Posted on 09 Nov 2009
East Asia 'recovering' from global financial crisis
ECONOMIES in
East Asia and Pacific region are doing a swift rebound from the global financial crisis that struck late 2008, based on the report of the Work Bank Thursday.
"A vigorous and timely fiscal and monetary stimulus in most countries in East Asia and the Pacific, along with decisive measures in developed economies to prevent a financial meltdown, have stopped the decline in activity and set in motion the regional rebound," the report said.
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The World Bank projected that the real gross domestic product growth in the region will slow down to a 6.7 percent for this year compared to the eight percent growth experienced in 2008.
The report added that it is still the fast growing economy of China which is leading the relatively high GDP growth after the crisis.
"Take China out of the equation and the rest of the region is recovering with less vigor," the report said.
Developing East Asia excluding China is projected to grow more slowly in 2009 than South Asia, the Middle East and North Africa, and only modestly faster than Sub-Saharan Africa.
http://www.sunstar.com.ph/davao/east-asia- percentE2 percent80 percent98recovering percentE2 percent80 percent99-global-financial-crisis
