shocks. but asian foreign policymakers have been quick to respond. to reduce reliance on exports, many asian countries have taken measures to rebalance their economies towards domestic demand. the growing asian demand will help support the global economic recovery ; and in the longer term, contribute to the growth of our global economy. 6. going forward, it is widely expected that asia will continue to lead the global recovery. investors are confident of asia ’ s prospects due to sound economic fundamentals and fiscal strength. the booming asian economies will present many investment opportunities. in particular, infrastructure financing is likely to be a major driver of demand for investments. the asian development bank estimated that usd $ 8 trillion worth of infrastructure spending is needed in the 10 years leading up to 2020 to support asia ’ s growth. the demand for capital investments driven by the growth in asia ’ s real economy will support the development of the region ’ s capital markets. as investors continue to invest in asia, the depth, accessibility and efficiency of asia ’ s capital markets will continue to improve. bis central bankers ’ speeches with proper balance, the continuing inflows of funds, improvements in capital markets and growth in the real economy will create a self - reinforcing virtuous circle. 7. along with the rise of asia, singapore will continue to enhance our position as a global - asia financial and business hub. as a well - connected international financial centre, singapore can be the base for global players to tap into opportunities offered by a rising asia. to do that, we will build on our strengths in areas such as trading, asset management and infrastructure financing. we will also continue to emphasise the importance of strengthening risk management, enhancing transparency, as well as build depth and diversity in the offering of financial products and services. let me cover these areas in turn. 8. first, in the area of strengthening risk management. in the context of the capital markets, we have been building the necessary infrastructure to help market participants better manage their risks. there has been greater concern over counterparty risks since the financial crisis. this fear of counterparty default dented global trading and interbank lending activities. to allow market participants to better manage their counterparty risks, the singapore exchange launched a new clearing service for otc financial derivatives in 2010. this is the first such service in asia. 10 international and local banks have since signed up with sgx to clear their otc financial derivatives, and there are intentions to expand the product suite going forward. this

loi m bakani : the state of the economy and monetary policy address by mr loi m bakani, governor of the bank of papua new guinea, to the national development forum, port moresby, 18 august 2010. * * * thank you chairman, mr brown bai. honourable paul tiensten, m. p. minister for national planning and rural development, leader of the opposition, sir mekere morauta kbe, deputy opposition leader hon. bart philemon mp, acting chief secretary mr manasupe zurenuoc, heads of government departments and state agencies, members of the consultative implementation monitoring council, my fellow colleagues on the panel, mr. simon tosali secretary department of treasury, mr. joseph lelang secretary department of national planning, monitoring and rural development, and mr. henry parakei, secretary department of transport, distinguished participants. papua new guinea is enjoying the fourth year of relatively high economic activity as measured by the real growth in gross domestic product ( gdp ). the average annual growth in gdp for the four years 2007 to 2010, is estimated at 6. 7 percent which translates to a per capita growth of 4. 3 percent per annum. to put it in another way, at the end of 2010 our people will be 18. 3 percent better off from where they were at the beginning of 2007. this trend is likely to continue for the next three years, during the construction period of the liquefied natural gas ( lng ) project. even more important then the overall growth in gdp is the estimated non - mineral sectors growth of 7. 2 percent per annum. this translates to a per capita growth of 4. 7 percent, the highest and longest period of growth on record since independence. it is estimated that at the end of 2010 the great majority of our people, those in the non - mineral sectors will be 20 % better off from where they were at the beginning of 2007. despite the global financial crisis and meltdown in 2008 and the slow recovery from it in 2009 and 2010, the papua new guinea economy continued to grow and performs exceptionally well. we managed to avoid all the financial problems and at the same time have the best and longest stretch of growth in economic activity from the time of independence. the country is enjoying a mineral boom through the increase in international commodity prices, which resulted in large government surpluses up to 2008, and high accumulation of funds in trust accounts, that reached a peak of above k5 billion.