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December 10, 2008

East Asia will not escape economic challenges

by Richard Kilner

Story link: East Asia will not escape economic challenges

Asian economies will not escape the economic storm unscathed, according to the World Bank’s regular biannual report on the economic health of the East Asia & Pacific region.

Real terms GDP growth in developing East Asia this year is expected to be 8.5%, but is predicted to fall to 6.7% amid weakening export growth and declining investment.

For the entire region (including economies such as Singapore and Malaysia) GDP will fall from 7% this year to 5.3% the next.

VP for the East Asia and Pacific region Jim Adams has stated his admiration for the rapid policy interventions of regional governments to avert the worst effects of the financial crisis.

Because of these actions, Adams said, the banking system in the region remained stable and economic stimulus packages were being put in place.

As a result, the region is staying stable and retaining growth, and is predicted to contribute around one third of the global economy’s growth next year.

 

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