workforce of 170, 000. it is the most productive workforce in the economy, accounting for 4. 5 % of singapore ’ s total workforce but 13. 3 % of our gdp. during 2015 - 2019, the financial sector created 22, 000 net jobs. 70 % of these jobs went to singapore citizens, in line with the overall proportion of singaporeans in the financial sector workforce, also at 70 %. what ’ s more remarkable is that the financial sector continued to create jobs right through the covid - 19 pandemic crisis. in the first half of this year, financial services created 1, 900 net jobs. 100 % of these jobs went to locals. these are good jobs : the median income for locals in the financial sector is $ 7, 600, compared to the national median of $ 4, 600. of course, the median income of foreigners in the financial sector is even higher, at $ 10, 000. we will address this issue at a later webinar when we talk about job specialisation and job leadership, and how we can enhance the wage prospects of singaporeans in finance. for now, let ’ s focus on the job opportunities. https : / / www. mas. gov. sg / news / speeches / 2020 / gearing - up - for - new - and - evolving - jobs - in - financial - services 5 / 18 04 / 12 / 2020 " gearing up for new and evolving jobs in financial services " - remarks by mr ravi menon, managing director, monetary authorit … we should not be complacent. just because the sector has done well on the jobs front so far does not mean that it will continue to do so in the future. the economic recovery is uneven and remains highly uncertain. mas is therefore keeping a watchful eye on financial institutions ’ hiring and retrenchment plans. earlier this year, mas conducted a pilot employment outlook survey for the financial sector. the pilot survey covered over 30 financial institutions on their projected hiring and job losses over 12 months from july 2020 to june 2021. together, these firms account for over 40 % of the financial services workforce. let me share the findings. the survey showed that financial institutions are planning to [UNK] 1, 800 newly created jobs and 2, 000 traineeships during these 12 months. https : / / www. mas. gov. sg / news / speeches / 2020 / gearing - up - for - new - and - evolving - jobs - in - financial

heng swee keat : how the monetary authority of singapore had responded to the crisis and its challenges ahead acceptance speech by mr heng swee keat, managing director of the monetary authority of singapore, on receiving the banker ’ s “ central bank governor of the year in asia - pacific ” award, singapore, 11 february 2011. * * * on receiving the award and paying tribute to mas ’ staff 1. i am deeply honoured and humbled to receive the “ central bank governor of the year in asia - pacific ” award by the banker. 2. this award is a tribute to the collective contribution of the staff of the monetary authority of singapore ( mas ) who had worked hard to ensure that our monetary policy stance was appropriate for the economy during the downturn and the eventual recovery ; and to foster a sound and progressive financial system, which overall stood well under stress during the global financial crisis. several of our key management team members are here : edward robinson, andrew khoo and ng nam sin. this is also a testament to the collaborative efforts with the industry to build a resilient financial sector. i thank members present here for the roundtable, and in particular mr j y pillay, who as former md of mas, laid a strong foundation of sound central banking and regulation. how mas had responded to the crisis 3. as a small and open economy with strong linkages with the rest of the world, singapore was severely affected by the financial crisis through a sharp falloff in global trade. we experienced four consecutive quarters of sequential contraction with a cumulative output loss of 9 % – our deepest recession since independence. conversely, with the subsequent recovery in the global economy, singapore ’ s gdp rose sharply and now exceeds the level before the crisis. last year, the economy grew by an estimated 14. 7 %. 4. over the course of the crisis in 2008 / 2009, mas ’ monetary policy responses were deliberately graduated, underpinned by the objective of promoting price stability in the medium term. we did not react to every single development in the economy or the financial markets as this would have introduced unnecessary volatility and uncertainty. following the significant deterioration in external demand in late 2008, mas eased policy in october 2008 and april 2009 to provide support to the domestic economy. in early 2010, taking into account the strong recovery path of the economy and rising domestic cost pressures amidst high rates of resource utilisation, mas shifted to a modest and gradual appreciation of the s $ nee