percentage point to peak at 5. 5 % in september 2009. this compares with the 4. 3 percentage - point increase during the asian financial crisis when no such temporary sme support measures were available. the economy contracted briefly by 2. 7 % in 2009 and rebounded strongly the following year to achieve 6. 8 % growth. as economic conditions improved and market liquidity normalised, the government exited from this emergency measure and ceased to receive new applications of slgs after end2010. in the meantime, the success of the slgs has garnered a consensus to develop a sustainable, market - oriented platform to cater for the ongoing sme financing needs upon the phasing out of slgs. taking this opportunity, the government - owned hong kong mortgage corporation launched a new sme financing guarantee scheme ( sfgs ) on 1 january 2011 to facilitate a smooth transition from the temporary slgs to a sustainable market - based mechanism. operating based on prudent commercial principles, the sfgs does not require government subsidy and the scheme size can be flexibly adjusted to respond to changes in market demand. the sfgs also provides a broad range of options on the product features such as tenor, facility type, loan amount and guarantee coverage to fit the different needs of banks and smes. initial market response to the sfgs has been positive, with a good participation bis central bankers ’ speeches rate from banks and an encouraging number of applications received from a broad variety of smes. it is expected that the sfgs will over time play an important role in helping smes obtain stable and sustainable financing while assisting banks in managing their risks, in particular when market conditions become volatile and uncertain. i am happy to share this experience of hong kong, china of how the “ exit ” of an extraordinary government measure has facilitated the “ entry ” of a long - term market - based solution for sustainable sme financing. i am also pleased to see that, among other priorities, adb has put more emphasis to private sector development including promoting the sme sector in recent years. a vibrant sme sector will create jobs, improve productivity and expand opportunities for the poor in developed and developing economies alike. we hope to see the bank continue with its efforts on this front, along with its other equally important priorities in promoting the development of the region. bis central bankers ’ speeches

overall effect of these interactions would impact overall on growth. these perspectives call for measures that boost both labour productivity and labour input. in a market economy, employers, employees and the self - employed have a number of instruments and options at their disposal to increase labour productivity and labour input. however, there is also room for improvement with regard to the economic conditions within which businesses operate. first, the capacity for innovation in switzerland should not be allowed to decline. therefore, policies fostering education and research are called for. second, switzerland ought to continue to attract more investment. in other words, domestic investment should become more attractive. in a globalised world, switzerland's attractiveness as a business location in an internationally competitive environment should continue to improve. third, the economically active population could be strengthened by increasing the number of qualified immigrants. there is a substantial pool of labour from which to recruit not only within the european union ( eu ), but also in other regions. at the same time, switzerland's employment quota could be lifted if more women now living in switzerland entered the workforce. the key to achieving this goal is striving for a greater work life balance, i. e. combining a career and family life for both parents. for example, more women should have the option to work fulltime on a permanent basis.