Thus, CPI inflation will end the year at 2.4% and the CPIEFE at 1.9%, both below June's forecasts. Going forward, core inflation is expected to fluctuate around 2% until mid-2018, heavily influenced by the effects of the recent peso appreciation, to gradually return to 3% thereafter. Meanwhile, as fruits and vegetables prices resume a similar dynamic to that of their historical averages, the CPI will return to the target by the second half of 2018. As I mentioned, this trajectory is based on the RER depreciating slightly over the projection horizon (figure 10). 5  As usual, a number of internal and external elements represent risks to these projections. Abroad, an ongoing concern is how the financial markets will respond to the monetary policy strategies of the main central banks of the developed world. After several years of highly expansionary monetary conditions, the economies have closed—or are on their way to close—their gaps and it is natural for monetary policy to begin to normalize, both in its more (rates) and less (balance sheet) conventional aspects. This entails risks because of the unprecedented timing and gradual pace of the process and its differences with market expectations. In the United States, there's also the doubts about fiscal management and its effects on growth, interest rates, and asset prices in general. Add the concerns about whether the recent low inflation figures in several developed countries are one-time or rather systematic events, plus risks associated with recent geopolitical tensions.

First, the job functions and roles in MAS’ annual manpower survey and the new Employment Outlook Survey are mapped to those in the skills framework, so that we not only know what jobs are in demand, but also what skills to build to help move people into these jobs. Second, IBF’s accreditation of training programmes and certification of professionals are based on the skills framework, and so are its training pathways for reskilling and upskilling. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  16/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  Third, employers in the financial sector have started to adopt the skills framework in their training roadmaps. This is important. As an industry, we must move towards skills-based rather than qualification-based hiring and career development. Fast forward to 2020, and the restrictions imposed by the COVID-19 pandemic have accelerated upskilling eﬀorts. Training participation has increased 65% to reach close to 31,000 during the April to September 2020 period, compared to the same period last year. Besides training to deepen your skills, I encourage you to seek IBF Certification, an industry endorsed mark of quality for finance professionals in Singapore. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  17/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  MAS will extend our enhanced training support measures for another 6 months to June 2021.