Jacqueline Loh: Keeping green and impact in focus Keynote speech by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at Asian Venture Philanthropy Network (AVPN) Virtual Conference 2020, 8 June 2020. * * * Ms Naina Batra, Chairperson and CEO, AVPN Distinguished guests, ladies and gentlemen 1. Good morning. Thank you for inviting me to the eighth AVPN Conference. I am very glad that AVPN has pressed on with this flagship event virtually in these unprecedented times. The COVID-19 pandemic has resulted in significant health, economic and social challenges globally. The IMF has projected that global GDP will contract by 3% this year1, 2.  marking a significantly deeper downturn than the 0.1% contraction in 2009 during the Global Financial Crisis. “The Power of Networks”, which is the theme of this year’s AVPN conference, is highly apt as we strive towards the United Nations Sustainable Development Goals (UN SDGs). Addressing complex and multi-dimensional challenges like climate action, inequality, and 3.  quality healthcare and education requires policymakers, financial institutions, corporates, nongovernmental organisations, and multilateral development banks (MDBs), to come together on a common global challenge. The financial sector and MDBs have stepped up and shored capital towards building capacity in healthcare and pharmaceuticals, while supporting the recovery. 4. Social and sustainability bond issuances totalled $ billion in the first quarter of this year2, nearly double that of the same period last year.

With regard to Sweden, a record-low level in the purchasing managers index points to a continued slowdown in economic activity. The purchasing managers’ index for the manufacturing sector fell in October, for the fifth month in a row. Households’ confidence in the economic situation, as reported in the National Institute of Economic Research’s economic tendency survey, plummeted in October to the lowest level since the beginning of 1993. Confidence did not change substantially in November, but remained at a historically low level. The confidence indicator for the manufacturing industry fell further in November and is well below the average. A large number of redundancies have been notified by Swedish companies in both October and November. Inflation fell in October, which was entirely in line with the Riksbank’s most recent forecast, and there are also signs of lower inflation expectations. At the same time, the krona has been weaker than in our most recent forecast, which in all likelihood will somewhat weaken the forces pushing down inflation. The indicators and outcome data that have been received regarding international growth point to a sombre development. The GDP figures for the United States indicate negative growth during the third quarter and a weak beginning to the fourth quarter. The confidence indicators are pointing downwards, the retail trade is weak and orders are falling. The euro area is in a recession as growth was negative during both the second and third quarters. Since the monetary policy meeting on 22 October, growth prospects have deteriorated considerably, both in Sweden and abroad.