taking. an argument that the high levels of executive compensation is justified due to the value created for shareholders must also be closely examined against the exogenous factors, such as the liquidity overhang caused by the unconventional monetary policies pursued by many of the advanced economies. creating an enabling environment for small - and medium - sized enterprises, which are major sources of employment, should be part of any policy transformation attempt. bis central bankers ’ speeches academic research generally concludes that political freedom, strong institutions and quality regulation are significant contributors to economic growth. effective, fair and accountable governments boost public confidence, raising the level of satisfaction among citizens. likewise, citizens ’ access to public officials to voice their concerns is correlated with a higher state of well - being. it is worth noting the most recent findings by the institute for management development responsible for the publication of the world competitiveness yearbook. the 2015 yearbook indicates that sa occupies position 53 in terms of its competitiveness within a group of 61 countries surveyed. the yearbook ranks a mix of 61 industrialised and emerging economies in terms of ability to create and foster an environment sustaining competitive enterprises. country data are evaluated based on specific criteria, categorised in terms of four competitiveness factors, namely government efficiency, business efficiency, economic performance and infrastructure. south africa ’ s economic performance has improved by seven places to position 49 in 2015, following an improvement in international trade and attaining the lowest cost - of - living index that topped the world rankings. government efficiency though is indicated to have dropped to position 40 in 2015, after having been at position 32 two years earlier. this is mainly attributable to the poor performance of public finance, a weak institutional framework and business legislation. the performance of businesses ’ efficiency also deteriorated further in 2015, as a result of a decline in productivity and efficiency, a further deterioration in labour market conditions, deteriorating management practices, and poor attitudes and values in the business sector. the ranking of technological infrastructure, health and environment infrastructure also deteriorated. the report states that business efficiency requires high productivity in order to thrive and, in the absence of that, it is difficult for an economy to be competitive. according to the report, it has been empirically proven that business efficiency and productivity have been the main drivers of the competitiveness gains in the us, with that country remaining the most competitive economy in 2015. in dealing with our own challenges regarding competitiveness, it is important that we continue to pursue fair access to markets and more balanced global trade. furthermore

debate. from this perspective, it is important to continue to actively participate in international discussions and to raise asian voices through frameworks such as the g20. as i mentioned, climate change is an area that requires asia's active contribution. addressing climate change risk requires a global effort. but, as a region that would be greatly affected by increases in natural disasters, rising sea levels, and damage to agricultural and fishery industry, this is a much more urgent issue for asia. at the same time, in step with economic growth, carbon dioxide emissions in asia have increased rapidly, and counted for more than half of total global emissions in 2017. 7 it is important to collaborate within the region and with the global community, by for example actively encouraging the introduction and sharing of environment - friendly technologies. how to take advantage of digital transformation is another area that asia could play a leading role in the global discussion. many asian countries including china, india and japan are key innovators and manufacturers of digital technology. if countries in the region can coordinate their digital supply chains, the synergies would be significant. from another perspective, most asian countries face intractable demographic dilemmas. in much of east asia, fertility has dropped below replacement rates, populations are aging, and workforces declining. laborsaving technology can help mitigate this demographic challenge and should improve the productivity of east asian countries. conclusion let me conclude. the globalization that led the development of the global economy after 6 portland, " the soft power 30, " 2019. 7 global carbon project, " global carbon budget 2018. " world war ii has slowed recently. countries have become more inward oriented, and this change has become a major headwind for cross - border financial and economic activities. on the other hand, multilateral efforts are indispensable in tackling many issues ranging from trade to climate change. asia is one of the regions that has benefited most from post - war financial and economic globalization. in this age of uncertainty, the search for a new " global order " continues. this brings both challenges and opportunities for the asian region, and expectations for the region to contribute to the global debate are high. to that end, it is important for asia to promote further intraregional collaboration based on mutual understanding and respect. strengthening the bond within asia will enable the region to contribute to solving global issues. based on my many years of working with colleagues in asia, i am confident that the asian century will certainly come. thank you for