now investigating, may be an important first step in that direction. but the possibilities offered by information technology for the improvement of price measurement may turn out to be much broader in scope. just as it is difficult to predict the ways in which technology will change our consumption over time, so is it difficult to predict how economic and statistical science will make creative use of the improved technology. such advances must be taken to ensure that our economic statistics remain adequate to support the public policy decisions that must be made. if the challenge for our statistical agencies is not to lose in their race against technology, the challenge for policymakers is to make our best judgements about the limitations of the existing statistics, as we design policies to promote the economic well - being of our nations.

went into real estate investment. it will be a shame if asia ’ s considerable savings pool, not to mention the inflows of capital from abroad, goes into speculative real estate instead of productive infrastructure investments that enhance long - term economic growth. having well - developed capital markets is a good way of ensuring that capital is allocated to productive uses. 23. a promising experiment in developing better mechanisms for allocating capital is the world bank - singapore urban hub. established in 2009, it brings together singapore ’ s public agencies, research institutes, and private sector players to share their experiences with developing countries, in areas ranging from water and waste management, land use planning, and urban development. as a financial centre, singapore provides a suitable platform for public - private - partnership financing frameworks to help channel private capital into infrastructure development in asia. bis central bankers ’ speeches build expertise for investing capital 24. while pricing capital correctly and improving the channels to distribute it more efficiently are necessary, they will be insufficient if the human expertise to manage and allocate the capital is not well developed. building a successful team of financial intermediaries hinges on identifying the right talent and building the right competencies. 25. in singapore, mas and the industry have worked together to develop the financial industry competency standards ( or “ fics ” ), aimed at enhancing the professionalism of the financial sector workforce. the accredited programmes of fics are readily accessible, with funding support of up to 90 per cent of the programme fees. mas supports relevant training programmes under the financial training scheme, which co - funds training costs for training courses. 26. substantial investment has also been made in the area of financial research. the work of researchers here helps to increase the body of knowledge and understanding of risks unique to asian markets. many research institutes have been set up in singapore to support these efforts. 26. singapore has put much effort into attracting asset managers to bolster the buy - side of the investment equation. as at end - 2010, assets managed out of singapore stood at s $ 1. 4 trillion, with a rolling 5 - year average growth rate of 16 per cent per annum. the asia pacific region continues to be the key investment destination for singapore - based asset managers, accounting for just over 60 per cent of total assets under management. private equity, venture capital, and other alternative investors have found singapore a conducive centre to access regional and international investment opportunities. such concentrations of investment talent and expertise in the major financial