grown steadily in tandem with labour market conditions and overall sentiment, while investment spending has recovered strongly on the back of a surge in investment in machinery and equipment. despite the robust economic recovery, inflationary pressures remain subdued. cpi inflation was 0 % in 1999, rising moderately to average just 1 % in the first six months of 2000. ( based on the old cpi basket before the revision introduced early this year, measured cpi inflation in 1999 would have been slightly higher at 0. 4 %. ) inflationary pressures have been held down by greater competition in several segments of the economy, particularly in the supermarkets and telecommunications industry. strong productivity growth has also helped neutralise the inflationary effects of increases in nominal earnings and the partial restoration of the employers ’ cpf contribution rate. looking ahead, we expect the growth momentum to be sustained for the rest of 2000 and to moderate only slightly next year. this is underpinned by the favourable outlook for the external economic environment. economic activity will be led by steady growth in the manufacturing sector and a strong pick - up in the services sectors. domestic spending is also expected to remain strong. we expect the remaining slack in the economy to be taken up within the next 12 months. as the labour market tightens further, wage pressures will begin to emerge. imported cpi will also rise, as higher commodity prices filter through to higher import prices of consumption goods. we expect cpi inflation to edge up slightly, to about 1 - 2 % in 2000 and 2001. mas is, therefore, prepared to allow a gradual and modest appreciation of the sing dollar on a trade weighted basis in the coming year, in line with the strengthening of economic fundamentals. this would contain any incipient inflationary tendencies without exerting undue pressure on our competitiveness, bearing in mind the tightening labour market and the progressive restoration of employer cpf contributions. this stance will however be subject to continual review, depending on developments in the domestic economy and external environment. financial services sector performance of financial services sector the financial services sector saw an improved performance last year, rebounding from a negative 8. 1 % growth rate in 1998 to register flat growth in 1999. the recovery was largely fuelled by the surge in the stock market and fund management activities over the year, reflecting buoyant market sentiments and a brighter regional economic outlook. the upturn is likely to be sustained for the rest of the year. for the first quarter of 2000, the sector has already turned in an encouraging 6. 9

ravi menon : singapore as convenor, catalyst and contributor for climate action speech by mr ravi menon, managing director of the monetary authority of singapore, at the launch of the cop - 27 singapore pavilion, sharm el - sheikh, 6 november 2022. * * * ladies and gentlemen, good evening. welcome to the launch of the singapore pavilion at cop27. as we gather in beautiful sharm el - sheikh, let us remind ourselves of the task before us : to reduce global greenhouse gas emissions to net zero by 2050 in an orderly and inclusive way. singapore is committed to the net - zero by 2050 target and has laid out our plans and strategies to get there. this pavilion is not just about singapore's plans to get to net - zero. after all, singapore's contribution to global emissions is just 0. 1 %. but as a global city, technology hub, and financial centre, we can play a larger role in the fight against climate change. singapore wants to be a convenor, a catalyst, and a contributor of solutions for global climate action. this is the broader purpose of this pavilion. as a convenor, we will bring together partners in industry, finance, academia, civil society and the government, to spark new ideas and forge new collaborations for effective climate action. as a catalyst, we will work with partners to step up the pace of transition in this critical decade, which will substantially determine whether the world gets to netzero by 2050. as a contributor, we will share with others the climate solutions that we have developed and may be of relevance to them. let me highlight three key themes at the singapore pavilion : decarbonisation technologies transition finance carbon markets first, innovating decarbonisation technologies. the transition to net - zero will require us to transform how we live and work. it will transform how we power our homes and offices, travel, grow our food, and construct our cities. as a densely populated metropolis in the tropics, singapore is a living lab to develop, testbed, and commercialise green solutions for urban living. let me highlight two areas. one, decarbonising land transport. 1 / 3 bis - central bankers'speeches in many cities, land transport accounts for a substantial portion of carbon emissions ; in singapore, it is about 15 %. the solution lies in electrifying transportation. this is why, from 2030, singapore will allow only registrations of cleaner - energy