|The author at one of the roads renovated with NT2 funds (2010 rainy season).|
East Asia and Pacific
For a while, after the global crisis broke out, we were all preoccupied with short term prospects and developments. More recently, it has become clear that China’s economy is actually growing quite well, helped initially by a massive policy stimulus but with growth having become more broad based recently. At the same time, the global outlook is more subdued now than before the crisis. In all, this is a good time to extend the perspective and revisit medium and longer term economic prospects.
I recently wrote a working paper that discusses a medium term scenario building exercise. The objective was to get a sense of how the pace and composition of growth may develop, both from the production (supply) side and the expenditure (demand) side; whether the outlook has changed because of recent events and what the key implications of the outlook are; and how China’s living standards and the size of the economy may compare internationally in 2020.
I would of course prefer it if everybody diligently read the whole paper (526kb pdf). But, if you have better things to do in the summer during the World Cup Football, here are the key take aways.
The World Bank released its latest Quarterly Update on China’s economy on Friday (for disclosure's sake: I’m the lead author). At the press launch, there were a lot of questions about the recent wage hikes in several foreign-owned manufacturing companies and the possible concerns these have triggered among many about possible loss of competitiveness and/or a wage-inflation spiral.
A colleague from the Asian Development Bank visited the other day to talk about a study he is doing on Asia’s middle class. Yet this is not an area we have focused on in the World Bank’s East Asia region – perhaps at our cost. I quickly googled the topic and discovered a rapidly growing literature, including a paper each by Martin Ravallion and Nancy Birdsall
Ok. We are back again @ Carbon Expo. This year in Cologne. The German weather cannot really keep up with Barcelona (were Carbon Expo was held in 2009) but we are keeping the spirits up and the opening event proved to be very interesting with a speech by the German Environment Minister, Norbert Roettgen.
On his round across the fairground the Minister then visited the China booth and the East Asia Pavilion, where Thailand, Mongolia, Lao, and Indonesia and China are exhibiting. Jiao Xiaoping, Deputy Director General, CDM Fund, China, welcomed the Minister and presented him with the latest report on "Clean Development Mechanism in China". We'll soon have it up here.
|East Asia and Pacific countries have more university graduates than ever, yet employers say they don't find the skills to match their needs.|
|Remembering May 12, 2008 - a boy in Weima Town looks at the Town’s rebuilding plans with the construction going on around.|
The World Bank recently launched an East Asia energy flagship report in Singapore: “Winds of Change: East Asia’s Sustainable Energy Future” (full disclosure: I&r
|Accessing information is a right that comes associated with—at least—the homework of reading, studying and understanding such information. (February 2010, World Bank booth at Library Week in Vientiane, WB photo)|