Slower growth forecasted in East Asia – but things could be worse

Upon releasing its half-yearly economic report of East Asia and Pacific early today, the World Bank is forecasting slower growth and intensifying economic turmoil in the region’s developing countries. But it could be worse, said Jim Adams, World Bank vice president for the East Asia and Pacific region, quoted in an AP article. "Thanks to the quick action of policy makers from virtually every East Asian country, banking systems have been able to deal with the crisis so far and in a number of countries, economic stimulus packages are being put in place."

Still, the East Asia & Pacific Update – titled "Navigating the Perfect Storm" – points to signs that every country will feel the effect of the ongoing global financial crisis, and more government-influenced spending will be key in 2009.

You can download the complete report here (pdf), or look at high resolution graphs, watch video interviews with the authors, and check out the report’s executive summary by clicking here.