On 13 November 2009, Dominique Strauss-Kahn, Managing Director, International Monetary Fund delivered a speech to the MAS. His speech focused on the role of Asia in the post crisis world economy.

Of particular note in his speech Mr Strauss-Kahn, highlighted that Asia as a whole has been able to maintain sustained growth over the last decade due to sound macroeconomic management and structural reforms. It is this strength that he feels will make Asia a leader for the world as it recovers from the crisis.  

He speaks of Singapore specifically when discussing rebalancing of individual country economies, regional economies and the global economy, noting that “Its economy is extremely open - gross capital flows are roughly the same as GDP, while exports and imports together account for about four times GDP. This openness, combined with pragmatic macroeconomic management, structural reforms, and a business-friendly environment, has been a cornerstone of Singapore's economic success, raising real income per capita five-fold in a generation.”

Mr Strauss-Kahn also examines the need for investment in infrastructure, education and technology to help in the expansion of the Asian regional economy.

Finally Mr Strauss-Kahn highlights the need for regulatory change and governance in the wake of the financial crisis. Like many others, he praises the regulatory regimes already in place in many countries throughout the region, however, he does caution that the regulators must not become complacent and must ensure that their frameworks and guidelines continue to improve and reflect the new norms being developed throughout the world.

As for the IMFs role in Asia, Mr Strauss-Kahn believes the role will deepen, especially as relationships with regional groups, such as ASEAN and EMEAP strengthen.

For the full text of Mr Strauss-Kahn’s speech please see IMF speech to MAS