By and large, we are very positive on the region. In Singapore's case, we have not been this optimistic for the past five years. Nowadays, a lot of companies are beginning to address the issue of shareholder returns. It's part of the post-crisis reforms we are seeing across the region. That means we are able to make things cheaper and more efficiently.
Retained imports are usually a precursor of export growth, with a lag of three to six months.
If we have this trend going forward, then the recovery in the economy can be more broad-based. Indonesia is still politically and economically volatile. The real problem will be if Indonesians get in boats and come here. The other worry is interest rates. If they go up too quickly, then the recovery in the consumer sector might stall a bit.