half of 2021. the world bank forecasts global growth at 4. 0 % this year ; with growth in east asia at 5. 9 %. asean economies are expected to expand by 5. 0 % in 2021, also surpassing the performance of regions beyond asia. 4. there are however, still considerable uncertainties on the horizon. these include the course of the pandemic, progress on vaccination, the possibility of governments mistiming the withdrawal of policy support, and the evolution of us - china trade and investment relations. 5. the pandemic is also likely to have lasting economic [UNK] beyond 2021, including postponed investments, the negative impact of sustained job losses on human capital, global supply chain reconfigurations that emphasise resilience over [UNK], and high public and private debt levels. these [UNK] will further threaten potential growth in economies globally. 6. however, asian economies are poised to overcome these challenges. our growth model which comprises deep international integration, investment in human capital, and sound economic governance has helped us weather past crises and will continue to serve us well. the digitalisation of the regional economy also [UNK] immense opportunities. it is facilitating the growth of emerging industries such as e - commerce and expanding access to the vast east asian market for non - traded goods. 7. in the medium term, asia ’ s outlook is positive. in the next five years, the imf projects 5. 2 % average annual growth for the region, compared to 3. 2 % for the rest of the world. by 2025, asia ’ s share of global gdp is expected to reach 38 %, up from 26 % 20 years ago. financial markets in asia – sharing the growth story 8. asian financial markets have grown in tandem with the asian economic growth trajectory. the region ’ s equity markets account for about 40 % of global equity market capitalisation, doubling its share over the last 20 years ; the growth of asia ’ s bond markets has been phenomenal, with annual issuance volume rising 9 - fold [ 6 ] in 20 years, and accounts for about a quarter of annual global bond issuance volumes today ; https : / / www. mas. gov. sg / news / speeches / 2021 / riding - the - growth - momentum - in - asia 2 / 11 12 / 02 / 2021 " riding the growth momentum in asia " – keynote speech by ms jacqueline loh, deputy managing director ( markets & development ), … capital inflows to

programme in 2023, in partnership with all five local polytechnics and three ite colleges. the bank targets to benefit 300 2 / 3 bis - central bankers'speeches polytechnic and ite students over three years. the programme offers a one - year internship across different business units within the bank, in roles such as assistant relationship managers and credit analysts. those who perform well will be offered a fulltime position with the bank upon graduation and may also receive sponsorship should they wish to pursue further education. b ) another example is prudential's talent engagement ecosystem, or tee - up, which supports students and young adults in their professional development as they transition from schools to workplaces. recently, prudential and ite signed a three - year mou to support 3, 000 ite students in taking on courses on automation, financial literacy, ai, and design thinking, as well as participate in internships and the tee - up mentorship programme. these will equip them well for their future careers. 14. we have also seen real - life examples of ite students who have benefited from internship experiences offered by financial institutions. a ) one example is haw hui jun from ite's school of business and services. she shared that her 6 - month internship stint as a finance intern at howden private wealth had equipped her with new skills, expanded her professional network, and strengthened her confidence. through the internship, she was able to demonstrate her ability to apply what she had learnt in school to her work, and was entrusted with larger responsibilities. she is currently enrolled in a common business programme ( cbp ) at temasek polytechnic. she aims to obtain a diploma in accountancy and finance to broaden her knowledge and advance along the accountancy career pathway. closing 15. today's signing of a memorandum of understanding on collaboration in talent development for the financial sector between ibf and ite, as well as between ite and the 13 financial institutions, signals the financial sector's commitment to investing more in our ite students and graduates, to support their aspirations and realise their full potential. 16. i would like to extend my early congratulations to ibf on its jubilee year, and express my appreciation for its leadership and commitment to building the young talent pipeline in the financial sector. i would also like to thank ite and the 13 financial institutions, for partnering ibf in this effort. 17. to the ite students here with us today : i know