East Asia And Pacific Economic Update October 2021
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| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 50 |
| Release | : 2021-09-27 |
| Genre | : Business & Economics |
| ISBN | : 1464817995 |
"Long COVID: Scars and Opportunity." The title of this report has two meanings. First, that the disease will leave in its wake a durably damaged economy. Second, that the disease is not leaving any time soon and may be here to stay. This duality reflects the two themes of this Update. In the near time, the persistence of the pandemic will prolong human and economic distress unless individuals and firms can adapt. In the longer-term, COVID-19 will reduce growth and increase inequality unless we can remedy the scars and grasp the opportunities created by the pandemic. Accordingly, policy action must help economic agents not just to adjust today but also to make choices that avert economic sluggishness and disparity tomorrow. We begin by addressing three proximate questions: What is happening to the economies? Why? And what can we expect? We then discuss the longer-term impact of COVID-19, on growth through the impact on firms and on inequality through the impact on households.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 339 |
| Release | : 2021-08-03 |
| Genre | : Business & Economics |
| ISBN | : 1464816662 |
The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.
| Author | : Asian Development Bank |
| Publisher | : Asian Development Bank |
| Total Pages | : 125 |
| Release | : 2020-07-01 |
| Genre | : Medical |
| ISBN | : 9292623052 |
This edition of the Pacific Economic Monitor discusses the impacts of COVID-19 and provides an overview of other current economic and development issues in Pacific developing member countries of ADB.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 112 |
| Release | : 2022-09-30 |
| Genre | : Business & Economics |
| ISBN | : 1464819211 |
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 |
| Total Pages | : 120 |
| Release | : 2023-03-31 |
| Genre | : Business & Economics |
| ISBN | : 1464819831 |
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 |
| Total Pages | : 130 |
| Release | : 2023-10 |
| Genre | : Business & Economics |
| ISBN | : 1464820287 |
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 |
| Total Pages | : 118 |
| Release | : 2021 |
| Genre | : Business & Economics |
| ISBN | : 1464817022 |
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 |
| Total Pages | : 180 |
| Release | : 2019-10-09 |
| Genre | : Business & Economics |
| ISBN | : 1464815089 |
Growth in the developing East Asia and Pacific region slowed in the first half of 2019 given weakening global demand and heightened policy uncertainty amid ongoing trade tensions. Steady consumption growth helped to partly offset the effects of weakening exports and investment on growth. The region’s growth prospects face intensified downside risks, including further escalation of trade disputes, a sharper-than-expected slowdown in China, the United States and the Euro Area, along with a disorderly Brexit, and an abrupt change in global financing conditions. In some countries, rising indebtedness and other vulnerabilities, such as the constrained capacity for foreign debt rollover, could amplify the negative effects of external shocks. The regional growth moderation underscores the need to address key vulnerabilities and preserve economic dynamism among developing East Asia and Pacific economies. In the short run, countries with sufficient policy space should use available policy tools to stimulate domestic activities. Better quality spending, together with prudent debt management, is needed to safeguard fiscal sustainability. Deepening regional integration would help offset the negative impact of global protectionism. In the medium to long term, pursuing structural reforms that raise competitiveness, support trade and investment, and encourage innovation is critical to boosting productivity and growth.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 68 |
| Release | : 2020-09-28 |
| Genre | : Business & Economics |
| ISBN | : 1464816417 |
Conditions in the region and the rest of the world have changed dramatically since the April 2020 Regional Economic Update (World Bank 2020a). In addition to still unfolding unprecedented health crisis, the world is now experiencing the deepest global recession since the Second World War (World Bank 2020b). The global economy is projected to contract by 5.2 percent this year, with output in emerging market and developing economies (EMDEs) shrinking by 2.5 percent—the first contraction in at least sixty years. The COVID-19 pandemic has resulted in a significant loss of life and has had severe economic effects on the developing East Asia and Pacific (EAP) region. Many governments have responded to the pandemic-induced shock with sizable fiscal and monetary support. Although subject to significant uncertainty, regional growth is expected to rebound to [6.6 percent] in 2021 as the pandemic subsides, remaining restrictions are lifted, and global demand recovers. The pandemicinduced crisis will likely hit hardest the poorest and most vulnerable countries and communities, [putting the Sustainable Development Goals (SDGs) further out of reach]. The dynamics of the shock mean that in 2020 the region will experience the widest output gaps in decades. Absent of sift and effective actions, the pandemic will slow potential growth in the region by weakening investment, human capital, and the supply chains that have been an important conduit for productivity gains over the past decade.
| Author | : World Bank |
| Publisher | : World Bank Publications |
| Total Pages | : 287 |
| Release | : 2015-12-10 |
| Genre | : Social Science |
| ISBN | : 1464804702 |
Aging is a challenge which countries in East Asia and Pacific (EAP) regions are grappling with or will soon confront. It raises many questions for policymakers ranging from potential macroeconomic impacts, to fiscal challenges of supporting pension, health and long-term care systems, and labor market implications as countries seek to promote productive aging. The urgency of the aging challenge varies across the region, but it will confront all EAP countries in time and early preparation is essential to avoid the missteps of other regions. Live Long and Prosper discusses the societal and public policy challenges and reform options for EAP countries as they address aging. It aims to strike a balance between aging optimists and pessimists. On the one hand, the impacts of aging on growth, labor markets and public spending are not the unavoidable catastrophe often feared. However, minimizing the downside risks of aging and ensuring healthy and productive aging will require proactive public policy, political leadership, and new mindsets across society. The report reviews the evidence on demographic transition in EAP and its potential macroeconomic impact. It addresses the current policy environment including pensions and social security, health, and long-term care and labor markets to assess the risks of 'business as usual'. It also suggests policy directions to promote healthy and productive aging in EAP, and emphasizes that aging is not just about older people, but requires policy and behavioral change across the life cycle.
