Edward S Robinson: Welcome remarks - 12th Asian Monetary Policy Forum

Welcome remarks by Mr Edward S Robinson, Deputy Managing Director (Economic Policy), Chief Economist of the Monetary Authority of Singapore and Member of the Asian Bureau of Finance and Economic Research (ABFER) Council, at the 12th Asian Monetary Policy Forum, Singapore, 23 May 2025.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good morning.
Deputy Prime Minister Heng Swee Keat, 
Managing Director Chia Der Jiun,
Distinguished speakers, central bank colleagues,
Honoured Guests.

Introduction

Thank you for taking the time to be here for the 12th Asian Monetary Policy Forum. We are greatly honoured that DPM Heng Swee Keat has been able to join us. He provided the impetus to the inception of ABFER/AMPF a decade ago and has continued with strong counsel and encouragement.  DPM as a policymaker internalises the economic way of thinking. He applies careful and thoughtful analytical reasoning based on the evidence to a range of policy issues, including enhancing the economy's macro-competitiveness. He has made significant contributions to the strengthening of Singapore's international trade relationships and holds a deep conviction in the benefits of comparative advantage and broader economic complementarities across countries. DPM has played a pivotal role in ingraining the principles and practices that define Singapore's robust, forward-looking approach to economic policy making. 

The Global Economic Context

In 2024, the global economy was showing clear signs of recovery. Inflation was easing, growth was holding steady at potential, and central banks were beginning to cut policy rates. Yet today, prospects have darkened against conditions of underlying unpredictability.

The Economics of Protectionism

Economists readily acknowledge the firm case against protectionism. Import taxes destroy trade benefits by disrupting efficient resource allocation and reducing consumer surplus, as domestic households face higher prices and fewer choices. Both the targeted and tariff-imposing economies suffer.