Thursday, April 5th, 2007

World Bank “East Asia and Pacific Regional Update” Available Now

Half-yearly Report Launched at TDLC

-A decade after the financial crisis which devastated East Asia in mid-1997, the region now has more money, fewer poor people and a larger global role than ever before. Driven largely by the continued strong growth of China, the developing countries of East Asia today have a combined output of US$4 trillion a year – more than three times the pre-crisis volume.

-But even as the region celebrates the recovery, a new challenge looms which could slow or even derail growth if not properly handled: countries of East Asia could find themselves caught in a “middle-income trap” and struggle to climb steadily to higher income levels.

These are some of the findings from the latest "East Asia and Pacific Reigonal Update", launched globally on April 5, 2007 for the first time from Tokyo at a Public Seminar held at the TDLC.

Hosted by the World Bank Tokyo Office and the Japan Center for International Finance (JCIF), report authors Mr. Milan Brahmbhatt, Lead Economist, East Asia and Pacific Region, World Bank and Mr. Bert Hofman, Lead Economist, World Bank Beijing Office, gave presentations followed by commentary by Mr. Kunio Matsuda, Managing Director, JCIF; Mr. Masahiro Kawai, Dean, Asian Development Bank Institute; and Mr. Shigeki Kimura, Director of Development Institutions Division, International Bureau, Ministry of Finance.

This issue also marks "10 Years After the Crisis" with a special focus on "Sustainable Development in East Asia's Urban Fringe".

For more information and to download the full report, see the World Bank website http://go.worldbank.org/NH9CGZNXA0