ANNUAL REPORT 2002 / 2003
SECTOR - PERFORMANCE AND GROWTH
MORE RESILIENT FINANCIAL SECTOR
financial sector proved resilient last year in the face of growing geopolitical
uncertainties, weak global financial markets, and slowing global economic
activity. This resilience was seen in indicators such as liquidity positions,
capital adequacy ratios and profitability of the financial institutions, and was
underpinned by the general strength of household and corporate balance sheets.
progressive liberalisation of the financial industry since 1997 has changed its
composition. While the full benefits of this liberalisation have not been
realised because of the succession of exogenous shocks that hit the economy, the
financial services sector’s increasing diversity has been a cushion against
the effects of a downturn.
was especially so in 2002 when the financial sector contracted by 4.8% in
value-added terms. While activities such as bank lending, insurance and
stockbroking were affected, growth in asset management, bond market and
derivatives trading activities have helped to dampen volatility in overall
financial sector growth.
|A More Resilient Financial Sector||Structure of Financial Sector||Financial Market Activity|
|Singapore Government Securities Market||Corporate Debt Market|
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