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Author: World Bank Publisher: World Bank Publications ISBN: 146482102X Category : Business & Economics Languages : en Pages : 118
Book Description
Most economies in developing East Asia and Pacific (EAP) are growing faster than the rest of the world but slower than before the pandemic. Slowing global growth, still tight financial conditions, and an increase in trade protection and industrial support in large and rich countries are key aspects of the external environment shaping the region's economic performance. Amplified public and private debt, constrained macroeconomic policy, and increased policy uncertainty are the major domestic issues. EAP's current macroeconomic challenges risk obscuring the microeconomic foundations of longer-term growth. Over the last decade, EAP's growth has been driven by investment and capital deepening rather than by increased productivity of firms. Now private investment is weak and productivity declining†“further inhibiting the incentive to invest. Firms are the protagonists of productivity growth. Some of the weaker firms in EAP countries are beginning to catch up with stronger firms. But the stronger firms in the region are failing to take full advantage of new technologies: regional leaders risk becoming global laggards. Bold policy action to unleash competition, improve infrastructure and reform education with measured state support could revitalize the region's economy.
Author: World Bank Publisher: World Bank Publications ISBN: 146482102X Category : Business & Economics Languages : en Pages : 118
Book Description
Most economies in developing East Asia and Pacific (EAP) are growing faster than the rest of the world but slower than before the pandemic. Slowing global growth, still tight financial conditions, and an increase in trade protection and industrial support in large and rich countries are key aspects of the external environment shaping the region's economic performance. Amplified public and private debt, constrained macroeconomic policy, and increased policy uncertainty are the major domestic issues. EAP's current macroeconomic challenges risk obscuring the microeconomic foundations of longer-term growth. Over the last decade, EAP's growth has been driven by investment and capital deepening rather than by increased productivity of firms. Now private investment is weak and productivity declining†“further inhibiting the incentive to invest. Firms are the protagonists of productivity growth. Some of the weaker firms in EAP countries are beginning to catch up with stronger firms. But the stronger firms in the region are failing to take full advantage of new technologies: regional leaders risk becoming global laggards. Bold policy action to unleash competition, improve infrastructure and reform education with measured state support could revitalize the region's economy.
Author: World Bank Publisher: World Bank Publications ISBN: 1464817022 Category : Business & Economics Languages : en Pages : 118
Book Description
A year after the first case was confirmed in Wuhan COVID-19 is proving hard to suppress even, while the emergence of more transmissible variants of the variant poses new challenges to the containment of the disease globally. The economies of the region began to bounce back in the second half of 2020. However, only China and Vietnam have followed a V-shape recovery path with output surpassing pre-COVID-19 levels. Most of the other countries have not seen a full-fledged recovery in terms of either output or growth momentum. Economic performance across countries continues to depend on (i) the efficiency with which the virus is contained; (ii) the ability to take advantage of the revival in international goods trade; and (iii) the capacity of governments to provide fiscal and monetary support. China and Vietnam are expected to enjoy strong growth in 2021, whereas other economies in the region will grow more gradually. Many economies, especially in the Pacific islands are not expected to reach pre-COVID-19 levels of output until 2022 or later. Governments in the region need to work cooperatively to address three key issues: (i) a regional and global distribution of vaccines that minimizes the risk of a continued spread of COVID-19 and its variants; (ii) continue to provide economic support to their economies while carefully evaluating the trade-offs between the need for further stimulus and debt sustainability; and (iii) enact policies and prioritize investments that protect against climate risk to ensure sustainable economic growth.
Author: World Bank Publisher: World Bank Publications ISBN: 1464819831 Category : Business & Economics Languages : en Pages : 120
Book Description
Economic activity in developing East Asia and Pacific has recovered from the recent shocks and is growing. However, output remains below pre-pandemic levels in many countries and inflation remains higher than target ranges in some countries. Near-term growth will depend on the dynamics of global growth and commodity prices, and financial tightening, which is likely to continue in the face of high inflation in the US. Taking a long-term view, growth in EAP has been faster and more stable than in much of the rest of the world. The result has been a striking decline in poverty and, in the last decade, also a decline in inequality. But it would be a mistake to let these achievements obscure vulnerabilities, past, present, and future. The region must implement structural, macro-financial, and climate-related reforms to address the problems of slowing productivity growth and scars from the pandemic, even as it faces up to the major challenges of deglobalization, aging and climate change.
Author: World Bank Publisher: World Bank Publications ISBN: 1464800723 Category : East Asia Languages : en Pages : 113
Book Description
The World Bank East Asia and Pacific Economic Update is a comprehensive, twice-yearly review of the region's economies prepared by the East Asia and Pacific region of the World Bank. In 2011, an estimated 38 million people will move out of poverty, and the proportion of people living on less than US $2 a day expected to decrease to about 24 percent, down two percentage points from 2010. Growth in developing East Asia in the first half of 2011 continued to moderate, mainly due to weakening external demand. Domestic demand in East Asian economies remained the largest contributor to growth, although it is easing driven by the normalization of fiscal and monetary policy. Real GDP in developing East Asia is projected to increase by 8.2 percent in 2011 (4.7 percent excluding China), while growth will slow to 7.8 percent in 2012. Given the outlook for protracted low global growth, any possible stimulus should be fiscally sustainable, well-targeted, and directed at promoting the structural transformation needed to sustain stronger, domestically driven growth. Further investment in disaster management and prevention is also becoming more important for the region.
Author: World Bank Publisher: World Bank Publications ISBN: 0821386379 Category : Business & Economics Languages : en Pages : 108
Book Description
The 2010 World Bank Entrepreneurship Snapshots (WBGES) provide a unique indicator of business creation around the world and facilitate the investigation of the factors that foster dynamic private sector growth. Now in its fourth year, the WBGES measure entrepreneurial activity in 115 developing and industrial countries over the six year period 2004-2009. Importantly, the data offer a distinctive and timely snapshot of the impact of the 2008-2009 financial crisis on entrepreneurial activity. There is wide variation in new business creation across countries: On average, about four new firms register every year for every 1,000 working age individuals in industrialized countries, while there is less than one new firm registered in low and low middle income countries. The data show that dynamic business creation occurs in countries that provide entrepreneurs with good governance, a strong legal and regulatory environment, and reduced red tape. The data also show that nearly all countries experienced a sharp drop in business entry during the crisis. However, industrialized countries experienced the crisis more quickly and more severely than other income groups. In addition, the degree to which the crisis impacted new firm creation is correlated with measures of crisis severity. Finally, we find that countries in which financial markets play a larger role in the domestic economy experienced sharper declines in new business registrations as a result of the crisis that paralyzed financial markets. These results can guide effective policymaking and deliver new capabilities for identifying the impact of reforms.
Author: World Bank Publisher: World Bank Publications ISBN: 1464820287 Category : Business & Economics Languages : en Pages : 130
Book Description
Economic activity in much of developing East Asia and Pacific (EAP), other than several Pacific Island Countries, has recovered from the succession of shocks since 2020 but is now slowing down. Private consumption and the recovery of tourism had sustained growth in the region but is running out of steam. Slowing global growth is leading to a contraction in exports. Public investment and private investment also remain low in much of the region. Most governments in the region are projected to consolidate fiscally in 2023. The revival of growth in the region will depend crucially on the state of the services sectors. Even though manufacturing has powered EAP development, services already account for more than half of value added and employment. A digital revolution is leading to structural change within all services sectors, with the combination of new domestic platform-based services and more internationally tradable services boosting productivity. Harnessing the digital revolution for inclusive economic growth requires deeper services reforms.
Author: World Bank Publisher: World Bank Publications ISBN: 1464804303 Category : Business & Economics Languages : en Pages : 186
Book Description
In China, growth will gradually moderate, reflecting intensified policy efforts to address financial vulnerabilities and structural constraints, and place the economy on a more sustainable growth path. In the rest of the region, growth will pick up, as exports firm in line with strengthening global activity, and the impact of domestic adjustment in large ASEAN countries eases. Significant uncertainties remain about the sustainability of the global recovery, and global financial conditions are likely to tighten. The short-term priority in several countries is to address the vulnerabilities and inefficiencies created by an extended period of loose financial conditions and fiscal stimulus. In China, the authorities need to strike a balance between containing growing risks from rising leverage and meeting the indicative growth targets. Over the longer term, the focus in most countries must be on structural reforms to enhance export competitiveness. The report’s special section focuses on education & skills development; international migration; and the policy priorities for the Pacific Island Countries.
Author: World Bank Publisher: World Bank Publications ISBN: 1464801169 Category : Languages : en Pages : 153
Book Description
The World Bank East Asia and Pacific Economic Update is a comprehensive, twice-yearly review of the region's economies prepared by the East Asia and Pacific region of the World Bank.
Author: World Bank Publisher: World Bank Publications ISBN: 1464819211 Category : Business & Economics Languages : en Pages : 112
Book Description
East Asia and the Pacific does not so far conform to the current narrative of stagflation. The region, with some exceptions, is growing faster and has lower inflation than other regions. And prospects for several countries have improved, as they bounced back from the distress of the Delta wave in a still buoyant global economy. But this rosy picture must not obscure four impediments to inclusive and sustainable growth: disease, deceleration, debt, and distortions. In particular, current policies to contain inflation and debt are distorting the markets for food, fuel and finance in ways that could compromise development goals. In each case, more efficient measures could address current difficulties without undermining longer term objectives.
Author: World Bank Publisher: World Bank Publications ISBN: 1464815658 Category : Business & Economics Languages : en Pages : 234
Book Description
Growth in the developing East Asia and Pacific region slowed sharply in 2020Q1 because of the negative impact of the Covid-19 on economic activity. The decline has been broad-based reflecting the interconnectedness of the EAP economies and reverberations from the global economy as the virus turned into a pandemic. The Covid-19 outbreak followed an extended period of subdued growth in the region amid multiple external headwinds and heightened trade policy uncertainty. China and other regional economies have implemented monetary and fiscal policy measures to mitigate the negative impact of the outbreak. Growth in the East Asia and Pacific (EAP) region is projected to slow from 5.8 percent in 2019 to lower-than-expected [5.2 percent in 2020], reflecting the expected negative effects of the COVID-19. In this baseline scenario, which is subject to significant uncertainty, growth in the region is expected to recover to [5.6 percent in 2021], as the impact of Covid-19 gradually dissipates. In the medium-term regional growth is expected to continue its downward trend reflecting multiple structural headwinds. Policymakers should focus on designing economically efficient transmission control policies that consider both the marginal costs and the marginal benefits of preventive measures. Such policies would ideally be based on countries’ preparedness and exposure as well as economic circumstances. Targeted fiscal and monetary polices can help reduce the economic disruption caused by COVID-19 in the short term. In the medium-term, there is need to restore depleted buffers, address sources of financial instability, and invest in preventing and coping with infectious disease. Given the growing interdependence between EAP countries, coordinated policies and investments could increase resilience to shocks.
Author: World Bank
Author: World Bank
Author: World Bank
Author: World Bank
Author: World Bank
Author: World Bank
Author: World Bank
Author: World Bank
Author: World Bank
Author: World Bank
Author: World Bank