1 00:03:01,766 --> 00:03:04,633 It’s it’s no. I just won one. 2 00:03:04,633 --> 00:03:06,000 It’s it’s no. I just won one. Oh no, I can hear myself. Okay. 3 00:03:06,000 --> 00:03:09,667 Oh no, I can hear myself. Okay. That’s great. 4 00:07:38,201 --> 00:07:39,966 This is why we’ll be looking on 5 00:07:39,966 --> 00:07:43,100 This is why we’ll be looking on our phone. 6 00:08:13,167 --> 00:08:14,699 Good morning and a very warm 7 00:08:14,699 --> 00:08:16,400 Good morning and a very warm welcome to blue. It’s annual 8 00:08:16,400 --> 00:08:18,867 welcome to blue. It’s annual meeting 2020. My name is convoy 9 00:08:18,867 --> 00:08:20,467 meeting 2020. My name is convoy and I’m the director of Blue 10 00:08:20,467 --> 00:08:22,400 and I’m the director of Blue and I’m very very pleased to 11 00:08:22,400 --> 00:08:25,234 and I’m very very pleased to welcome you to our three-day 12 00:08:25,234 --> 00:08:27,867 welcome you to our three-day marathon um 3 days of policy 13 00:08:27,867 --> 00:08:30,167 marathon um 3 days of policy debate all online um due to the 14 00:08:30,167 --> 00:08:33,100 debate all online um due to the to the pandemic um and we are 15 00:08:33,100 --> 00:08:36,000 to the pandemic um and we are starting um today’s program at 16 00:08:36,000 --> 00:08:39,900 starting um today’s program at the annual meeting with um 17 00:08:39,900 --> 00:08:43,234 the annual meeting with um Tonga uh senior minister. From 18 00:08:43,234 --> 00:08:45,067 Tonga uh senior minister. From a prime minister, Deputy Prime 19 00:08:45,067 --> 00:08:47,867 a prime minister, Deputy Prime Minister of Singapore um who is 20 00:08:47,867 --> 00:08:51,633 Minister of Singapore um who is I think very well known um 21 00:08:51,633 --> 00:08:53,700 I think very well known um intellectual um and thought 22 00:08:53,700 --> 00:08:55,434 intellectual um and thought leader and um, of course a 23 00:08:55,434 --> 00:08:57,801 leader and um, of course a policy maker uh from Singapore 24 00:08:57,801 --> 00:08:59,467 policy maker uh from Singapore and he joins us live from 25 00:08:59,467 --> 00:09:02,300 and he joins us live from Singapore today um welcome to 26 00:09:02,300 --> 00:09:05,834 Singapore today um welcome to and it’s so good to see you and 27 00:09:05,834 --> 00:09:08,700 and it’s so good to see you and um and and we uh we want to 28 00:09:08,700 --> 00:09:11,367 um and and we uh we want to start um this um annual meeting 29 00:09:11,367 --> 00:09:14,133 start um this um annual meeting which. Is about um the global 30 00:09:14,133 --> 00:09:17,201 which. Is about um the global economy um after the pandemic 31 00:09:17,201 --> 00:09:19,900 economy um after the pandemic after cover nineteen and talk 32 00:09:19,900 --> 00:09:22,266 after cover nineteen and talk about um the global economy and 33 00:09:22,266 --> 00:09:25,200 about um the global economy and how it can prepare for recovery 34 00:09:25,200 --> 00:09:29,201 how it can prepare for recovery and growth um after um this 35 00:09:29,201 --> 00:09:32,600 and growth um after um this absolutely dramatic 36 00:09:32,699 --> 00:09:33,667 pandemic um which has led to 37 00:09:33,667 --> 00:09:37,299 pandemic um which has led to the biggest drop in GDP, um 38 00:09:37,299 --> 00:09:40,367 the biggest drop in GDP, um since World War two um dramatic 39 00:09:40,367 --> 00:09:43,800 since World War two um dramatic change um a real health. Many 40 00:09:43,800 --> 00:09:46,933 change um a real health. Many people died um but uh seriously 41 00:09:46,933 --> 00:09:50,333 people died um but uh seriously also a traumatic economic issue 42 00:09:50,333 --> 00:09:53,201 also a traumatic economic issue uh with trade collapsing um 43 00:09:53,201 --> 00:09:54,933 uh with trade collapsing um with multiple consequences in 44 00:09:54,933 --> 00:09:57,234 with multiple consequences in all countries around the world, 45 00:09:57,234 --> 00:09:58,666 all countries around the world, all countries have been one way 46 00:09:58,666 --> 00:10:02,167 all countries have been one way or another affected and um 47 00:10:02,167 --> 00:10:04,700 or another affected and um before we uh go to uh a debate 48 00:10:04,700 --> 00:10:06,799 before we uh go to uh a debate uh we want to first hear from 49 00:10:06,799 --> 00:10:10,600 uh we want to first hear from you uh uh what are your um 50 00:10:10,600 --> 00:10:12,333 you uh uh what are your um kickoff remarks your initial 51 00:10:12,333 --> 00:10:14,433 kickoff remarks your initial thoughts about how we can 52 00:10:14,433 --> 00:10:16,700 thoughts about how we can recover from this traumatic um 53 00:10:16,700 --> 00:10:20,266 recover from this traumatic um uh economic. How we can ensure 54 00:10:20,266 --> 00:10:23,266 uh economic. How we can ensure um inclusive growth how we can 55 00:10:23,266 --> 00:10:25,267 um inclusive growth how we can ensure uh perhaps also a 56 00:10:25,267 --> 00:10:28,234 ensure uh perhaps also a climate uh neutral um economy 57 00:10:28,234 --> 00:10:29,333 climate uh neutral um economy global economy perhaps share 58 00:10:29,333 --> 00:10:31,133 global economy perhaps share also with our some experiences 59 00:10:31,133 --> 00:10:34,000 also with our some experiences from Singapore um and you know, 60 00:10:34,000 --> 00:10:35,367 from Singapore um and you know, then we will have a debate and 61 00:10:35,367 --> 00:10:37,733 then we will have a debate and uh in the end we will take 62 00:10:37,733 --> 00:10:39,266 uh in the end we will take questions also from the 63 00:10:39,266 --> 00:10:41,300 questions also from the audience and the debate um we 64 00:10:41,300 --> 00:10:42,699 audience and the debate um we will be uh co chaired by 65 00:10:42,699 --> 00:10:44,433 will be uh co chaired by Michael uh with the deputy 66 00:10:44,433 --> 00:10:46,667 Michael uh with the deputy director of the mats and myself 67 00:10:46,667 --> 00:10:50,000 director of the mats and myself um who sits. 68 00:11:22,699 --> 00:11:25,767 Forward to your remarks you 69 00:11:25,767 --> 00:11:27,701 Forward to your remarks you thank you good. I could be here 70 00:11:27,701 --> 00:11:30,634 thank you good. I could be here heard loud and clear Yes, very 71 00:11:30,634 --> 00:11:31,767 heard loud and clear Yes, very good. Thanks well. thanks for 72 00:11:31,767 --> 00:11:34,200 good. Thanks well. thanks for watching me and um uh thanks to 73 00:11:34,200 --> 00:11:35,966 watching me and um uh thanks to Mario as well. Um let me just 74 00:11:35,966 --> 00:11:42,267 Mario as well. Um let me just start by talking about the 75 00:11:42,267 --> 00:11:45,234 start by talking about the gravity and complexity of the 76 00:11:45,234 --> 00:11:47,933 gravity and complexity of the economic and social challenge 77 00:11:47,933 --> 00:11:49,800 economic and social challenge that we face and I’ll talk 78 00:11:49,800 --> 00:11:51,967 that we face and I’ll talk about it in the context of uh 79 00:11:51,967 --> 00:11:55,301 about it in the context of uh the. Countries generally to 80 00:11:55,301 --> 00:11:56,767 the. Countries generally to some extent the emerging world 81 00:11:56,767 --> 00:11:58,367 some extent the emerging world uh I will not talk about it 82 00:11:58,367 --> 00:12:00,234 uh I will not talk about it specifically in the context of 83 00:12:00,234 --> 00:12:01,801 specifically in the context of Singapore. I think we really 84 00:12:01,801 --> 00:12:04,234 Singapore. I think we really have a problem of global 85 00:12:04,234 --> 00:12:06,700 have a problem of global magnitude and it is a problem 86 00:12:06,700 --> 00:12:09,834 magnitude and it is a problem uh that is more complex and 87 00:12:09,834 --> 00:12:10,467 uh that is more complex and more daunting than anything 88 00:12:10,467 --> 00:12:12,767 more daunting than anything we’ve seen and it’s not just 89 00:12:12,767 --> 00:12:16,400 we’ve seen and it’s not just it’s not just copying. We’re 90 00:12:16,400 --> 00:12:17,334 it’s not just copying. We’re really tackling three realities 91 00:12:17,334 --> 00:12:20,834 really tackling three realities at the same time first uh the 92 00:12:20,834 --> 00:12:23,200 at the same time first uh the very sharp immediate challenges 93 00:12:23,200 --> 00:12:25,967 very sharp immediate challenges of public health. An economic 94 00:12:25,967 --> 00:12:29,367 of public health. An economic slump uh that we are clear 95 00:12:29,367 --> 00:12:32,800 slump uh that we are clear about we’re also tackling 96 00:12:33,233 --> 00:12:35,634 the challenges of the future 97 00:12:35,634 --> 00:12:37,533 the challenges of the future economy that is already 98 00:12:37,533 --> 00:12:41,133 economy that is already unfolding for us. In other 99 00:12:41,133 --> 00:12:42,000 unfolding for us. In other words, We’re tackling not just 100 00:12:42,000 --> 00:12:44,300 words, We’re tackling not just a slump, but we’re also 101 00:12:44,300 --> 00:12:46,833 a slump, but we’re also tackling the changing character 102 00:12:46,833 --> 00:12:49,800 tackling the changing character of the economy brought brought 103 00:12:49,800 --> 00:12:52,201 of the economy brought brought about by Corbitt, but also some 104 00:12:52,201 --> 00:12:53,900 about by Corbitt, but also some preexisting trends. trends that 105 00:12:53,900 --> 00:12:57,066 preexisting trends. trends that are now. 106 00:13:45,234 --> 00:13:46,866 China some East Asian countries 107 00:13:46,866 --> 00:13:49,600 China some East Asian countries like Singapore uh have managed 108 00:13:49,600 --> 00:13:51,833 like Singapore uh have managed to do that a little better than 109 00:13:51,833 --> 00:13:53,600 to do that a little better than most. It’s been less successful 110 00:13:53,600 --> 00:13:57,367 most. It’s been less successful in the United States um but 111 00:13:57,367 --> 00:13:58,801 in the United States um but that’s critical to the first 112 00:13:58,801 --> 00:14:02,733 that’s critical to the first steps avoiding the extreme 113 00:14:02,733 --> 00:14:05,299 steps avoiding the extreme outside. but we’re also in the 114 00:14:05,299 --> 00:14:07,767 outside. but we’re also in the in the midst of structural 115 00:14:07,767 --> 00:14:09,266 in the midst of structural transformation the shape of the 116 00:14:09,266 --> 00:14:10,933 transformation the shape of the shape of jobs is changing the 117 00:14:10,933 --> 00:14:14,600 shape of jobs is changing the shape of. 118 00:14:54,767 --> 00:14:58,666 With regard to our ability to 119 00:14:58,666 --> 00:15:00,334 With regard to our ability to give people and enterprises for 120 00:15:00,334 --> 00:15:02,733 give people and enterprises for the future economy, we’ll be 121 00:15:02,733 --> 00:15:04,334 the future economy, we’ll be responding some problems plus 122 00:15:04,334 --> 00:15:07,267 responding some problems plus we risk people finding at the 123 00:15:07,267 --> 00:15:10,233 we risk people finding at the end of a phase of support and 124 00:15:10,233 --> 00:15:12,366 end of a phase of support and protection. That’s a yawning 125 00:15:12,366 --> 00:15:14,799 protection. That’s a yawning gap between what they have and 126 00:15:14,799 --> 00:15:18,767 gap between what they have and what is available is to recess 127 00:15:18,767 --> 00:15:22,667 what is available is to recess is a very real phenomenon if on 128 00:15:22,667 --> 00:15:24,967 is a very real phenomenon if on the other hand, we withdraw too 129 00:15:24,967 --> 00:15:28,200 the other hand, we withdraw too quickly. 130 00:15:28,233 --> 00:15:30,400 Protecting and defending jobs 131 00:15:30,400 --> 00:15:33,300 Protecting and defending jobs and certain level of activity 132 00:15:33,300 --> 00:15:35,199 and certain level of activity in the interest of trying to 133 00:15:35,199 --> 00:15:38,733 in the interest of trying to promote restructuring. 134 00:16:09,234 --> 00:16:12,234 Sectors of groups. So that’s 135 00:16:12,234 --> 00:16:13,767 Sectors of groups. So that’s too risky as well, so we’re 136 00:16:13,767 --> 00:16:15,234 too risky as well, so we’re really in transition. We can’t 137 00:16:15,234 --> 00:16:18,733 really in transition. We can’t move too quickly away from the 138 00:16:18,733 --> 00:16:20,967 move too quickly away from the policy making that’s that’s 139 00:16:20,967 --> 00:16:24,733 policy making that’s that’s aimed at preventing the extreme 140 00:16:24,733 --> 00:16:27,500 aimed at preventing the extreme downside. Neither can we ignore 141 00:16:27,500 --> 00:16:30,633 downside. Neither can we ignore or simply spoon the relocation 142 00:16:30,633 --> 00:16:32,434 or simply spoon the relocation and the restructuring that has 143 00:16:32,434 --> 00:16:33,734 and the restructuring that has to stop taking place and I’ll 144 00:16:33,734 --> 00:16:35,366 to stop taking place and I’ll come back to this video and 145 00:16:35,366 --> 00:16:36,801 come back to this video and then thirdly we’re dealing with 146 00:16:36,801 --> 00:16:39,700 then thirdly we’re dealing with preexisting trends, which the 147 00:16:39,700 --> 00:16:43,134 preexisting trends, which the trends that pre. 148 00:17:12,800 --> 00:17:14,500 Real standards of living and 149 00:17:14,500 --> 00:17:16,400 Real standards of living and that is if you just simply 150 00:17:16,400 --> 00:17:19,299 that is if you just simply allow that to continue it has 151 00:17:19,299 --> 00:17:20,800 allow that to continue it has deep consequences for social 152 00:17:20,800 --> 00:17:23,900 deep consequences for social morale for divisiveness because 153 00:17:23,900 --> 00:17:25,233 morale for divisiveness because when you have the power isn’t 154 00:17:25,233 --> 00:17:27,500 when you have the power isn’t growing or with the escalators 155 00:17:27,500 --> 00:17:30,301 growing or with the escalators are moving who’s up and who’s 156 00:17:30,301 --> 00:17:31,800 are moving who’s up and who’s down becomes a much shorter 157 00:17:31,800 --> 00:17:34,301 down becomes a much shorter issue, divisiveness steps to 158 00:17:34,301 --> 00:17:39,167 issue, divisiveness steps to grow and trust in the center of 159 00:17:39,167 --> 00:17:40,200 grow and trust in the center of politics tends to get eroded. 160 00:17:40,200 --> 00:17:43,333 politics tends to get eroded. so we cannot avoid. Intuition 161 00:17:43,333 --> 00:17:45,234 so we cannot avoid. Intuition of very low levels of 162 00:17:45,234 --> 00:17:47,200 of very low levels of productivity growth and median 163 00:17:47,200 --> 00:17:53,100 productivity growth and median wage growth. Can we avoid 164 00:17:53,100 --> 00:17:56,233 wage growth. Can we avoid addressing the weakened 165 00:17:56,233 --> 00:17:56,767 addressing the weakened position of the traditional 166 00:17:56,767 --> 00:17:59,200 position of the traditional working class in the US? It 167 00:17:59,200 --> 00:18:01,867 working class in the US? It shows up in job polarization 168 00:18:01,867 --> 00:18:02,467 shows up in job polarization the fact that the middle has 169 00:18:02,467 --> 00:18:04,767 the fact that the middle has been weakened and you’ve got a 170 00:18:04,767 --> 00:18:05,733 been weakened and you’ve got a growth of jobs at the bottom 171 00:18:05,733 --> 00:18:08,667 growth of jobs at the bottom that are low productivity in 172 00:18:08,667 --> 00:18:09,767 that are low productivity in Europe, somewhat less. so, but 173 00:18:09,767 --> 00:18:11,333 Europe, somewhat less. so, but in Europe you’ve seen a very 174 00:18:11,333 --> 00:18:12,700 in Europe you’ve seen a very sharp rise in temporary 175 00:18:12,700 --> 00:18:13,800 sharp rise in temporary unemployment temporary 176 00:18:13,800 --> 00:18:20,434 unemployment temporary employment contracts um so. But 177 00:18:20,434 --> 00:18:24,333 employment contracts um so. But both as well as um the large 178 00:18:24,333 --> 00:18:25,666 both as well as um the large insecure and particularly 179 00:18:25,666 --> 00:18:29,199 insecure and particularly amongst the young uh and women 180 00:18:29,199 --> 00:18:31,633 amongst the young uh and women um so the traditional working 181 00:18:31,633 --> 00:18:34,267 um so the traditional working class and blue collar work in 182 00:18:34,267 --> 00:18:36,533 class and blue collar work in general is no more insecure and 183 00:18:36,533 --> 00:18:40,166 general is no more insecure and we do have to address them and 184 00:18:40,166 --> 00:18:42,200 we do have to address them and it accentuates that greatly 185 00:18:42,200 --> 00:18:42,800 it accentuates that greatly because we all know that 186 00:18:42,800 --> 00:18:45,100 because we all know that Corbett has hurt the most 187 00:18:45,100 --> 00:18:46,867 Corbett has hurt the most vulnerable the hardest all over 188 00:18:46,867 --> 00:18:51,767 vulnerable the hardest all over the world. And the types of 189 00:18:51,767 --> 00:18:52,767 the world. And the types of inequalities that we are likely 190 00:18:52,767 --> 00:18:53,967 inequalities that we are likely to see are no longer going to 191 00:18:53,967 --> 00:18:55,734 to see are no longer going to be reflected just in the 192 00:18:55,734 --> 00:18:57,734 be reflected just in the workforce Many people are 193 00:18:57,734 --> 00:19:00,334 workforce Many people are dropping out of the labor labor 194 00:19:00,334 --> 00:19:01,967 dropping out of the labor labor market and investors the 195 00:19:01,967 --> 00:19:02,967 market and investors the equality as well that we’re 196 00:19:02,967 --> 00:19:07,067 equality as well that we’re going to see of the young and 197 00:19:07,067 --> 00:19:10,200 going to see of the young and women. 198 00:20:01,500 --> 00:20:02,833 Unfortunately, it is women who 199 00:20:02,833 --> 00:20:04,866 Unfortunately, it is women who tend to be the ones who are 200 00:20:04,866 --> 00:20:07,800 tend to be the ones who are having to stay at home, so we 201 00:20:07,800 --> 00:20:09,334 having to stay at home, so we face a very real risk of 202 00:20:09,334 --> 00:20:10,767 face a very real risk of unraveling the progressing over 203 00:20:10,767 --> 00:20:13,467 unraveling the progressing over decades in female labor force 204 00:20:13,467 --> 00:20:15,767 decades in female labor force participation and 205 00:20:15,767 --> 00:20:17,300 participation and self-determination that plus 206 00:20:17,300 --> 00:20:19,266 self-determination that plus the young the challenges of the 207 00:20:19,266 --> 00:20:21,334 the young the challenges of the young are a very serious issue 208 00:20:21,334 --> 00:20:23,733 young are a very serious issue and finally important 209 00:20:23,733 --> 00:20:26,234 and finally important slow-moving preexisting trend 210 00:20:26,234 --> 00:20:29,234 slow-moving preexisting trend uh that I do is fundamental is 211 00:20:29,234 --> 00:20:31,199 uh that I do is fundamental is uh the lack of social mobility 212 00:20:31,199 --> 00:20:34,600 uh the lack of social mobility or frozen. 213 00:21:48,367 --> 00:21:51,301 Long term rather than a 214 00:21:51,301 --> 00:21:52,700 Long term rather than a traditional kings that suited 215 00:21:52,700 --> 00:21:54,099 traditional kings that suited to thinking about cyclical ups 216 00:21:54,099 --> 00:21:58,801 to thinking about cyclical ups and downs we have to repurpose 217 00:21:58,801 --> 00:22:01,667 and downs we have to repurpose the state for the challenges we 218 00:22:01,667 --> 00:22:04,767 the state for the challenges we face, which are fundamentally 219 00:22:04,767 --> 00:22:05,699 face, which are fundamentally long-term challenges with 220 00:22:05,699 --> 00:22:07,666 long-term challenges with corbitt as a shock imposes on 221 00:22:07,666 --> 00:22:09,967 corbitt as a shock imposes on top of it, we have to repurpose 222 00:22:09,967 --> 00:22:13,533 top of it, we have to repurpose the state to defy secular 223 00:22:13,533 --> 00:22:16,600 the state to defy secular stagnation. 224 00:22:34,199 --> 00:22:38,199 Without busting all the sources 225 00:22:38,199 --> 00:22:40,700 Without busting all the sources our resources are are not 226 00:22:40,700 --> 00:22:42,434 our resources are are not unlimited. uh fortunately, 227 00:22:42,434 --> 00:22:43,734 unlimited. uh fortunately, interest rates are very low 228 00:22:43,734 --> 00:22:46,234 interest rates are very low likely to stay low for a long 229 00:22:46,234 --> 00:22:48,867 likely to stay low for a long time uh but uh it’ll be unwise 230 00:22:48,867 --> 00:22:51,400 time uh but uh it’ll be unwise to think that we can simply 231 00:22:51,400 --> 00:22:52,733 to think that we can simply accumulate debts and debts as a 232 00:22:52,733 --> 00:22:54,400 accumulate debts and debts as a percentage of GDP keep going up 233 00:22:54,400 --> 00:22:57,000 percentage of GDP keep going up and they are no consequences uh 234 00:22:57,000 --> 00:22:58,267 and they are no consequences uh eventually there will be 235 00:22:58,267 --> 00:22:59,800 eventually there will be consequences either because 236 00:22:59,800 --> 00:23:00,834 consequences either because interest rates eventually rise, 237 00:23:00,834 --> 00:23:02,700 interest rates eventually rise, but also because lots of things 238 00:23:02,700 --> 00:23:04,000 but also because lots of things happen in the world, and we 239 00:23:04,000 --> 00:23:05,967 happen in the world, and we know from so many examples in 240 00:23:05,967 --> 00:23:07,867 know from so many examples in Europe in the emerging world 241 00:23:07,867 --> 00:23:09,634 Europe in the emerging world everywhere that. Need to roll 242 00:23:09,634 --> 00:23:16,634 everywhere that. Need to roll over debt Any manual shocks 243 00:23:16,767 --> 00:23:17,500 can lead to a very sharp 244 00:23:17,500 --> 00:23:19,534 can lead to a very sharp increase in risk premium and 245 00:23:19,534 --> 00:23:20,900 increase in risk premium and what counts is not the average 246 00:23:20,900 --> 00:23:21,733 what counts is not the average interest rate of what the 247 00:23:21,733 --> 00:23:23,333 interest rate of what the central banks determined to be 248 00:23:23,333 --> 00:23:24,767 central banks determined to be short term interest rate. What 249 00:23:24,767 --> 00:23:27,200 short term interest rate. What causes that risk and the 250 00:23:27,200 --> 00:23:28,300 causes that risk and the marginal interest rate that you 251 00:23:28,300 --> 00:23:29,634 marginal interest rate that you have to pay when you roll over 252 00:23:29,634 --> 00:23:32,867 have to pay when you roll over the debt you’re vulnerable and 253 00:23:32,867 --> 00:23:34,367 the debt you’re vulnerable and remember that this pandemic is 254 00:23:34,367 --> 00:23:37,233 remember that this pandemic is not the last we do need to 255 00:23:37,233 --> 00:23:40,333 not the last we do need to conserve or rebuild some fiscal 256 00:23:40,333 --> 00:23:44,133 conserve or rebuild some fiscal space to deal with. 257 00:24:27,267 --> 00:24:31,467 Of course, most immediately 258 00:24:31,467 --> 00:24:34,767 Of course, most immediately we’ve got to avoid prolonged 259 00:24:34,767 --> 00:24:36,966 we’ve got to avoid prolonged high unemployment and we don’t 260 00:24:36,966 --> 00:24:38,700 high unemployment and we don’t want the consequences that will 261 00:24:38,700 --> 00:24:40,267 want the consequences that will be the economist talk about 262 00:24:40,267 --> 00:24:42,634 be the economist talk about history, but there’s a broader 263 00:24:42,634 --> 00:24:43,500 history, but there’s a broader social consequences to it, and 264 00:24:43,500 --> 00:24:47,233 social consequences to it, and I think we have to stop beating 265 00:24:47,233 --> 00:24:49,700 I think we have to stop beating our very strong support schemes 266 00:24:49,700 --> 00:24:52,733 our very strong support schemes for jobs the schemes for 267 00:24:52,733 --> 00:24:55,267 for jobs the schemes for schemes and so on to start 268 00:24:55,267 --> 00:24:56,867 schemes and so on to start phasing them instead into 269 00:24:56,867 --> 00:25:02,233 phasing them instead into schemes to encourage hiring. 270 00:25:30,633 --> 00:25:32,466 The uncertainty so we also have 271 00:25:32,466 --> 00:25:34,633 The uncertainty so we also have to find other creative ways of 272 00:25:34,633 --> 00:25:37,500 to find other creative ways of getting people back into the 273 00:25:37,500 --> 00:25:40,167 getting people back into the workplace. What we’re doing in 274 00:25:40,167 --> 00:25:42,701 workplace. What we’re doing in Singapore besides very 275 00:25:42,701 --> 00:25:43,967 Singapore besides very significantly incentivizing new 276 00:25:43,967 --> 00:25:45,200 significantly incentivizing new hiring. We’re also 277 00:25:45,200 --> 00:25:46,899 hiring. We’re also incentivising trainings, not 278 00:25:46,899 --> 00:25:48,199 incentivising trainings, not just the traditional 279 00:25:48,199 --> 00:25:50,600 just the traditional apprentices for the young but 280 00:25:50,600 --> 00:25:52,000 apprentices for the young but trainings for anyone middle 281 00:25:52,000 --> 00:25:54,900 trainings for anyone middle aged mature workers allow them 282 00:25:54,900 --> 00:25:57,301 aged mature workers allow them the opportunity of being at the 283 00:25:57,301 --> 00:25:58,767 the opportunity of being at the workplace, the state providing 284 00:25:58,767 --> 00:26:00,666 workplace, the state providing a very significant substitute 285 00:26:00,666 --> 00:26:02,201 a very significant substitute because there’s always 286 00:26:02,201 --> 00:26:03,866 because there’s always something you learn and there’s 287 00:26:03,866 --> 00:26:04,566 something you learn and there’s always something you borrow 288 00:26:04,566 --> 00:26:06,467 always something you borrow from what you already knew but 289 00:26:06,467 --> 00:26:08,634 from what you already knew but keep it active. Keep it alive 290 00:26:08,634 --> 00:26:09,867 keep it active. Keep it alive and don’t let people. Stay 291 00:26:09,867 --> 00:26:12,334 and don’t let people. Stay unemployed for a long period of 292 00:26:12,334 --> 00:26:14,734 unemployed for a long period of time and we’ve got to focus and 293 00:26:14,734 --> 00:26:15,467 time and we’ve got to focus and I’ll come back to this in a 294 00:26:15,467 --> 00:26:17,500 I’ll come back to this in a minute. We’re gonna focus on 295 00:26:17,500 --> 00:26:19,566 minute. We’re gonna focus on how we can keep building a 296 00:26:19,566 --> 00:26:21,767 how we can keep building a human capital of all people and 297 00:26:21,767 --> 00:26:22,700 human capital of all people and not just treating this as a 298 00:26:22,700 --> 00:26:25,600 not just treating this as a matter of vocation and getting 299 00:26:25,600 --> 00:26:27,233 matter of vocation and getting rid of our employment in the 300 00:26:27,233 --> 00:26:29,300 rid of our employment in the long term, how we keep 301 00:26:29,300 --> 00:26:31,567 long term, how we keep accumulating in human capital 302 00:26:31,567 --> 00:26:33,534 accumulating in human capital through crisis of the recovery 303 00:26:33,534 --> 00:26:35,167 through crisis of the recovery from each crisis it’s critical. 304 00:26:35,167 --> 00:26:37,200 from each crisis it’s critical. so that’s that’s the first 305 00:26:37,200 --> 00:26:37,834 so that’s that’s the first issue. First of all our 306 00:26:37,834 --> 00:26:38,967 issue. First of all our business is avoid very high 307 00:26:38,967 --> 00:26:42,201 business is avoid very high unemployment and find ways of. 308 00:26:42,201 --> 00:26:43,866 unemployment and find ways of. Preparing for the future by 309 00:26:43,866 --> 00:26:45,266 Preparing for the future by incentivizing firms and 310 00:26:45,266 --> 00:26:47,700 incentivizing firms and individuals to start moving 311 00:26:47,700 --> 00:26:50,700 individuals to start moving into new jobs. Second, you’ve 312 00:26:50,700 --> 00:26:53,167 into new jobs. Second, you’ve got ayy. That’s fundamental. 313 00:26:53,167 --> 00:26:54,667 got ayy. That’s fundamental. That’s the growth challenge of 314 00:26:54,667 --> 00:26:57,233 That’s the growth challenge of the advances world and it is 315 00:26:57,233 --> 00:26:59,000 the advances world and it is still a challenge that’s not 316 00:26:59,000 --> 00:27:02,267 still a challenge that’s not adequately be addressed. We 317 00:27:02,267 --> 00:27:08,734 adequately be addressed. We have to re uh we can do animal 318 00:27:08,734 --> 00:27:09,900 have to re uh we can do animal spirits. We can’t just think 319 00:27:09,900 --> 00:27:10,700 spirits. We can’t just think that by keeping the cost of 320 00:27:10,700 --> 00:27:12,099 that by keeping the cost of capital very low private 321 00:27:12,099 --> 00:27:14,201 capital very low private private investment is going. 322 00:27:14,201 --> 00:27:17,434 private investment is going. It’s going to go or blossom, it 323 00:27:17,434 --> 00:27:20,733 It’s going to go or blossom, it hasn’t it hasn’t for a long 324 00:27:20,733 --> 00:27:22,200 hasn’t it hasn’t for a long time we need to raise the 325 00:27:22,200 --> 00:27:25,300 time we need to raise the expected return on invested 326 00:27:25,300 --> 00:27:26,667 expected return on invested capital the real and perceived 327 00:27:26,667 --> 00:27:28,167 capital the real and perceived expected return on invested 328 00:27:28,167 --> 00:27:30,266 expected return on invested capital relative to the cost of 329 00:27:30,266 --> 00:27:33,301 capital relative to the cost of capital. That’s what it’ll take 330 00:27:33,301 --> 00:27:34,734 capital. That’s what it’ll take think about expected returns 331 00:27:34,734 --> 00:27:35,967 think about expected returns and expected returns are too 332 00:27:35,967 --> 00:27:37,000 and expected returns are too low. We’ve got to ask 333 00:27:37,000 --> 00:27:38,433 low. We’ve got to ask ourselves. Why what are the 334 00:27:38,433 --> 00:27:39,066 ourselves. Why what are the what are the fictions? What are 335 00:27:39,066 --> 00:27:41,233 what are the fictions? What are the blockages? What are the 336 00:27:41,233 --> 00:27:43,967 the blockages? What are the uncertainties that are? Placed 337 00:27:43,967 --> 00:27:45,533 uncertainties that are? Placed in the way or private 338 00:27:45,533 --> 00:27:48,699 in the way or private investors. 339 00:28:48,266 --> 00:28:50,267 Predictable returns through 340 00:28:50,267 --> 00:28:52,400 Predictable returns through regulatory regimes that 341 00:28:52,400 --> 00:28:54,234 regulatory regimes that recognized the need for 342 00:28:54,234 --> 00:28:55,800 recognized the need for certainty, but there’s money 343 00:28:55,800 --> 00:28:57,767 certainty, but there’s money out there and we got to bring 344 00:28:57,767 --> 00:29:00,133 out there and we got to bring it to bear on the public good 345 00:29:00,133 --> 00:29:02,733 it to bear on the public good and Europe are invest EU uh 346 00:29:02,733 --> 00:29:05,534 and Europe are invest EU uh program and uh other programs. 347 00:29:05,534 --> 00:29:08,200 program and uh other programs. I think very much on the right 348 00:29:08,200 --> 00:29:10,633 I think very much on the right track. Second, both 349 00:29:10,633 --> 00:29:11,967 track. Second, both fundamentally we’ve got to 350 00:29:11,967 --> 00:29:15,234 fundamentally we’ve got to repurpose to strategy to focus 351 00:29:15,234 --> 00:29:18,800 repurpose to strategy to focus more on public. 352 00:31:28,767 --> 00:31:32,733 At all of Audrey workers and 353 00:31:32,733 --> 00:31:36,267 At all of Audrey workers and also ensure adequate returns on 354 00:31:36,267 --> 00:31:36,799 also ensure adequate returns on that investment in human 355 00:31:36,799 --> 00:31:38,767 that investment in human capital, some countries do it 356 00:31:38,767 --> 00:31:40,234 capital, some countries do it better than others. I think 357 00:31:40,234 --> 00:31:41,066 better than others. I think that some countries in Europe 358 00:31:41,066 --> 00:31:42,434 that some countries in Europe are doing quite well. uh if you 359 00:31:42,434 --> 00:31:44,367 are doing quite well. uh if you look at the middle and several 360 00:31:44,367 --> 00:31:46,200 look at the middle and several European countries uh they have 361 00:31:46,200 --> 00:31:48,199 European countries uh they have that habit of continually 362 00:31:48,199 --> 00:31:49,166 that habit of continually investing in workers and it 363 00:31:49,166 --> 00:31:50,500 investing in workers and it pays off it pays off for the 364 00:31:50,500 --> 00:31:53,100 pays off it pays off for the worker and it pays off the 365 00:31:53,100 --> 00:31:54,434 worker and it pays off the phone, but it’s not widespread 366 00:31:54,434 --> 00:31:56,233 phone, but it’s not widespread and we have to focus our minds 367 00:31:56,233 --> 00:31:57,900 and we have to focus our minds on that because the markets 368 00:31:57,900 --> 00:32:01,933 on that because the markets don’t do this automatically. Uh 369 00:32:01,933 --> 00:32:05,334 don’t do this automatically. Uh we also need some institutional 370 00:32:05,334 --> 00:32:06,834 we also need some institutional solutions to compensate for the 371 00:32:06,834 --> 00:32:09,766 solutions to compensate for the loss of bargaining power of a 372 00:32:09,766 --> 00:32:12,334 loss of bargaining power of a blue-collar workers as certain 373 00:32:12,334 --> 00:32:13,966 blue-collar workers as certain sectors have constructed and as 374 00:32:13,966 --> 00:32:16,466 sectors have constructed and as a service economy has grown uh 375 00:32:16,466 --> 00:32:17,400 a service economy has grown uh basically you have a large 376 00:32:17,400 --> 00:32:19,067 basically you have a large degree of large number of 377 00:32:19,067 --> 00:32:20,201 degree of large number of people of temporary contracts 378 00:32:20,201 --> 00:32:21,933 people of temporary contracts as I mentioned earlier a lot of 379 00:32:21,933 --> 00:32:23,933 as I mentioned earlier a lot of people who are emotionally self 380 00:32:23,933 --> 00:32:25,801 people who are emotionally self employed uh but really like 381 00:32:25,801 --> 00:32:27,933 employed uh but really like bargaining power if you’re 382 00:32:27,933 --> 00:32:28,600 bargaining power if you’re gonna find some institutional 383 00:32:28,600 --> 00:32:32,199 gonna find some institutional means of addressing that group. 384 00:32:32,199 --> 00:32:34,667 means of addressing that group. And finally, I would like to 385 00:32:34,667 --> 00:32:37,600 And finally, I would like to say that we have to pay special 386 00:32:37,600 --> 00:32:39,967 say that we have to pay special attention now more than before 387 00:32:39,967 --> 00:32:42,200 attention now more than before to the future of our SME sector 388 00:32:42,200 --> 00:32:44,300 to the future of our SME sector because Kobe is a disruptor, 389 00:32:44,300 --> 00:32:46,534 because Kobe is a disruptor, most estimates suggest that 390 00:32:46,534 --> 00:32:48,367 most estimates suggest that twenty to 30% of the SME sector 391 00:32:48,367 --> 00:32:50,966 twenty to 30% of the SME sector around the world, uh may not 392 00:32:50,966 --> 00:32:54,634 around the world, uh may not come out of it. It’s already 393 00:32:54,634 --> 00:32:56,534 come out of it. It’s already seeing the front of the losses 394 00:32:56,534 --> 00:32:58,799 seeing the front of the losses and once your policies are very 395 00:32:58,799 --> 00:33:00,133 and once your policies are very high degree of public support 396 00:33:00,133 --> 00:33:01,500 high degree of public support for jobs and even during this 397 00:33:01,500 --> 00:33:04,700 for jobs and even during this phase. 398 00:33:33,766 --> 00:33:36,567 The first and we’re not gonna 399 00:33:36,567 --> 00:33:38,967 The first and we’re not gonna be able to tackle the need to 400 00:33:38,967 --> 00:33:41,366 be able to tackle the need to rebuild our social compact 401 00:33:41,366 --> 00:33:42,934 rebuild our social compact because SMBs and the people 402 00:33:42,934 --> 00:33:45,167 because SMBs and the people they employ are critical for 403 00:33:45,167 --> 00:33:46,634 they employ are critical for social. They are strategies 404 00:33:46,634 --> 00:33:48,466 social. They are strategies available. They both cluster 405 00:33:48,466 --> 00:33:50,733 available. They both cluster strategies and industry they’ve 406 00:33:50,733 --> 00:33:51,533 strategies and industry they’ve all regional innovation 407 00:33:51,533 --> 00:33:53,300 all regional innovation networks because it’s also 408 00:33:53,300 --> 00:33:55,367 networks because it’s also about the spread of innovation 409 00:33:55,367 --> 00:33:57,299 about the spread of innovation across the country and it’s 410 00:33:57,299 --> 00:33:59,100 across the country and it’s that strategies that some 411 00:33:59,100 --> 00:33:59,734 that strategies that some countries have been quite good 412 00:33:59,734 --> 00:34:01,933 countries have been quite good at I mean the front of uh 413 00:34:01,933 --> 00:34:03,533 at I mean the front of uh Germany institutes of Germany 414 00:34:03,533 --> 00:34:07,234 Germany institutes of Germany and some other examples of. 415 00:34:07,234 --> 00:34:09,000 and some other examples of. Innovations and SMEs and 416 00:34:09,000 --> 00:34:10,234 Innovations and SMEs and spreading them as quickly as 417 00:34:10,234 --> 00:34:11,734 spreading them as quickly as possible. so it requires an 418 00:34:11,734 --> 00:34:13,967 possible. so it requires an activity industrial strategy 419 00:34:13,967 --> 00:34:15,800 activity industrial strategy not all style market friendly 420 00:34:15,800 --> 00:34:17,734 not all style market friendly industrial strategy, but we’ve 421 00:34:17,734 --> 00:34:19,333 industrial strategy, but we’ve got to keep in mind that we 422 00:34:19,333 --> 00:34:21,800 got to keep in mind that we face a risk now of increased 423 00:34:21,800 --> 00:34:23,600 face a risk now of increased concentration of industry and 424 00:34:23,600 --> 00:34:25,833 concentration of industry and the most of not just a very 425 00:34:25,833 --> 00:34:26,366 the most of not just a very significant source of 426 00:34:26,366 --> 00:34:29,000 significant source of employment. but also the loss 427 00:34:29,000 --> 00:34:31,467 employment. but also the loss of something you know so as we 428 00:34:31,467 --> 00:34:32,766 of something you know so as we go forward, so I think I’ll 429 00:34:32,766 --> 00:34:34,800 go forward, so I think I’ll stop there uh that I what I 430 00:34:34,800 --> 00:34:36,000 stop there uh that I what I haven’t spoken about by the way 431 00:34:36,000 --> 00:34:38,234 haven’t spoken about by the way is the challenge of 432 00:34:38,234 --> 00:34:39,866 is the challenge of international collective groups 433 00:34:39,866 --> 00:34:42,267 international collective groups uh which is very real. In fact, 434 00:34:42,267 --> 00:34:46,533 uh which is very real. In fact, uh uh very unfortunate uh the 435 00:34:46,533 --> 00:34:48,767 uh uh very unfortunate uh the poverty of international 436 00:34:48,767 --> 00:34:49,400 poverty of international commitment to collective goods 437 00:34:49,400 --> 00:34:52,000 commitment to collective goods is now in shock display in the 438 00:34:52,000 --> 00:34:53,699 is now in shock display in the in the the cause of the 439 00:34:53,699 --> 00:34:57,533 in the the cause of the pandemic itself. 440 00:35:28,767 --> 00:35:31,234 In the lower end of the wage 441 00:35:31,234 --> 00:35:34,433 In the lower end of the wage curve um trends of um rising 442 00:35:34,433 --> 00:35:37,000 curve um trends of um rising inequality um of course climate 443 00:35:37,000 --> 00:35:39,334 inequality um of course climate change as a major issue Um all 444 00:35:39,334 --> 00:35:40,867 change as a major issue Um all of these trends have been 445 00:35:40,867 --> 00:35:42,200 of these trends have been accelerating and have been 446 00:35:42,200 --> 00:35:43,533 accelerating and have been coming together. and so so the 447 00:35:43,533 --> 00:35:45,067 coming together. and so so the question is really how to get 448 00:35:45,067 --> 00:35:45,833 question is really how to get out of it and I think you 449 00:35:45,833 --> 00:35:48,400 out of it and I think you sketch some ideas on on on how 450 00:35:48,400 --> 00:35:50,000 sketch some ideas on on on how to get out of this um but I 451 00:35:50,000 --> 00:35:51,266 to get out of this um but I think as you rightly mentioned 452 00:35:51,266 --> 00:35:52,966 think as you rightly mentioned so there’s international 453 00:35:52,966 --> 00:35:55,167 so there’s international dimensional to how do we tackle 454 00:35:55,167 --> 00:35:56,333 dimensional to how do we tackle um the provision of 455 00:35:56,333 --> 00:35:58,401 um the provision of international global goods. So. 456 00:35:58,401 --> 00:36:00,633 international global goods. So. Let me turn to to mafia um 457 00:36:00,633 --> 00:36:03,367 Let me turn to to mafia um perhaps um to uh to kick us off 458 00:36:03,367 --> 00:36:04,800 perhaps um to uh to kick us off with a few remarks and and 459 00:36:04,800 --> 00:36:06,333 with a few remarks and and questions um I’m sure I will 460 00:36:06,333 --> 00:36:08,867 questions um I’m sure I will add it myself, but then we also 461 00:36:08,867 --> 00:36:10,600 add it myself, but then we also take some questions from the 462 00:36:10,600 --> 00:36:12,000 take some questions from the audience but uh why don’t we 463 00:36:12,000 --> 00:36:13,733 audience but uh why don’t we start with you? Yes. Thank you 464 00:36:13,733 --> 00:36:15,633 start with you? Yes. Thank you very much and thank you so much 465 00:36:15,633 --> 00:36:17,867 very much and thank you so much for giving us the inspiration 466 00:36:17,867 --> 00:36:19,866 for giving us the inspiration for uh suddenly he has to come 467 00:36:19,866 --> 00:36:22,367 for uh suddenly he has to come on how to address some of the 468 00:36:22,367 --> 00:36:23,933 on how to address some of the pre nineteen tendencies, but 469 00:36:23,933 --> 00:36:25,634 pre nineteen tendencies, but also some of them that will 470 00:36:25,634 --> 00:36:27,700 also some of them that will will uh I survived the uh the 471 00:36:27,700 --> 00:36:31,266 will uh I survived the uh the epidemic um. Like to start with 472 00:36:31,266 --> 00:36:33,234 epidemic um. Like to start with this issue of the of the global 473 00:36:33,234 --> 00:36:34,133 this issue of the of the global corporations simply because it 474 00:36:34,133 --> 00:36:35,000 corporations simply because it is perhaps the only one that 475 00:36:35,000 --> 00:36:36,234 is perhaps the only one that you haven’t really talked about 476 00:36:36,234 --> 00:36:39,300 you haven’t really talked about uh as much um you know that one 477 00:36:39,300 --> 00:36:41,767 uh as much um you know that one of the uh the things that we 478 00:36:41,767 --> 00:36:43,000 of the uh the things that we realized during the global 479 00:36:43,000 --> 00:36:45,699 realized during the global pandemic is that um the 480 00:36:45,699 --> 00:36:46,967 pandemic is that um the instinctive reaction is one of 481 00:36:46,967 --> 00:36:49,167 instinctive reaction is one of trying to protect oneself Um 482 00:36:49,167 --> 00:36:50,733 trying to protect oneself Um then quickly realized that this 483 00:36:50,733 --> 00:36:52,234 then quickly realized that this isn’t the right way of of 484 00:36:52,234 --> 00:36:53,733 isn’t the right way of of moving forward and you know we 485 00:36:53,733 --> 00:36:55,200 moving forward and you know we are going back to try and find 486 00:36:55,200 --> 00:36:56,267 are going back to try and find cooperative solutions and 487 00:36:56,267 --> 00:36:58,333 cooperative solutions and hopefully at the global scale. 488 00:36:58,333 --> 00:37:00,666 hopefully at the global scale. However this. At the at the 489 00:37:00,666 --> 00:37:02,767 However this. At the at the time when global corporation 490 00:37:02,767 --> 00:37:04,733 time when global corporation isn’t really what it to be not 491 00:37:04,733 --> 00:37:06,300 isn’t really what it to be not only on issues of health, but 492 00:37:06,300 --> 00:37:07,367 only on issues of health, but you know taking the 493 00:37:07,367 --> 00:37:09,067 you know taking the pre-existing trends on global 494 00:37:09,067 --> 00:37:10,300 pre-existing trends on global governance on trade on these 495 00:37:10,300 --> 00:37:12,767 governance on trade on these types of issues um I have been 496 00:37:12,767 --> 00:37:15,267 types of issues um I have been struck by uh a term that’s used 497 00:37:15,267 --> 00:37:17,667 struck by uh a term that’s used by uh professor Larry Summers, 498 00:37:17,667 --> 00:37:19,533 by uh professor Larry Summers, where he’s talking about uh the 499 00:37:19,533 --> 00:37:22,767 where he’s talking about uh the way forward uh being one of 500 00:37:22,767 --> 00:37:24,801 way forward uh being one of responsible nationalism um you 501 00:37:24,801 --> 00:37:28,234 responsible nationalism um you mentioned to the um the uh the 502 00:37:28,234 --> 00:37:29,800 mentioned to the um the uh the need to avoid the temptation of 503 00:37:29,800 --> 00:37:30,999 need to avoid the temptation of being protected as we move 504 00:37:30,999 --> 00:37:35,533 being protected as we move forward and I’m stricken by. 505 00:38:02,699 --> 00:38:05,267 On this on the economic side, 506 00:38:05,267 --> 00:38:06,999 On this on the economic side, uh you’ve mentioned a number of 507 00:38:06,999 --> 00:38:08,000 uh you’ve mentioned a number of different trends the slow 508 00:38:08,000 --> 00:38:09,467 different trends the slow productivity growth the role of 509 00:38:09,467 --> 00:38:12,534 productivity growth the role of a um the importance of uh you 510 00:38:12,534 --> 00:38:14,733 a um the importance of uh you know, education and lifelong 511 00:38:14,733 --> 00:38:17,534 know, education and lifelong learning risk killing uh re 512 00:38:17,534 --> 00:38:18,600 learning risk killing uh re purposing the state. I think 513 00:38:18,600 --> 00:38:19,834 purposing the state. I think that’s very important as an 514 00:38:19,834 --> 00:38:22,234 that’s very important as an important economic player uh in 515 00:38:22,234 --> 00:38:24,000 important economic player uh in moving us forward, I would like 516 00:38:24,000 --> 00:38:26,334 moving us forward, I would like to um perhaps to rest on one 517 00:38:26,334 --> 00:38:27,734 to um perhaps to rest on one point and that is the point of 518 00:38:27,734 --> 00:38:30,733 point and that is the point of inequality um and how can we 519 00:38:30,733 --> 00:38:33,466 inequality um and how can we avoid um a deterioration of 520 00:38:33,466 --> 00:38:36,300 avoid um a deterioration of what has been a pre? On 521 00:38:36,300 --> 00:38:38,900 what has been a pre? On increasing inequality and my 522 00:38:38,900 --> 00:38:40,767 increasing inequality and my question here really is um how 523 00:38:40,767 --> 00:38:42,733 question here really is um how does one achieve something like 524 00:38:42,733 --> 00:38:44,201 does one achieve something like that? Is it really just a 525 00:38:44,201 --> 00:38:45,033 that? Is it really just a distribution issue where you’re 526 00:38:45,033 --> 00:38:47,133 distribution issue where you’re taking the pie and you’re just 527 00:38:47,133 --> 00:38:48,633 taking the pie and you’re just cutting it differently and just 528 00:38:48,633 --> 00:38:51,033 cutting it differently and just like allocating uh slices of 529 00:38:51,033 --> 00:38:52,700 like allocating uh slices of this pie differently to resolve 530 00:38:52,700 --> 00:38:55,033 this pie differently to resolve that or is the problem much 531 00:38:55,033 --> 00:38:56,133 that or is the problem much more fundamental than that. I 532 00:38:56,133 --> 00:38:57,733 more fundamental than that. I mean it is it is the the the 533 00:38:57,733 --> 00:39:00,500 mean it is it is the the the model of growth uh something 534 00:39:00,500 --> 00:39:01,199 model of growth uh something that perhaps need to be 535 00:39:01,199 --> 00:39:02,900 that perhaps need to be challenged and and you know if 536 00:39:02,900 --> 00:39:04,633 challenged and and you know if you protein issues of 537 00:39:04,633 --> 00:39:06,267 you protein issues of sustainability, which are 538 00:39:06,267 --> 00:39:09,300 sustainability, which are crucial for. For the future 539 00:39:09,300 --> 00:39:11,201 crucial for. For the future coming up, perhaps you’re 540 00:39:11,201 --> 00:39:11,799 coming up, perhaps you’re thinking about much more of a 541 00:39:11,799 --> 00:39:14,234 thinking about much more of a different stakeholder economy 542 00:39:14,234 --> 00:39:15,666 different stakeholder economy where we’ll move away from a 543 00:39:15,666 --> 00:39:18,234 where we’ll move away from a pure profit optimization of 544 00:39:18,234 --> 00:39:20,833 pure profit optimization of principle into one that 545 00:39:20,833 --> 00:39:22,234 principle into one that incorporates uh other 546 00:39:22,234 --> 00:39:23,733 incorporates uh other objectives sustainability being 547 00:39:23,733 --> 00:39:25,800 objectives sustainability being one of them um and you know, I 548 00:39:25,800 --> 00:39:27,600 one of them um and you know, I think that that’s that’s 549 00:39:27,600 --> 00:39:28,733 think that that’s that’s something that is not easy to 550 00:39:28,733 --> 00:39:30,201 something that is not easy to do but requires a couple of 551 00:39:30,201 --> 00:39:32,300 do but requires a couple of rethink of uh of the way that 552 00:39:32,300 --> 00:39:34,400 rethink of uh of the way that we’re thinking about growth. Um 553 00:39:34,400 --> 00:39:35,733 we’re thinking about growth. Um I’ll stop here perhaps come 554 00:39:35,733 --> 00:39:37,000 I’ll stop here perhaps come back with with with other 555 00:39:37,000 --> 00:39:41,900 back with with with other issues. Thank you. Well, thank 556 00:39:41,900 --> 00:39:47,333 issues. Thank you. Well, thank you very good at asking easy 557 00:39:47,333 --> 00:39:48,867 you very good at asking easy questions. so let me start with 558 00:39:48,867 --> 00:39:51,267 questions. so let me start with your broad about um uh the 559 00:39:51,267 --> 00:39:53,933 your broad about um uh the global Commons. global 560 00:39:53,933 --> 00:39:58,699 global Commons. global collective action um and Larry 561 00:39:58,699 --> 00:40:00,800 collective action um and Larry Summers uh concept of 562 00:40:00,800 --> 00:40:04,500 Summers uh concept of responsible nationalism Um I 563 00:40:04,500 --> 00:40:07,967 responsible nationalism Um I don’t think it’s uh at odds 564 00:40:07,967 --> 00:40:12,066 don’t think it’s uh at odds with what we would like to see. 565 00:41:33,199 --> 00:41:35,800 We can’t fix a few things it is 566 00:41:35,800 --> 00:41:38,300 We can’t fix a few things it is within our means to fix a few 567 00:41:38,300 --> 00:41:40,633 within our means to fix a few things the most urgent be the 568 00:41:40,633 --> 00:41:43,600 things the most urgent be the chronic underfunding of the WHO 569 00:41:43,600 --> 00:41:47,733 chronic underfunding of the WHO and the underfunding of global 570 00:41:47,733 --> 00:41:49,033 and the underfunding of global financing for pandemic 571 00:41:49,033 --> 00:41:50,667 financing for pandemic preparedness The game is not 572 00:41:50,667 --> 00:41:52,867 preparedness The game is not over yet and this going to be 573 00:41:52,867 --> 00:41:54,299 over yet and this going to be more than they’re going to be 574 00:41:54,299 --> 00:41:56,733 more than they’re going to be future corbitt like pandemics 575 00:41:56,733 --> 00:41:58,733 future corbitt like pandemics and it is a statistically 576 00:41:58,733 --> 00:42:00,699 and it is a statistically underfunded system, and it’s 577 00:42:00,699 --> 00:42:01,733 underfunded system, and it’s not as if you’re talking about 578 00:42:01,733 --> 00:42:03,133 not as if you’re talking about big money compared to what 579 00:42:03,133 --> 00:42:06,267 big money compared to what countries. 580 00:43:06,700 --> 00:43:09,267 Can be very severe and it would 581 00:43:09,267 --> 00:43:11,000 Can be very severe and it would be contained within the 582 00:43:11,000 --> 00:43:13,900 be contained within the borders. We have to take 583 00:43:13,900 --> 00:43:17,200 borders. We have to take seriously the idea of it, IMF 584 00:43:17,200 --> 00:43:19,967 seriously the idea of it, IMF SDR uh the usual objections are 585 00:43:19,967 --> 00:43:21,966 SDR uh the usual objections are really not very compelling uh 586 00:43:21,966 --> 00:43:23,800 really not very compelling uh and it is easily done and it is 587 00:43:23,800 --> 00:43:25,300 and it is easily done and it is on a much smaller scale than 588 00:43:25,300 --> 00:43:27,133 on a much smaller scale than what central banks are already 589 00:43:27,133 --> 00:43:29,334 what central banks are already doing within their own 590 00:43:29,334 --> 00:43:31,234 doing within their own countries. uh and breaking all 591 00:43:31,234 --> 00:43:33,200 countries. uh and breaking all the troubles that used to 592 00:43:33,200 --> 00:43:35,700 the troubles that used to exist. So that’s one 593 00:43:35,700 --> 00:43:37,300 exist. So that’s one low-hanging fruit in my opinion 594 00:43:37,300 --> 00:43:40,000 low-hanging fruit in my opinion but more fundamentally we have 595 00:43:40,000 --> 00:43:44,200 but more fundamentally we have to provide adequate. 596 00:44:13,666 --> 00:44:15,666 Third global supply chains 597 00:44:15,666 --> 00:44:17,000 Third global supply chains there’s too much simplistic 598 00:44:17,000 --> 00:44:18,733 there’s too much simplistic thinking I’d say binary 599 00:44:18,733 --> 00:44:20,833 thinking I’d say binary rethinking about global supply 600 00:44:20,833 --> 00:44:22,866 rethinking about global supply chain if you go to avoid that 601 00:44:22,866 --> 00:44:25,900 chain if you go to avoid that binary thinking clearly the 602 00:44:25,900 --> 00:44:27,266 binary thinking clearly the hyper efficient hyper localized 603 00:44:27,266 --> 00:44:29,066 hyper efficient hyper localized hyper specialized supply chains 604 00:44:29,066 --> 00:44:31,534 hyper specialized supply chains of the past uh have been shown 605 00:44:31,534 --> 00:44:34,700 of the past uh have been shown to be not resilient and we need 606 00:44:34,700 --> 00:44:36,533 to be not resilient and we need resilient supply chains global 607 00:44:36,533 --> 00:44:40,300 resilient supply chains global value chains. 608 00:45:08,733 --> 00:45:12,500 It’s great advantage in global 609 00:45:12,500 --> 00:45:13,934 It’s great advantage in global supply chains that are not just 610 00:45:13,934 --> 00:45:16,533 supply chains that are not just about labor cost of they’re 611 00:45:16,533 --> 00:45:18,200 about labor cost of they’re also bought capabilities and 612 00:45:18,200 --> 00:45:20,267 also bought capabilities and comparative advantage. That’s a 613 00:45:20,267 --> 00:45:20,967 comparative advantage. That’s a mixture of constant 614 00:45:20,967 --> 00:45:23,366 mixture of constant capabilities, but it cannot be 615 00:45:23,366 --> 00:45:27,167 capabilities, but it cannot be simply a hyper specialized very 616 00:45:27,167 --> 00:45:28,533 simply a hyper specialized very decentralized supply chain of 617 00:45:28,533 --> 00:45:30,234 decentralized supply chain of the past. there will be a rule 618 00:45:30,234 --> 00:45:32,233 the past. there will be a rule for trusted centers around the 619 00:45:32,233 --> 00:45:34,233 for trusted centers around the world, including the emerging 620 00:45:34,233 --> 00:45:36,500 world, including the emerging world places where companies 621 00:45:36,500 --> 00:45:38,200 world places where companies will build up capabilities and 622 00:45:38,200 --> 00:45:40,701 will build up capabilities and skills work with government. 623 00:45:40,701 --> 00:45:42,334 skills work with government. And keep them as part of a 624 00:45:42,334 --> 00:45:43,800 And keep them as part of a global supply chain, so the key 625 00:45:43,800 --> 00:45:48,633 global supply chain, so the key proposal to uh issue is not 626 00:45:48,633 --> 00:45:51,233 proposal to uh issue is not reassuring versus hyper 627 00:45:51,233 --> 00:45:53,233 reassuring versus hyper globalization. It’s about risk 628 00:45:53,233 --> 00:45:55,733 globalization. It’s about risk management and diversification 629 00:45:55,733 --> 00:45:57,400 management and diversification diversifying global supply 630 00:45:57,400 --> 00:45:59,699 diversifying global supply chain China plus one strategy 631 00:45:59,699 --> 00:46:02,333 chain China plus one strategy for instance and risk 632 00:46:02,333 --> 00:46:03,299 for instance and risk management so that you’re able 633 00:46:03,299 --> 00:46:05,301 management so that you’re able to flex production quickly 634 00:46:05,301 --> 00:46:07,766 to flex production quickly across production sites and 635 00:46:07,766 --> 00:46:11,767 across production sites and intelligence stop piling and. 636 00:46:11,767 --> 00:46:13,167 intelligence stop piling and. Building redundancy to supply 637 00:46:13,167 --> 00:46:14,200 Building redundancy to supply networks as well as 638 00:46:14,200 --> 00:46:15,734 networks as well as transportation network. These 639 00:46:15,734 --> 00:46:17,234 transportation network. These are what the leading 640 00:46:17,234 --> 00:46:18,667 are what the leading multinationals are doing and 641 00:46:18,667 --> 00:46:20,167 multinationals are doing and they’re going to do more of the 642 00:46:20,167 --> 00:46:22,767 they’re going to do more of the future and that’s the real game 643 00:46:22,767 --> 00:46:24,299 future and that’s the real game Keep global supply chains alive 644 00:46:24,299 --> 00:46:26,633 Keep global supply chains alive because it’s much more growth 645 00:46:26,633 --> 00:46:28,534 because it’s much more growth abusing for all of us and it’s 646 00:46:28,534 --> 00:46:32,167 abusing for all of us and it’s also a way of avoiding a very 647 00:46:32,167 --> 00:46:34,701 also a way of avoiding a very serious collapse of the world 648 00:46:34,701 --> 00:46:37,267 serious collapse of the world and finally we’ve got to build 649 00:46:37,267 --> 00:46:38,900 and finally we’ve got to build alliances in the second best 650 00:46:38,900 --> 00:46:42,600 alliances in the second best world if you take. 651 00:48:13,266 --> 00:48:16,167 Some of the the evolution of 652 00:48:16,167 --> 00:48:19,800 Some of the the evolution of safety net uh has proceeded in 653 00:48:19,800 --> 00:48:23,833 safety net uh has proceeded in a way that it’s lost the spirit 654 00:48:23,833 --> 00:48:26,000 a way that it’s lost the spirit that was in the old social 655 00:48:26,000 --> 00:48:28,400 that was in the old social democratic vision or even the 656 00:48:28,400 --> 00:48:29,566 democratic vision or even the social market economy vision 657 00:48:29,566 --> 00:48:31,067 social market economy vision and that spirit. if you think 658 00:48:31,067 --> 00:48:32,167 and that spirit. if you think about it, it wasn’t so 659 00:48:32,167 --> 00:48:33,400 about it, it wasn’t so different between the social 660 00:48:33,400 --> 00:48:36,200 different between the social Democrats and the uh the center 661 00:48:36,200 --> 00:48:38,000 Democrats and the uh the center right uh the advocates of the 662 00:48:38,000 --> 00:48:40,133 right uh the advocates of the social market economy was so 663 00:48:40,133 --> 00:48:41,400 social market economy was so different basically that was 664 00:48:41,400 --> 00:48:44,667 different basically that was far more. About giving everyone 665 00:48:44,667 --> 00:48:49,534 far more. About giving everyone a fair chance. Trying to grow 666 00:48:49,534 --> 00:48:52,400 a fair chance. Trying to grow social mobility and trying to 667 00:48:52,400 --> 00:48:54,834 social mobility and trying to help people to regenerate 668 00:48:54,834 --> 00:48:56,534 help people to regenerate themselves when we went through 669 00:48:56,534 --> 00:48:58,133 themselves when we went through tough times and we got to 670 00:48:58,133 --> 00:49:00,634 tough times and we got to refocus on that regeneration 671 00:49:00,634 --> 00:49:03,366 refocus on that regeneration rather than just redistribution 672 00:49:03,366 --> 00:49:06,833 rather than just redistribution regenerating tones and regions 673 00:49:06,833 --> 00:49:08,167 regenerating tones and regions where they go down and not just 674 00:49:08,167 --> 00:49:09,267 where they go down and not just not thinking that the market is 675 00:49:09,267 --> 00:49:10,633 not thinking that the market is going to do it. markets are 676 00:49:10,633 --> 00:49:12,233 going to do it. markets are don’t do it or they take a very 677 00:49:12,233 --> 00:49:14,000 don’t do it or they take a very long time and in the meantime 678 00:49:14,000 --> 00:49:15,967 long time and in the meantime something else happens, call 679 00:49:15,967 --> 00:49:20,734 something else happens, call populism. So if you need that 680 00:49:20,734 --> 00:49:23,734 populism. So if you need that are focused on regeneration and 681 00:49:23,734 --> 00:49:27,600 are focused on regeneration and not just redistribution because 682 00:49:27,600 --> 00:49:29,767 not just redistribution because most people actually don’t have 683 00:49:29,767 --> 00:49:32,299 most people actually don’t have much faith in distribution, but 684 00:49:32,299 --> 00:49:34,234 much faith in distribution, but they have a lot of support and 685 00:49:34,234 --> 00:49:36,367 they have a lot of support and feel it help someone to bounce 686 00:49:36,367 --> 00:49:38,433 feel it help someone to bounce back on helping a tone to 687 00:49:38,433 --> 00:49:41,867 back on helping a tone to recreate salsa dynamic new 688 00:49:41,867 --> 00:49:43,467 recreate salsa dynamic new investments it can’t be done in 689 00:49:43,467 --> 00:49:45,801 investments it can’t be done in every single time, but in every 690 00:49:45,801 --> 00:49:46,967 every single time, but in every region you’ve got some centers 691 00:49:46,967 --> 00:49:50,866 region you’ve got some centers of dynamic. And other training 692 00:49:50,866 --> 00:49:52,701 of dynamic. And other training providers working with new 693 00:49:52,701 --> 00:49:54,834 providers working with new firms working with the local 694 00:49:54,834 --> 00:49:57,100 firms working with the local community and local government. 695 00:49:57,100 --> 00:49:58,233 community and local government. You need some centers of 696 00:49:58,233 --> 00:49:59,067 You need some centers of dynamics of everywhere. I say 697 00:49:59,067 --> 00:50:00,767 dynamics of everywhere. I say this of course is a very small 698 00:50:00,767 --> 00:50:01,766 this of course is a very small country because we don’t have 699 00:50:01,766 --> 00:50:02,799 country because we don’t have regional disparities but 700 00:50:02,799 --> 00:50:03,833 regional disparities but looking around the world, 701 00:50:03,833 --> 00:50:06,867 looking around the world, there’s an opportunity and even 702 00:50:06,867 --> 00:50:09,467 there’s an opportunity and even in Europe even in the American 703 00:50:09,467 --> 00:50:11,699 in Europe even in the American Midwest you get examples of 704 00:50:11,699 --> 00:50:14,200 Midwest you get examples of some cities and hubs that are 705 00:50:14,200 --> 00:50:17,167 some cities and hubs that are thriving thriving despite all 706 00:50:17,167 --> 00:50:18,667 thriving thriving despite all the competition from China and 707 00:50:18,667 --> 00:50:20,633 the competition from China and the rest of the world thriving 708 00:50:20,633 --> 00:50:22,833 the rest of the world thriving despite. Challenges of 709 00:50:22,833 --> 00:50:24,734 despite. Challenges of automation and technological 710 00:50:24,734 --> 00:50:26,833 automation and technological change it just requires an 711 00:50:26,833 --> 00:50:29,966 change it just requires an activist mind at a social 712 00:50:29,966 --> 00:50:32,867 activist mind at a social purpose. I think that that 713 00:50:32,867 --> 00:50:35,133 purpose. I think that that basic orientation what’s 714 00:50:35,133 --> 00:50:37,833 basic orientation what’s startling inequality has to be 715 00:50:37,833 --> 00:50:40,234 startling inequality has to be about providing everyone a 716 00:50:40,234 --> 00:50:42,667 about providing everyone a getting social mobility alive 717 00:50:42,667 --> 00:50:46,667 getting social mobility alive again and creating a moving 718 00:50:46,667 --> 00:50:49,800 again and creating a moving escalator because of the moving 719 00:50:49,800 --> 00:50:51,000 escalator because of the moving escalator, it becomes much less 720 00:50:51,000 --> 00:50:52,500 escalator, it becomes much less divisive as who’s moving a 721 00:50:52,500 --> 00:50:54,800 divisive as who’s moving a little faster than someone 722 00:50:54,800 --> 00:50:56,167 little faster than someone else, and there’s a sense of 723 00:50:56,167 --> 00:51:01,600 else, and there’s a sense of the common good prevailing. 724 00:51:31,799 --> 00:51:34,299 Directly relates to that is um 725 00:51:34,299 --> 00:51:37,467 Directly relates to that is um a question by uh by actually 726 00:51:37,467 --> 00:51:40,900 a question by uh by actually who assume Berry um on the G 727 00:51:40,900 --> 00:51:43,400 who assume Berry um on the G twenty um and in particular, 728 00:51:43,400 --> 00:51:46,400 twenty um and in particular, also on the question how it has 729 00:51:46,400 --> 00:51:50,467 also on the question how it has affected um uh would affect the 730 00:51:50,467 --> 00:51:51,933 affected um uh would affect the recommendations um that you uh 731 00:51:51,933 --> 00:51:53,400 recommendations um that you uh in the imminent person’s group 732 00:51:53,400 --> 00:51:57,234 in the imminent person’s group have given um to um uh to the G 733 00:51:57,234 --> 00:51:59,833 have given um to um uh to the G twenty finance ministers um in 734 00:51:59,833 --> 00:52:01,699 twenty finance ministers um in in Hamburg, so that’s one 735 00:52:01,699 --> 00:52:03,000 in Hamburg, so that’s one question uh the second question 736 00:52:03,000 --> 00:52:05,333 question uh the second question that. I would like to to raise 737 00:52:05,333 --> 00:52:07,633 that. I would like to to raise from from the audience. It’s 738 00:52:07,633 --> 00:52:11,566 from from the audience. It’s really about um uh a person I 739 00:52:11,566 --> 00:52:12,799 really about um uh a person I mean a person anonymous is 740 00:52:12,799 --> 00:52:14,366 mean a person anonymous is asking the question in a very 741 00:52:14,366 --> 00:52:15,267 asking the question in a very interesting panorama of 742 00:52:15,267 --> 00:52:16,800 interesting panorama of challenges and needed actions. 743 00:52:16,800 --> 00:52:18,200 challenges and needed actions. You did not touch on the 744 00:52:18,200 --> 00:52:20,099 You did not touch on the demographics much um do you 745 00:52:20,099 --> 00:52:21,533 demographics much um do you have any thoughts or thoughts 746 00:52:21,533 --> 00:52:23,799 have any thoughts or thoughts about this and perhaps the 747 00:52:23,799 --> 00:52:25,433 about this and perhaps the third comment I would like to 748 00:52:25,433 --> 00:52:29,067 third comment I would like to uh to to raise um and uh in the 749 00:52:29,067 --> 00:52:31,200 uh to to raise um and uh in the hope that you will uh give 750 00:52:31,200 --> 00:52:32,967 hope that you will uh give relatively concise answers 751 00:52:32,967 --> 00:52:35,233 relatively concise answers because we have a less than 10 752 00:52:35,233 --> 00:52:40,000 because we have a less than 10 minutes um uh left um so. 753 00:52:43,234 --> 00:52:47,333 Singapur ähm of course ähm äh g 754 00:52:47,333 --> 00:52:50,933 Singapur ähm of course ähm äh g global hub the Benefits from 755 00:52:50,933 --> 00:52:52,533 global hub the Benefits from XAG, liebe Keindorf Global 756 00:52:52,533 --> 00:52:54,699 XAG, liebe Keindorf Global Integration in to Surpride 757 00:52:54,699 --> 00:52:57,767 Integration in to Surpride Chains, into ähm Mobility, ähm 758 00:52:57,767 --> 00:52:59,167 Chains, into ähm Mobility, ähm Workouts, knowlege Workers 759 00:52:59,167 --> 00:53:01,933 Workouts, knowlege Workers coming, in and out of the City 760 00:53:01,933 --> 00:53:05,067 coming, in and out of the City ähm äh Technology Coming in Out 761 00:53:05,067 --> 00:53:06,000 ähm äh Technology Coming in Out of the City Finance Coming in 762 00:53:06,000 --> 00:53:08,933 of the City Finance Coming in Out of the Cit Uh so you’re 763 00:53:08,933 --> 00:53:11,367 Out of the Cit Uh so you’re really being a very exposed to 764 00:53:11,367 --> 00:53:14,934 really being a very exposed to uh to global the global global 765 00:53:14,934 --> 00:53:16,266 uh to global the global global economy and global 766 00:53:16,266 --> 00:53:17,133 economy and global interactions. However, if you 767 00:53:17,133 --> 00:53:20,400 interactions. However, if you cope um really uh with the lock 768 00:53:20,400 --> 00:53:21,967 cope um really uh with the lock down with the epidemic and 769 00:53:21,967 --> 00:53:24,733 down with the epidemic and where you see um the situation 770 00:53:24,733 --> 00:53:25,967 where you see um the situation uh going forward and how to 771 00:53:25,967 --> 00:53:28,367 uh going forward and how to deal with some of the issues in 772 00:53:28,367 --> 00:53:30,801 deal with some of the issues in your domestic economy around 773 00:53:30,801 --> 00:53:32,234 your domestic economy around inequality that have come to 774 00:53:32,234 --> 00:53:35,234 inequality that have come to the press such as um uh uh you 775 00:53:35,234 --> 00:53:37,734 the press such as um uh uh you know the disparities between a 776 00:53:37,734 --> 00:53:38,967 know the disparities between a foreign workers dormitories and 777 00:53:38,967 --> 00:53:40,867 foreign workers dormitories and all of that. So perhaps you can 778 00:53:40,867 --> 00:53:43,666 all of that. So perhaps you can uh you can save. Words on all 779 00:53:43,666 --> 00:53:45,134 uh you can save. Words on all of these three points, um I 780 00:53:45,134 --> 00:53:47,900 of these three points, um I think we have less than 10 781 00:53:47,900 --> 00:53:50,000 think we have less than 10 minutes now, so please be 782 00:53:50,000 --> 00:53:51,666 minutes now, so please be concise and and then uh I think 783 00:53:51,666 --> 00:53:53,733 concise and and then uh I think I’m afraid I cannot take more 784 00:53:53,733 --> 00:53:55,600 I’m afraid I cannot take more questions from the audience 785 00:53:55,600 --> 00:53:56,133 questions from the audience because you know time is 786 00:53:56,133 --> 00:53:58,467 because you know time is flying. so thank you so much 787 00:53:58,467 --> 00:53:59,900 flying. so thank you so much well. Thank you. Thank you so 788 00:53:59,900 --> 00:54:01,833 well. Thank you. Thank you so uh on the first question that 789 00:54:01,833 --> 00:54:03,700 uh on the first question that someone very asked um uh I 790 00:54:03,700 --> 00:54:07,299 someone very asked um uh I would say that uh what we’re 791 00:54:07,299 --> 00:54:11,001 would say that uh what we’re seeing in the midst of orbit is 792 00:54:11,001 --> 00:54:13,334 seeing in the midst of orbit is a international system uh that. 793 00:54:13,334 --> 00:54:16,633 a international system uh that. Especially greatly underfunded, 794 00:54:16,633 --> 00:54:19,600 Especially greatly underfunded, but also fully coordinated uh 795 00:54:19,600 --> 00:54:21,367 but also fully coordinated uh each of the players are trying 796 00:54:21,367 --> 00:54:22,333 each of the players are trying to do their best to WHO is 797 00:54:22,333 --> 00:54:25,033 to do their best to WHO is trying to do. it’s best uh the 798 00:54:25,033 --> 00:54:26,467 trying to do. it’s best uh the world Bank is trying to do it’s 799 00:54:26,467 --> 00:54:28,700 world Bank is trying to do it’s best and so on uh there’s some 800 00:54:28,700 --> 00:54:30,433 best and so on uh there’s some philanthropic organizations 801 00:54:30,433 --> 00:54:32,634 philanthropic organizations that are shipping in, but it is 802 00:54:32,634 --> 00:54:37,234 that are shipping in, but it is not a call set up um and uh if 803 00:54:37,234 --> 00:54:39,000 not a call set up um and uh if you just take the whole issue 804 00:54:39,000 --> 00:54:42,799 you just take the whole issue of um vaccine um RND production 805 00:54:42,799 --> 00:54:45,100 of um vaccine um RND production and distribution procurement 806 00:54:45,100 --> 00:54:49,666 and distribution procurement distribution uh that’s has to. 807 00:55:17,634 --> 00:55:19,534 Uh I would say that you know we 808 00:55:19,534 --> 00:55:22,300 Uh I would say that you know we should avoid some of the fatal 809 00:55:22,300 --> 00:55:25,699 should avoid some of the fatal that you see that uh links that 810 00:55:25,699 --> 00:55:28,700 that you see that uh links that ties demographics to a future 811 00:55:28,700 --> 00:55:30,434 ties demographics to a future secular stagnation the missing 812 00:55:30,434 --> 00:55:32,700 secular stagnation the missing pieces productivity growth 813 00:55:32,700 --> 00:55:33,633 pieces productivity growth innovation and productivity 814 00:55:33,633 --> 00:55:36,233 innovation and productivity growth, and it will become as I 815 00:55:36,233 --> 00:55:38,600 growth, and it will become as I mentioned earlier if we find 816 00:55:38,600 --> 00:55:43,467 mentioned earlier if we find ways of. Engineering in new 817 00:55:43,467 --> 00:55:46,367 ways of. Engineering in new wave of private investment 818 00:55:46,367 --> 00:55:48,234 wave of private investment Private investment is critical. 819 00:55:48,234 --> 00:55:52,266 Private investment is critical. Fiscal strategy has to be aimed 820 00:55:52,266 --> 00:55:55,867 Fiscal strategy has to be aimed at sparking off that we’ve 821 00:55:55,867 --> 00:55:57,333 at sparking off that we’ve private investment. It’s a very 822 00:55:57,333 --> 00:55:58,800 private investment. It’s a very fundamental issue and that’s 823 00:55:58,800 --> 00:55:59,733 fundamental issue and that’s the way in which we will 824 00:55:59,733 --> 00:56:01,833 the way in which we will benefit people at large because 825 00:56:01,833 --> 00:56:03,034 benefit people at large because you need to get a lift and 826 00:56:03,034 --> 00:56:04,667 you need to get a lift and productivity growth in order to 827 00:56:04,667 --> 00:56:07,833 productivity growth in order to get a lift median income growth 828 00:56:07,833 --> 00:56:09,633 get a lift median income growth on Singapore. I’ll be very 829 00:56:09,633 --> 00:56:11,867 on Singapore. I’ll be very brief um uh Singapore New 830 00:56:11,867 --> 00:56:13,767 brief um uh Singapore New Zealand choreo and some other 831 00:56:13,767 --> 00:56:17,034 Zealand choreo and some other countries have um have had uh 832 00:56:17,034 --> 00:56:21,500 countries have um have had uh relative. Uh success and 833 00:56:21,500 --> 00:56:25,933 relative. Uh success and fortune in managing um it comes 834 00:56:25,933 --> 00:56:30,766 fortune in managing um it comes down to uh the effectiveness of 835 00:56:30,766 --> 00:56:33,267 down to uh the effectiveness of the state, but also it’s it’s 836 00:56:33,267 --> 00:56:35,034 the state, but also it’s it’s the way in which we’re able to 837 00:56:35,034 --> 00:56:37,833 the way in which we’re able to relate with community and 838 00:56:37,833 --> 00:56:39,534 relate with community and business so that everyone plays 839 00:56:39,534 --> 00:56:42,634 business so that everyone plays their part. Uh I don’t want to 840 00:56:42,634 --> 00:56:44,534 their part. Uh I don’t want to philosophies about this because 841 00:56:44,534 --> 00:56:45,967 philosophies about this because it doesn’t require a very deep 842 00:56:45,967 --> 00:56:48,234 it doesn’t require a very deep historical uh uh uh tradition. 843 00:56:48,234 --> 00:56:50,667 historical uh uh uh tradition. To be able to do this, it’s 844 00:56:50,667 --> 00:56:52,266 To be able to do this, it’s really everyone playing their 845 00:56:52,266 --> 00:56:53,733 really everyone playing their part and realizing that the 846 00:56:53,733 --> 00:56:55,834 part and realizing that the public good requires us all to 847 00:56:55,834 --> 00:56:57,467 public good requires us all to play our part be wearing a also 848 00:56:57,467 --> 00:57:00,234 play our part be wearing a also on social distancing and in 849 00:57:00,234 --> 00:57:02,734 on social distancing and in future rapid is going to have 850 00:57:02,734 --> 00:57:05,466 future rapid is going to have to become the norm so uh that’s 851 00:57:05,466 --> 00:57:06,933 to become the norm so uh that’s that’s something that we’ve 852 00:57:06,933 --> 00:57:10,733 that’s something that we’ve tried to do well track identify 853 00:57:10,733 --> 00:57:12,333 tried to do well track identify people early with the affected 854 00:57:12,333 --> 00:57:15,734 people early with the affected track all the context so the 855 00:57:15,734 --> 00:57:16,766 track all the context so the context isolate people quickly 856 00:57:16,766 --> 00:57:18,299 context isolate people quickly and one of the reasons. Speed 857 00:57:18,299 --> 00:57:20,733 and one of the reasons. Speed is important. Is it avoids 858 00:57:20,733 --> 00:57:23,300 is important. Is it avoids people’s situation getting 859 00:57:23,300 --> 00:57:25,799 people’s situation getting worse and it avoids permanent 860 00:57:25,799 --> 00:57:27,867 worse and it avoids permanent injury and death and Singapore 861 00:57:27,867 --> 00:57:29,834 injury and death and Singapore has one of the lowest death 862 00:57:29,834 --> 00:57:30,800 has one of the lowest death rates in the world coming out 863 00:57:30,800 --> 00:57:32,667 rates in the world coming out of it uh together with one 864 00:57:32,667 --> 00:57:35,133 of it uh together with one another country uh more broadly 865 00:57:35,133 --> 00:57:36,734 another country uh more broadly on the challenge that we face, 866 00:57:36,734 --> 00:57:38,200 on the challenge that we face, which is not different from any 867 00:57:38,200 --> 00:57:41,767 which is not different from any other relatively advanced 868 00:57:41,767 --> 00:57:43,234 other relatively advanced country to get social mobility 869 00:57:43,234 --> 00:57:44,700 country to get social mobility going again. We have to think 870 00:57:44,700 --> 00:57:50,000 going again. We have to think it bold and creative ways uh. 871 00:58:50,166 --> 00:58:52,700 Not to intrusive of the family, 872 00:58:52,700 --> 00:58:55,200 Not to intrusive of the family, but we need that intervention. 873 00:58:55,200 --> 00:58:56,000 but we need that intervention. Second, I would say that none 874 00:58:56,000 --> 00:59:01,867 Second, I would say that none of us uh we’d like to be in a 875 00:59:01,867 --> 00:59:02,334 of us uh we’d like to be in a true system of lifelong 876 00:59:02,334 --> 00:59:03,934 true system of lifelong learning, particularly for a 877 00:59:03,934 --> 00:59:05,933 learning, particularly for a blue-collar workers works very 878 00:59:05,933 --> 00:59:07,767 blue-collar workers works very well for professionals taking 879 00:59:07,767 --> 00:59:08,667 well for professionals taking online courses all the time and 880 00:59:08,667 --> 00:59:10,600 online courses all the time and so on and so forth everywhere 881 00:59:10,600 --> 00:59:14,201 so on and so forth everywhere in the world uh the idea of 882 00:59:14,201 --> 00:59:15,767 in the world uh the idea of grateful for the training 883 00:59:15,767 --> 00:59:16,700 grateful for the training spending your evenings or your 884 00:59:16,700 --> 00:59:21,234 spending your evenings or your weekends uh getting some new. 885 00:59:21,234 --> 00:59:23,267 weekends uh getting some new. Schools doesn’t come easily to 886 00:59:23,267 --> 00:59:25,600 Schools doesn’t come easily to ordering people uh it’s you’re 887 00:59:25,600 --> 00:59:26,867 ordering people uh it’s you’re tired after work. You’ve got a 888 00:59:26,867 --> 00:59:28,567 tired after work. You’ve got a family to look after you know 889 00:59:28,567 --> 00:59:29,734 family to look after you know it just doesn’t come easily so 890 00:59:29,734 --> 00:59:30,799 it just doesn’t come easily so we’ve got to make it 891 00:59:30,799 --> 00:59:32,233 we’ve got to make it convenient. We’ve gotta make it 892 00:59:32,233 --> 00:59:33,667 convenient. We’ve gotta make it bite size, make it attractive 893 00:59:33,667 --> 00:59:34,966 bite size, make it attractive and it’s going to be funded 894 00:59:34,966 --> 00:59:37,167 and it’s going to be funded adequately so that has to be 895 00:59:37,167 --> 00:59:38,133 adequately so that has to be fundamental because social 896 00:59:38,133 --> 00:59:39,867 fundamental because social mobility is something that 897 00:59:39,867 --> 00:59:43,700 mobility is something that takes place through life. 898 01:01:15,900 --> 01:01:18,467 Well, um uh thank you so much. 899 01:01:18,467 --> 01:01:19,967 Well, um uh thank you so much. I think we could we could uh I 900 01:01:19,967 --> 01:01:21,533 I think we could we could uh I would love to really continue 901 01:01:21,533 --> 01:01:23,133 would love to really continue for another hour. I have to say 902 01:01:23,133 --> 01:01:24,234 for another hour. I have to say and and talk about many of 903 01:01:24,234 --> 01:01:26,700 and and talk about many of these issues and and certainly 904 01:01:26,700 --> 01:01:28,299 these issues and and certainly um you point at the end that 905 01:01:28,299 --> 01:01:30,733 um you point at the end that you know openness pays off, but 906 01:01:30,733 --> 01:01:33,234 you know openness pays off, but it needs to be combined with uh 907 01:01:33,234 --> 01:01:34,333 it needs to be combined with uh domestic investment investment 908 01:01:34,333 --> 01:01:36,267 domestic investment investment into the domestic population. I 909 01:01:36,267 --> 01:01:38,800 into the domestic population. I think it’s a very important uh 910 01:01:38,800 --> 01:01:40,299 think it’s a very important uh point um I think which 911 01:01:40,299 --> 01:01:42,567 point um I think which certainly is something that 912 01:01:42,567 --> 01:01:43,833 certainly is something that many of us here in Europe and 913 01:01:43,833 --> 01:01:45,266 many of us here in Europe and in the US and everywhere around 914 01:01:45,266 --> 01:01:46,966 in the US and everywhere around the world can reflect on how to 915 01:01:46,966 --> 01:01:50,200 the world can reflect on how to how to achieve that magic. Um 916 01:01:50,200 --> 01:01:51,633 how to achieve that magic. Um that you know you really 917 01:01:51,633 --> 01:01:53,500 that you know you really achieve uh inclusive growth so 918 01:01:53,500 --> 01:01:54,700 achieve uh inclusive growth so I think we could continue 919 01:01:54,700 --> 01:01:55,900 I think we could continue really to talk about many of 920 01:01:55,900 --> 01:01:57,366 really to talk about many of these issues for a long time, 921 01:01:57,366 --> 01:02:00,834 these issues for a long time, but unfortunately our over uh 922 01:02:00,834 --> 01:02:02,633 but unfortunately our over uh haman. Thank you so much for 923 01:02:02,633 --> 01:02:04,801 haman. Thank you so much for sharing your time your thoughts 924 01:02:04,801 --> 01:02:06,234 sharing your time your thoughts with us today. Uh it’s been 925 01:02:06,234 --> 01:02:09,234 with us today. Uh it’s been great to um our annual meeting 926 01:02:09,234 --> 01:02:11,867 great to um our annual meeting today with you um we have more 927 01:02:11,867 --> 01:02:13,433 today with you um we have more sessions today um after lunch 928 01:02:13,433 --> 01:02:15,666 sessions today um after lunch um so now we have a break um 929 01:02:15,666 --> 01:02:16,800 um so now we have a break um pretty long break um but it’s 930 01:02:16,800 --> 01:02:21,067 pretty long break um but it’s all online and.