This morning, in my brief remarks, I will touch on globalisation from three perspectives, namely trade, financial and human capital. Trade Globalisation A key manifestation of globalisation is the exponential increase in international trade. Exports as a share of global output have tripled since the 1950s, while foreign direct investments have increased seven-fold. This phenomenal development has been facilitated by economic integration, technological advancements and the proliferation of trade agreements. The benefits of globalisation of trade and investment have been experienced across the board – economic growth and productivity have accelerated; businesses have greater access to resources and markets; workers have broader job opportunities; and consumers have a greater array of goods and services to choose from. Collectively, these gains have translated into the unprecedented improvement in income across the world. This is certainly true for Malaysia. We are no stranger to international trade, ever since the rise of Malacca as an important global port more than 600 years ago. Despite accounting for only 0.2% of the world’s land mass, Malaysia is currently the 25th largest trading nation in the world and a key player in the global value chain. Our financial system is highly integrated with the international markets. Malaysia’s economic and financial integration with the rest of the world has undoubtedly contributed significantly to our economic progress in the last few decades. And yet, there is increasingly growing pushback against globalisation, especially in the advanced economies.

Marzunisham Omar: Globalisation - contents and discontents Welcoming remarks by Mr Marzunisham Omar, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the World Bank International Conference "Globalisation: Contents and Discontents", Kuala Lumpur, 15 January 2019. * * * Globalisation has contributed to the world’s unprecedented economic growth and prosperity. Global output has increased more than six-fold in the past 50 years. A billion people have been lifted from abject poverty in just one generation. Although the gains from globalisation are vast and widely-acknowledged, its fruits have not been equitably shared by all. The growing sense of discontent and injustice among the marginalised have led to a retreat from globalisation in the recent period. This reminds me of what the late Kofi Annan once said: “Globalisation is a fact of life. But I believe we have underestimated its fragility”. Globalisation has, and will always, exist in a tension. The challenge is finding the right balance between various, and often contrary, objectives. The retreat from global integration and multilateralism today serves as a wake-up call for us to reflect on the realities of globalisation, to re-examine our policy choices and to recalibrate our way forward. With rapid technological advancements becoming an increasingly polarising force, the sociopolitical and economic issues at hand are more pressing than ever. It is my great pleasure to welcome you today to the World Bank International Conference on ‘Globalisation: Contents and Discontents’. Thank you to the World Bank for giving me the opportunity to say a few words.