EAST ASIA & PACIFIC UPDATE - TESTING TIMES AHEAD
World Bank, April 1, 2008
Growth in developing East Asia will decline by around one to two percentage points to around 8.5% in 2008 as a result of the unfolding financial turmoil in the US and the resulting global slowdown, says the World Bank’s latest six-monthly review of the East Asia and Pacific region’s economies.
But despite the likely drop from recent double-digit levels, overall growth remains healthy across the region and most countries are well positioned to navigate the global slowdown because of the investments they’ve made in the last 10 years in structural reforms and putting sound macroeconomic policies in place, the report says.
In fact, according to the latest East Asia & Pacific Update, East Asia and especially China have increasingly become a “growth pole” in the world economy – acting as a counterweight to the slowing industrial economies.
In fact, according to the latest East Asia & Pacific Update, East Asia and especially China have increasingly become a “growth pole” in the world economy – acting as a counterweight to the slowing industrial economies.
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