go from here hinges strongly on domestic policy responses in each of the major economies and the trade - offs they make today between the short - term and the long - term. 2 / 6 bis central bankers'speeches asia ’ s medium - term prospects are good lest we forget, many parts of the emerging market world have not seen a significant backlash against globalisation. and asia stands out in that regard. asia remains committed to openness, is positioned for sustained growth, and offers much promise to investors. led by china and india, asia will remain the fastest - growing region in the world. the imf projects that emerging and developing asia will grow by an average of 6. 3 % p. a. from now to 2022. the asean1 economies are expected to grow by about 5 % p. a., china by about 6 % p. a., and india by 7 - 8 % p. a. three factors will drive investment opportunities in the region. first, a growing middle class and rapid urban migration. according to the adb, by 2030, about 1 billion people across china, india and asean will be in the middle - income bracket. this is more than a threefold increase from today, and presents significant potential for growth in private consumption. asia ’ s imports of consumer goods as well as modern services, such as telecommunications, information, and financial services, have risen sharply over the past decade. second, sustained investments to build up physical and human capital. china ’ s fixed asset investment in education and infrastructure has expanded rapidly, growing by about 20 % annually since 2009. indonesia, thailand and the philippines have ramped up development spending to address infrastructure deficits. vietnam has been making heavy investments in education, at almost 20 % of total public expenditure. this is beginning to show results in its global ranking in pisa – the programme for international student assessments. third, growing economic integration within the region. asia already has extensive cross - border production networks, particularly in the electronics and automobile industries. china ’ s belt and road initiative will facilitate not just infrastructure investment in the region but, more importantly, strengthen connectivity. as new projects gain traction, there will be increased regional flows of trade, capital, and people in the next five to ten years. finally, i want to touch on a new source of untapped potential – the clmv countries : cambodia, laos, myanmar and vietnam. they are increasingly plugged into the global economy and regional supply chains,

development programmes for vc and pe managers. there is a growing suite of opportunities in bankable infrastructure projects. investors with strong in - house infrastructure expertise can engage in direct investments in green - field projects. this can be done alongside multilaterals and commercial banks. others can tap on established fund managers focused on asian infrastructure. yet another opportunity lies in project bonds. but these remain relatively nascent in asia. 5 / 6 bis central bankers'speeches regardless of the investment approach, project structuring is critical in bringing to fruition infrastructure projects. for investors looking towards asian infrastructure, singapore offers a dynamic ecosystem – with quality solutions in project advisory, project financing, and legal services, and dispute resolution. conclusion let me conclude. the global economy is in a better shape than it has been in a long while. financial markets reflect this but have probably under - estimated tail risks. reduced volatility in the markets should not beguile us into thinking there is less uncertainty out there. some caution will not be entirely misplaced. asia remains the biggest growth story in the world. there is still much work ahead in regional economic integration and domestic structural reform. but asia is moving forward. and the region ’ s economic fundamentals remain sound. investing in asia is about participating in this growth story. it is also about looking forward and staying the course for the medium - to long - term. as institutional investors pivot towards alternative assets, asian private equity, asian real estate, and asian infrastructure can provide credible stores of value in the institutional portfolio. and singapore ’ s financial centre – with more than 120 global and regional banks, a diverse ecosystem of over 650 asset managers, and extensive connectivity with the rest of asia – offers an excellent platform to tap into these opportunities. thank you, and have a good evening. 1 the imf forecasts refer to the asean - 5 economies of indonesia, malaysia, thailand, vietnam and the philippines. 6 / 6 bis central bankers'speeches