan is an interactive online tool developed by the New Zealand Human Rights Commission, our national human rights institution. It enables the public to identify and monitor Government actions relating to each recommendation. It is updated regularly and has recently been revised to incorporate treaty body recommendations and the Sustainable Development Goals. II. Report Preparation This report provides a snapshot of New Zealand’s human rights performance between January 2014 and September 2018, referenced against recommendations from our second UPR. Future planned Government action to address ongoing challenges is also included. For those topics that did not feature in our last UPR, there is a section on new and emerging issues. Tokelau is a dependent territory of New Zealand. It is standard practice to include Tokelau in New Zealand’s reports.
    [Show full text]
  • List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
    NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution.
    [Show full text]
  • US Treasury Markets: Steps Toward Increased Resilience
    U.S. Treasury Markets Steps Toward Increased Resilience DISCLAIMER This report is the product of the Group of Thirty’s Working Group on Treasury Market Liquidity and reflects broad agreement among its participants. This does not imply agreement with every specific observation or nuance. Members participated in their personal capacity, and their participation does not imply the support or agreement of their respective public or private institutions. The report does not represent the views of the membership of the Group of Thirty as a whole. ISBN 1-56708-184-3 How to cite this report: Group of Thirty Working Group on Treasury Market Liquidity. (2021). U.S. Treasury Markets: Steps Toward Increased Resilience. Group of Thirty. https://group30.org/publications/detail/4950. Copies of this paper are available for US$25 from: The Group of Thirty 1701 K Street, N.W., Suite 950 Washington, D.C. 20006 Telephone: (202) 331-2472 E-mail: [email protected] Website: www.group30.org Twitter: @GroupofThirty U.S. Treasury Markets Steps Toward Increased Resilience Published by Group of Thirty Washington, D.C. July 2021 G30 Working Group on Treasury Market Liquidity CHAIR Timothy F. Geithner President, Warburg Pincus Former Secretary of the Treasury, United States PROJECT DIRECTOR Patrick Parkinson Senior Fellow, Bank Policy Institute PROJECT ADVISORS Darrell Duffie Jeremy Stein Adams Distinguished Professor of Management and Moise Y. Safra Professor of Economics, Professor of Finance, Stanford Graduate School of Harvard University Business WORKING GROUP MEMBERS William C. Dudley Masaaki Shirakawa Senior Research Scholar, Griswold Center for Economic Distinguished Guest Professor, Aoyama-Gakuin University Policy Studies at Princeton University Former Governor, Bank of Japan Former President, Federal Reserve Bank of New York Lawrence H.
    [Show full text]
  • United States
    IMF Country Report No. 15/91 UNITED STATES FINANCIAL SECTOR ASSESSMENT PROGRAM April 2015 DETAILED ASSESSMENT OF IMPLEMENTATION ON THE IOSCO OBJECTIVES AND PRINCIPLES OF SECURITIES REGULATION This Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation on the United States was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed in March 2015. Copies of this report are available to the public from International Monetary Fund Publication Services 700 19th Street, N.W. Washington, D.C. 20431 Telephone: (202) 623-7430 Telefax: (202) 623-7201 E-mail: [email protected] Internet: http://www.imf.org Price: $18.00 a copy International Monetary Fund Washington, D.C. © 2015 International Monetary Fund UNITED STATES DETAILED ASSESSMENT OF March 2015 IMPLEMENTATION IOSCO OBJECTIVES AND PRINCIPLES OF SECURITIES REGULATION Prepared By This Detailed Assessment Report was prepared in the Monetary and Capital context of an IMF Financial Sector Assessment Markets Department Program (FSAP) mission in the United States during October-November 2014, led by Aditya Narain, IMF and overseen by the Monetary and Capital Markets Department, IMF. Further information on the FSAP program can be found at http://www.imf.org/external/np/fsap/fssa.aspx. UNITED STATES CONTENTS GLOSSARY _________________________________________________________________________________________ 3 EXECUTIVE SUMMARY ___________________________________________________________________________
    [Show full text]
  • Population Association of New Zealand (Panz)
    POPULATION ASSOCIATION OF NEW ZEALAND (PANZ ) Year 2010/11 Officers and Council Members President : Alison Reid Treasurer : Anne He nderso n Social Researcher Statistical Analyst, Population Statistics Social and Economic Research team Statistics New Zealand Auckland Council PO Box 2922 Private Bag 92300 Wellington Auckland Phone: (09) 484 6247 Phone: (04) 931 4576 Email: [email protected] Email: [email protected] Vice President: Professor Natalie Jackson Secretary: Adele Quinn Director Project Manager, Population Estimates and National Institute of Demographic and Economic Projections Population Statistics Analysis Statistics New Zealand University of Waikato Private Bag 4741 PO Box 3105 Christchurch 8140 Hamilton Phone: (03) 964 8454 Phone: (07) 838 4779 Email: [email protected] Email: [email protected] Dr. Arvind Zodgekar Cyril Mako 65 Beauchamp Street Manager, Schooling Analysis Karori Education Information and Analysis Group Wellington Ministry of Education PO Box 1666 Wellington Phone: (04) 476 4055 Email: [email protected] Phone: (04) 463 8225 Email: [email protected] Kim Dunstan James Newell Senior Demographer, Population Statistics Director, MERA (Monitoring and Evaluation Research Statistics New Zealand Associates Ltd.) Private Bag 4741 PO Box 2445 Christchurch Wellington Web Site: http://www.mera.co.nz Phone: (03) 964 8330 Phone: (04) 499 8438 E-mail: [email protected] Email: [email protected] Dr. Tahu Kukutai Michael Berry Senior Research Fellow User Needs Consultant, Census Statistics National Institute of Demographic and Economic Statistics New Zealand Analysis PO Box 2922 University of Waikato Wellington PO Box 3105 Hamilton Phone: (04) 931 4333 Email: [email protected] Phone: (07) 838 4162 Email: [email protected] Dr.
    [Show full text]
  • Pānui March 2017
    panui- March – Poutu- -te-rangi 2017 A publication of the Ministry for Women, Minitatanga mo- nga- Wa-hine New gender pay gap research shows the main causes are"unexplained" On Tuesday, 7 March, the Minister for Women, Hon Paula Bennett, launched new research into the gender pay gap at the Human Resources Institute. The research, commissioned by the Ministry for Women and led by Professor Gail Pacheco from Auckland University of Technology, looks into what is causing the gender pay gap – currently 12 percent – and what we can do about it. “The research finds that traditional drivers such as type of work, family responsibilities, education, and age no longer explain the majority of the gender pay gap,” said Mrs Bennett. “In fact, around 80 percent of the gender pay gap is now due to ‘unexplained’ factors.” The Ministry for Women primarily views these factors as behaviour, attitudes, and assumptions about women in work, especially unconscious bias. The Minister viewed the audience, made up of approximately 100 human resources staff from across the private and public sectors, as one of the key champions of change. “If we’re going to change this – if in another decade we actually want the 12 percent gap to have reduced – then it starts with all of us, including you and your attitudes. Let’s look to ways of what we can do to improve the gap. “It’s 2017. So employers, it’s time to remember three things. It’s not about what you can get away with. It’s not about what she is willing to accept.
    [Show full text]
  • Briefing to the Incoming Minister for Women
    Briefing to the incoming Minister for Women Contents Overview ............................................................................................................................... 3 Outline of the Ministry for Women’s advice to you in the first 100 days ................................. 4 The role of the Minister for Women ....................................................................................... 5 The role of the Ministry for Women ....................................................................................... 6 Priority areas for women ..................................................................................................... 10 Appendix 1: Further details on our international work…………………………………………..21 Appendix 2: Publications……………………….…..………………………………………….......22 Appendix 3: Stakeholder feedback on the Ministry………………………………………Attached Overview Tūtira mai ngā iwi, tātou tātou e… E te rangatira, nau mai haere mai! Welcome to your role as Minister for Women. The purpose of this document is to offer you a broad overview of the Women portfolio and provide a foundation for our initial discussions about your policy priorities. It sets out: • matters about which we will advise you in the first 100 days • your role as Minister for Women and the Ministry’s role in relation to you • an introduction to the Ministry’s organisational goals, leadership, and structure • an overview of priority areas for women • publications you may be interested in reading • feedback we received from stakeholders earlier this
    [Show full text]
  • Opening Statement
    Opening Statement Introduction E aku rangatira, Distinguished persons, tēnā koutou katoa, ka nui te honore it is a great honour to greet you all ki te mihi, ki a koutou i tēnei rā at this important event today. whakahirahira. Madam Chair, members of the Committee, and guests. Thank you for the opportunity to present New Zealand’s eighth periodic report under the United Nations Convention on the Elimination of All Forms of Discrimination against Women. My name is Jan Logie and I am the Parliamentary Under-Secretary for Justice with responsibility for Domestic and Sexual Violence Issues, in the New Zealand Government. It is an honour to lead New Zealand’s delegation on behalf of the Honourable Julie-Ann Genter, Minister for Women. I am joined today by Jillian Dempster, New Zealand’s Permanent Representative to the United Nations in Geneva, and Renee Graham, Chief Executive of the Ministry for Women and Michelle Hippolite, Chief Executive of Te Puni Kōkiri, the Ministry for Maori Development. Also present are officials from our: Ministry for Women (Lis Cowey, Hannah Gray) Te Puni Kōkiri, the Ministry for Māori Development Ministry of Justice (Michael Gill) Ministry of Foreign Affairs and Trade (Rachael Pringle) I would also like to acknowledge the individuals and organisations from civil society who have shared their experiences with the Committee. These groups make an important contribution to advancing women’s empowerment in New Zealand and represent the voice of the New Zealand community. It is crucial for the Government to work with the community and learn from their expertise if we are to make gains in some of the issues faced by women and girls in New Zealand.
    [Show full text]
  • HM Treasury Departmental Report CM 6540
    Cm 6540 DEPARTMENTAL REPORT June 2005 This is part of a series of departmental reports (Cm 6521 to Cm 6548) which, along with the Main Estimates, the document Public Expenditure: Statistical Analyses 2005, and the Supply Estimates 2005-06: Supplementary Budgetary Information, present the Government's expenditure plans for 2005-2008. The complete series of Departmental Reports and Public Expenditure Statistical Analyses 2005 is also available as a set at a discounted price. Departmental Report 2005 Presented to Parliament by the Chancellor of the Exchequer and the Chief Secretary to the Treasury by Command of Her Majesty June 2005 Cm 6540 £26.00 © Crown copyright 2005 The text in this document (excluding the Royal Arms and departmental logos) may be reproduced free of charge in any format or medium providing that it is reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the document specified. Any enquiries relating to the copyright in this document should be addressed to: The Licensing Division, HMSO, St Clements House, 2-16 Colegate, Norwich, NR3 1BQ. Fax: 01603 723000 or e-mail: [email protected] Cover Photo: Terry Moore HM Treasury contacts Comments on the coverage or presentation of this report should be sent to: Sara Rowden HM Treasury 1 Horse Guards Road London SW1A 2HQ E-mail: [email protected] For enquiries about the Treasury and its work, contact:Treasury Public Enquiry Unit: Tel: 020 7270 4558 Fax: 020 7270 4574
    [Show full text]
  • Programme of the ECOSOC Youth Forum 2016
    #YOUTH2030 DRAFT PROGRAMME Economic and Social Council Youth Forum 2016 (as of 29/1/2016) Youth Taking Action to Implement the 2030 Agenda 1-2 February 2016 Trusteeship Council Chamber, United Nations Headquarters, New York 1 February 2016 10:00 – 10:45 AM OPENING SESSION Opening remarks by: H.E. Mr. Oh Joon, President of ECOSOC Mr. Jan Eliasson, Deputy Secretary-General of the United Nations Launch of the Global Initiative on Decent Jobs for Youth Mr. Guy Ryder, Director General, International Labor Organization Remarks by Mr. Ahmad Alhendawi, United Nations Secretary- General's Special Envoy on Youth Keynote address by Ms. Samar Mezghanni, writer and activist 10:45 AM – 1:00 PM SETTING THE STAGE The 2030 Agenda for sustainable development includes specific goals and targets related to youth. In addition, the success of this Agenda will depend on how all sectors of societies engage in its implementation, beyond what is of direct concern to them, and contribute to follow-up and accountability mechanisms to be established in this context. This session aims at launching the discussion on the role young people can play in implementing the 2030 Agenda, on the main obstacles for their inclusive and meaningful #YOUTH2030 participation, and on what should be done, including in terms of new governance mechanisms, to overcome them. Moderator: Mr. Ahmad Alhendawi, United Nations Secretary- General's Special Envoy on Youth Interactive Discussion, featuring Ministerial participation, on the Role of Youth in the Implementation of the 2030 Agenda (see annex) 3:00 PM – 5:00 PM BREAKOUT SESSIONS on the themes: • Education (co-organizers: UNESCO, Y-PEER, GEFI- YAG, WFUNA) (room 5) Moderator: Ms.
    [Show full text]