The index is currently about 6 percentage points above its average value over the period 1970–2014.4 As recently as 2009, it was around 2 percentage points below. The index has been above current levels in only 5 of the past 44 years. On this measure, the UK economy is in fine fettle. The current reading of the index chimes pretty well with survey measures of confidence, for both households and firms. Measures of business confidence picked up during 2013 and the first half of 2014 to reach series highs, while measures of consumer confidence rose above their long-run average levels at the start of 2014. Chart 2 constructs the same ecstasy index back to 1870. It suggests that, while current levels of the index are less unusual, they are edging up towards historic highs. In only 42 of the past 144 years has the index been above current levels. So far, then, so good. The UK economy appears to be healthier than on average in the past, if perhaps not quite yet ecstatic. Certainly, it appears to be firmly on the front foot. Reasons to be fearful In keeping with Thomas Carlyle’s stereotype, let me now add three flies to the ointment. These are features of the UK economy which paint a more sobering picture. In particular, let me offer three reasons to be fearful: •  Annual real wage growth in the UK – average weekly earnings growth adjusted for consumer price inflation – is currently running at close to minus 1%.
They have implemented broad-based development strategies to diversify their economies away from hydrocarbons and harness new growth drivers. While the energy-related sector will remain an important  BIS Review 84/2010  1  pillar in Asia-Middle East relations, we should develop other complementarities between the two regions such as in financial and business services, infocomm technology and media, infrastructure development, tourism as well as green technology and life sciences. 6. In this respect, the linkages between Singapore and the GCC have deepened. We have signed the milestone GCC-Singapore Free Trade Agreement (FTA). Singapore companies, such as Capital and in Bahrain and UAE, Changi Airport International in Saudi Arabia, Keppel Corp in Qatar and SembCorp in UAE and Oman, have secured about $ billion of projects in the GCC. In addition, a strong cluster of Middle Eastern banks, such as Arab Bank, Emirates NBD, First Gulf Bank, National Bank of Kuwait and Qatar National Bank, is already based in Singapore. Quite a few are looking to expand their operations in trade finance and wealth management to capitalize on new growth opportunities in the Asia-Pacific region. 7. By strengthening linkages at all levels, the Middle East and Asia can then complement each other’s development and seek out new growth areas for mutual benefit. Inter-regional platforms have been established to achieve this; for example, the Asia-Middle East Dialogue (AMED) and the ASEAN-GCC Ministerial Meeting, which was held in Singapore recently.