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

James I Davison's picture

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.

Indonesia's $100 billion budget: Is debt an issue?

Wolfgang Fengler's picture

I have received many encouraging responses to my first blog. Thank you. This time, let's look at Indonesia's budget. Last year, Indonesia's budget reached the magical threshold of US$100 billion.

Regional roundup: Finance in East Asia – April 3

James Seward's picture

I'm sorry it has been a while since the last East Asia & Pacific regional roundup. A lot has happened, so let's get right to it. As usual, the downward trends continue across the region.

Regional roundup: Finance in East Asia – Jan. 23

James Seward's picture

I’m beginning to sound like a broken record, but the bad news keeps coming on the economies in the region.  As the Financial Times just put it, “The Asian Financial Crisis Deepens.”  Thus far, the deteriorating economic performance has not appeared to flow through to the financial sector, but it now seems th

Regional roundup: Finance in East Asia

James Seward's picture

This is the first blog entry of what I hope to be regular updates from the financial sector and related areas across the East Asia and Pacific region. So, let’s see how the New Year began in Asia.

Unfortunately, the bad news keeps coming on the economies in the region in terms of exports and industrial output. Exports and industrial production fell 6.2 percent in Malaysia in November and exports from Thailand fell 18 percent in November. Surveys of consumer confidence, business sentiment, and manufacturers across the region have all shown significant declines.

Reducing risk from natural disasters takes partnerships, teamwork

Zoe Elena Trohanis's picture

Image credit: simonpocock at Flickr under a Creative Commons license.
If you want to know what movies are being shown on flights across the Pacific, ask me or my World Bank colleagues in the East Asia and Pacific region's Disaster Risk Management team. We have been passing one another by plane for the past month and a half. Responsible for coordinating disaster risk management efforts and activities for the region, we are a busy group, no doubt about it.

I have been in China for the past few weeks supporting the country team to appraise a package of support to China for recovery efforts following the May 12, 2008 Wenchuan Earthquake. One colleague participated in the recent Global Facility for Disaster Reduction and Recovery Consultative Group meetings in Copenhagen, Denmark and is now in Jakarta, Indonesia working with field staff, the country’s government, and partners on mainstreaming risk reduction into development programs. Another colleague of mine just returned from the Philippines and Vietnam, where she was stranded by flooding in Hanoi. In fact, she had to wade through knee-deep water when leaving a meeting at the Ministry of Finance. Of course, this represents just part of the team, since we work with a broader network of staff based in country offices who manage country-level programs and projects.

World's most competitive countries report - Asia "looks like an unstoppable force"

Claudia Gabarain's picture

BusinessWeek reports that an annual study by one of Europe's top business schools indicates that Asian economies are overtaking the U.S. and Northern Europe to become the most competitive in the world.

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