financial regulatory frameworks are more robust. and policymakers in asia are more prepared to make macro - policy adjustments as needed, including pre - emptive interest rate hikes to support exchange rate stability. the second risk to the global economy is rising protectionism. protectionism is rearing its ugly head on three trade fronts : us - china ; us - eu ; and usmexico - canada. thus far, the us has imposed tariffs on solar panels, washing machines, steel and aluminum imports from all major trading partners. it has announced tariffs of 25 % on us $ 50 billion of imports from china, and has threatened tariffs of 10 % on another us $ 200 billion of imports from china. both china and europe have announced retaliatory tariffs. the immediate effect of these trade restrictions is limited and does not threaten global growth … yet. the announced tariffs are estimated to shave around 0. 1 % point off china ’ s growth, with the us economy similarly impacted by china ’ s retaliatory measures. the real risks from the tariffs are spillover effects, escalation, and economic uncertainty — all of which could severely undermine global growth. first, spillover effects. the impact of the tariffs will be felt not only in the countries involved but across the value chains that span several countries. second, escalation. if tariffs are applied to a much broader range of goods, trade flows would be severely impaired and the impact on growth would be greater. third, uncertainty. the threat of further escalation is beginning to dampen business confidence and unsettle financial markets. if businesses around the world take a wait - and - see approach, the global recovery in investment could be curtailed. the world has clearly moved from trade tension to trade conflict. if this escalates into a trade war, all three engines of global growth — manufacturing, trade, and investment — will stall. bottomline : the global economy is still in good shape but the momentum has started to flag and tail risks have grown. so while global growth should be good this year, it may not be quite as good as last year. singapore economy against this global backdrop, the singapore economy is expected to remain on a steady expansion path in 2018. overall gdp growth is expected to come in at around 2. 5 – 3. 5 % in 2018. 3 / 11 bis central bankers'speeches the trade - related cluster — manufacturing, wholesale trade, transport and storage, making up about 45

outcomes, alongside financial returns. in may 2020, the global impact investing network ( giin ) formed a response, recovery, and resilience investment coalition with avpn and other networks and foundations, to coordinate efforts and direct capital to high impact solutions in response to the pandemic. the fund raising outlook for impact investing strategies remains strong despite recent challenging months. managers in asia can play a meaningful role in creating impact 14. and capitalise on this opportunity. for example : impact investment exchange, a singapore - based enterprise whose platforms connect impact investors with underserved communities, issued its second women ’ s livelihood bond in january this year. the us $ 12 million social bond is listed on the singapore exchange and a third bond is being planned as part of the us $ 150 million series. blackrock recently launched an actively managed impact fund to invest in firms addressing global challenges like covid - 19 and advancing the un sdgs. conclusion 15. in conclusion, the pandemic has raised the importance of the climate and sustainability agenda, and i encourage the financial sector to not lose sight of these issues even as countries and corporates rebuild. this virtual conference, bringing together over 5, 000 participants from 80 markets, is timely for us to continue sharing insights and experiences as we work together to address global challenges. i hope that you will form new partnerships and deepen existing ones 3 / 4 bis central bankers'speeches through this virtual conference. i wish you a very fruitful week ahead. thank you. 1 international monetary fund ( imf ), 6 april 2020, world economic outlook, april 2020 : the great lockdown 2 euromoney, 7 april 2020, coronavirus crisis offers green and social bonds chance to prove their worth 3 world bank press release no : 2020 / 180 / hnp, 27 april 2020 4 infrastructure asia and world bank press releases, 1 june 2020 5 global sustainable investment alliance, april 2019, 2018 global sustainable investment review 6 morningstar, 3 april 2020, sustainable funds weather the first quarter better than conventional funds ; morningstar, 28 may 2020, what the pandemic means for sustainable investing 7 blackrock compilation at 18 may 2020, sustainable investing : resilience amid uncertainty 4 / 4 bis central bankers'speeches