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East Asia & Pacific is facing some great development challenges today: urbanization, protection of the environment, the need to find renewable energy sources and many others. This site wants to create a conversation around those important issues. More »

All East Asia & Pacific

Possible asset bubbles in Asia: how to avoid them?

Submitted by Louis Kuijs on Thu, 2009-11-19 22:43

Just as Asian economies started to recover from the global recession, policymakers and markets have started to worry about unwarranted asset price increases. While the worries are global, especially in the case of stock markets, the risks of asset prices bubbles seem particularly high in Asia, where abundant liquidity is driving up prices of all sorts of assets, from Hong Kong and Singapore real estate to Chinese art.

Where is the liquidity coming from? Capital inflows have received a lot of attention lately. Financial capital is flowing into Asia, attracted by the continent’s relatively good economic prospects. More important, for most economies, is a dramatic easing of domestic monetary conditions since late 2008 that has fueled domestic liquidity.

In part, the easing of monetary conditions in Asia was deliberate, a policy response to sharp weaker growth. However, some of the easing of monetary conditions was not deliberate. Economies with an exchange rate somewhat or completely fixed to the US dollar and fairly open capital markets are “importing” the loose US monetary policy. In some economies, those imported monetary conditions sit oddly with domestic economic conditions. In many Asian economies, spare capacity is much smaller than in the US and cyclical unemployment much lower.

New Google feature lets users quickly search World Bank development data

Submitted by James I Davison on Tue, 2009-11-17 10:24

If you haven’t already taken the time to do some development-related Googling after last week’s announcement that World Bank statistics are now available through the ubiquitous search engine’s public data tool, I’d suggest exploring the exciting new feature. Now, anyone can easily access 17 World Development Indicators by searching for them in Google. Give it a try by searching for the GDP of China or CO2 emissions of Indonesia or exports of Thailand – or another country and any of these indicators.

When you click on the search result, an interactive chart page shows you how the data have changed over time and allows you to compare to other countries (or the world). (You can also embed the chart, like the one below.) For example, take a look at how the GDP growth rate of China compares to Indonesia, Thailand and the Philippines in the last 50 years.

To further explore the data, check out another nifty tool, also launched last week by the World Bank. DataFinder lets you research more about these development indicators and see how they look on an interactive map. Read more about DataFinder here.

Your questions about East Asia and Pacific's rebound from the crisis, answered by World Bank economists

Submitted by Claudia Gabarain on Sun, 2009-11-15 23:01

Almost like an audience-customized appendix to the World Bank's East Asia and Pacific Update November 2009, the live online chat held last Thursday by the regional Chief Economist, Vikram Nehru, and the lead author of the report, Ivailo Izvorski, answered a good number of questions in detail.

From diversifying Cambodia's economy to the right moment to suspend governments' stimulus packages, Vikram and Ivailo also touched on the effect of a weak US dollar in East Asian economies, on the challenges to generate domestic growth in export-dependent economies, and on the risks of inflation and asset price bubbles in the region, among others. Take a look at the transcript.

Faith in conservation: Representatives of multiple religions commit to protecting the planet

Submitted by Tony Whitten on Fri, 2009-11-13 15:08
Prince Philip and UN Secretary-General Ban Ki-moon discuss the Buddhist 8-Year Plan at an event dedicated to faith and conservation. (Photo courtesy of ARC/Richard Stonehouse)

A Grand Mufti, a Rabbi, an Archbishop, a Daoist Master, and a Shinto priest went into a bar . . .

This may read like the start to a bad joke, but it happened last week in Windsor, England (though let’s be clear that the bar was serving only hot drinks and chocolate cookies). It was all part of the “Many Heavens, One Planet” Celebration organized by ARC and UNDP, at which all the major faith traditions launched “Long Term Commitment Plans for Protecting the Living Planet.” They were honored at a special ceremony in Windsor Castle, hosted and attended by both HRH The Duke of Edinburgh and United Nations Secretary-General HE Ban Ki-moon.

Innovative ideas to save the planet (and East Asia Pacific region) from climate change

Submitted by James I Davison on Thu, 2009-11-12 16:13
David Manalo's organization wants to distribute unique floating generators to provide electricity to people in a remote part of the Philippines.

The theme of this year’s global Development Marketplace – a competitive grant program created by the World Bank – seems particularly relevant to an issue that is all too familiar to developing countries in the East Asia and Pacific region: adaptation to climate change. More than 1,700 submissions were received for the 2009 competition, vying for 25 grants of up to $200,000 each and proposing innovative ways to protect the poor, who are most vulnerable to the effects of climate change. This week, 100 finalists are visiting the Bank’s headquarters in Washington, DC, to share their ideas during the cleverly named event: “100 Ideas to Save the Planet.”

I spent some time yesterday walking around the marketplace and meeting a few of the 20 or so finalists representing East Asian and Pacific countries. (The grant winners will be announced Friday. Visit the DM blog for more coverage of this year’s event.) The people I talked to were passionate and eager to share their projects, which are focused on helping people deal with extreme weather that may be caused or worsened by climate change.

Submit questions on East Asian and Pacific economy for Nov. 12 online chat

Submitted by James I Davison on Tue, 2009-11-10 12:37

The World Bank’s latest economic assessment of developing countries in the East Asia and Pacific region, released a week ago, came to some interesting conclusions and attempted to answer a lot of questions on a complex subject. Notably, the report’s authors pointed to the major role China has played in the region’s swift rebound from the crisis.

Later this week, two World Bank economists will be answering your questions about the report in a live online chat. On Thursday, Nov. 12, at 10:00 a.m. Washington DC time (15:00 GMT or 11:00 p.m. Beijing time), join Ivailo Izvorski, lead economist and author of the report, and Vikram Nehru, Chief Economist for the East Asia and Pacific region to send questions and read their answers. You’re strongly encouraged to submit your questions in advance.

In Thailand, finding the way back into growth: Step 1, switch the supply chains back on

Submitted by Frederico Gil Sander on Wed, 2009-11-04 12:35

As part of its regular monitoring of the corporate sector in Southeast Asia, the World Bank economic team I am part of in Thailand has been working on a short case study of supply chains of Japanese multinational companies (MNCs) in the electrical and electronics (E&E) industry. We wanted to hear directly from firms about how the crisis affected them, how they were able to adjust so quickly to the drop in demand, what the rebound looked like, and what were the prospects going forward to upgrade along the value chain. I have learned a great deal from these interviews, and have become convinced that supply chains are central to understanding the current crisis in Thailand and East Asia more generally.

Some facts: the crisis had a disproportionate impact on manufacturing. In Thailand, manufacturing represents about 40 percent of GDP, but contractions in manufacturing value added have accounted for about 75 percent of the contraction of headline GDP. Within manufacturing, the auto and E&E industries account for the bulk of the contraction. Most of the output in those industries is exported, and more than three-fourths of the decline in Thai exports during the crisis was due to falls in shipments from the auto and E&E industries. My conclusion is that the magnitude of the crisis in Thailand has been driven primarily by these two industries.

Growth in China continues to influence East Asia’s economic recovery, two new World Bank reports say

Submitted by James I Davison on Tue, 2009-11-03 23:10

Regionally speaking, developing countries in East Asia and Pacific have rebounded surprisingly quickly from the financial crisis and global recession. But according to a report just released by the World Bank, the regional economic picture isn’t as rosy when China is taken out of the equation. The latest East Asia and Pacific Update report, an assessment of the economic health of the region released every six months, is titled “Transforming the Rebound into Recovery.” The rebound, the report says, was driven in part by large and timely fiscal stimulus spending led by China and Korea. Still, despite the well-performing economies of Indonesia and Vietnam, developing East Asia excluding China is projected to grow at just around 1 percent in 2009. And for Cambodia, Malaysia and Thailand, GDP is contracting.

The China Quarterly Update – a separate report released at the same time as the latest regional assessment and focusing specifically on the Chinese economy – gives a more complete picture of why the country has seen such robust economic growth and what the future may hold. The Bank now projects China to see GDP growth of 8.4 percent for 2009, says the report. The report’s lead author (and blogger) Louis Kuijs wrote an accompanying blog post, which can be read here.

I really recommend taking some time to explore the findings of both reports by visiting the East Asia Update and China Quarterly pages, where you can also download high resolution graphs and watch video interviews with the economists. Also, you'll be able to ask two World Bank economists questions about the regional report in an online chat taking place Thursday, November 12, at 10 a.m. DC time (15:00 GMT or 11:00 p.m. in Beijing). Send your questions now for a better chance of getting them answered.

Interactive climate change map shows what a warmer world could look like

Submitted by James I Davison on Mon, 2009-11-02 17:21

As next month’s climate change conference in Copenhagen draws closer, we are undoubtedly going to see the amount of online discourse on the topic continue to increase. The latest example comes from the British government, which last week released an interactive map showing the possible impact of a global temperature rise of 4 degrees Celsius (7 degrees Fahrenheit). An article in the Guardian says the UK’s Met Office Hadley Centre produced the map based on a recent study that indicates, "such a 4C rise could come as soon as 2060 without urgent and serious action to reduce emissions." The newspaper also quotes the government’s chief scientist as saying that such a temperature shift would be “disastrous.”

Indeed, after exploring the map for just a few minutes, you see how devastating the consequences of a warmer planet might be. By zooming in and clicking and dragging with your mouse, you can navigate the map to see what could happen to different parts of the globe. Be sure to click on some of the plus signs, which give you a brief overview of an issue and the option to click to learn more and view sources of the research. The map, its creators say, displays the latest in peer-reviewed climate change research.

Looking around East Asia, you’ll see that some of the impacts listed include decrease in rice yield, extreme temperatures in population centers of eastern China, and flooding caused by rising sea levels.
 

Click on the map to interact. View full screen map here.

(Hat tip: From Poverty to Power blog.)

Online mapping tool gives view of forests in developing countries

Submitted by James I Davison on Wed, 2009-10-28 17:10

In July, biodiversity specialist and blogger Tony Whitten wrote a post about not abandoning old-fashioned conservation techniques as an important method of taking positive action on climate change. One of the important old-school mitigation methods, he wrote, lies in protecting the world’s forests through reforestation and avoiding further deforestation.

Accordingly, a big part of the ongoing climate change discussion includes reducing emissions through deforestation and degradation (known as REDD). And the UN’s Food and Agriculture Organization now offers a tool to help monitor forests in developing countries. Using satellite imagery and other data, the Global Forest Resources Assessment Portal displays the information on an interactive map.