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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.

More Vietnam in pictures: fighting and mitigating natural disasters

Claudia Gabarain's picture

As advanced by my colleague James a few days ago, here's a second slideshow on natural disasters in Vietnam, this time showing prevention and mitigation measures put in place across the country. Again, the photos are striking. And the actions, varied and ingenious.

 

Vietnam in pictures: The human toll of natural disasters

James I Davison's picture

Some of my colleagues in the Vietnam office of the World Bank, working with Sai Gon Tiep Thi newspapers, recently organized a photo contest and exhibition on the topic of natural disasters. I thought I’d share some of the finalist entries, which are remarkable in their composition and relevance. It’s important to note that these pictures are not related to the disasters that have hit several East Asian and Pacific countries in recent weeks. Nevertheless, I highly recommend taking a few minutes to click through the pictures below, which focus on the human toll of natural disasters in Vietnam. Check back in a couple days for more photos from the same contest.

Regional Finance Roundup: Is East Asia leading the world out of the crisis?

James Seward's picture

Given that Asia is now widely seen as leading the world out of the crisis, it is fitting that the role of Asia was more prominently recognized in the global economic system in the recent G20 meeting held in Pittsburgh.  Since we last looked in July, the outlook for the emerging markets of East Asia has continued to brighten.  The latest regional forecasts come from the Asian Development Bank in its Asian Development Outlook (pdf) published last week.  It points to “the rapid turnaround in [Asia’s] largest, less export-dependent economies” and predicts that “the regional economy is now poised to achieve a V-shaped rebound.”  These are very positive words indeed!  As the graph below shows, the ADB has in fact upgraded its growth forecasts for a number of economies for 2009.

Although the signs are pointing upwards, performance is still mixed in a number of key areas.

Philippines: Surviving Tropical Storm Ondoy - Ketsana

Dave Llorito's picture
For 24 hours last Saturday, Typhoon Ondoy dumped 455 millimeters of rain on Luzon, causing massive floods and destroying lives and property in Metro Manila. (Photo courtesy of IRRI Images under a Creative Commons license)

Muelmar Magallanes, an 18 year-old construction worker, had already saved 30 people from the raging floodwaters last Saturday. Shivering and exhausted, he dived back into the murky waters to save a mother and a baby girl who were bobbing up and down among the floating debris and brought them to safety. Then he was gone, swept away by the torrents. His body was found the following day.

Magallanes is one of the more than 240 casualties caused by Tropical Storm Ondoy (international name: Ketsana). For 24 hours last Saturday, Typhoon Ondoy dumped 455 millimeters of rain (double the volume brought to New Orleans by Hurricane Katrina) on Luzon, causing massive floods in Metro Manila and the adjoining regions, destroying lives and property, and creating anguish and devastation in the metropolis.

China's import surge: standard economic theory prevails

Louis Kuijs's picture

When China’s government started to work on and implement its massive stimulus program in November last year in light of a rapid deterioration of the world economy, economists working on China had to work out what it all meant for

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