The unevenness of the recession and the ongoing recovery could reinforce three trends that have continued since around the global financial crisis of the late 2000s. The first trend is an increase in saving. Against the backdrop of uncertainty over the course of the pandemic and recovery, saving has increased substantially. The second trend is an increase in economic inequality.
•  With respect to pricing and valuation benchmarks, price-discovery across all tenor buckets remains work-in-progress; and  •  On financial market infrastructure, this too is very much work-in-progress. Do any of these really matter? If we are going to talk about ASEAN integration, we certainly need to have a thriving market that can connect and compete with the rest of the region.