Get East Asia and Pacific Update, November 2009: Transforming PDF

By World Bank

ISBN-10: 0821382675

ISBN-13: 9780821382677

The East Asia and Pacific replace is the realm financial institution s entire semiannual evaluate of constructing economies within the zone. This November 2009 factor discusses East Asia's position because the motive force in the back of the worldwide fiscal rebound. The zone s economic system has rebounded from the monetary concern and international recesesion that all started in overdue 2008, yet has it reached restoration level? Why has the East Asia and Pacific zone fared greater than different constructing areas? Can the zone keep growing as quickly because it did sooner than the predicament if call for from the constructed international is still vulnerable? Take China out of the equation and the way is the remainder of the quarter rather doing? those are many of the questions addressed during this file. providing certain views besides the newest information at the area, the East Asia replace is a valued source for policymakers, researchers, businesspersons, scholars, and someone else with a significant curiosity during this dynamic area.

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Extra info for East Asia and Pacific Update, November 2009: Transforming the Rebound into Recovery

Example text

0 inequalities. 0 is one of the government’s priorities, and carrying it forward will bring more starkly into focus the important question of reforming other relative prices, including interest rates Sources: Datastream and BEA. and the exchange rate. S. dollar. Nonetheless, senior Chinese leaders have stressed that the crisis makes rebalancing more urgent and important. Several measures to support private consumption have been undertaken thus far this year, including tax breaks for automobile purchases and subsidies for electronics sales, increases in pensions, the rolling out of a rural pension program, and the start of an important health reform program.

2 percent in 2008, but a larger decline is likely given the impact of natural disasters and the economic crisis. The 20 percent devaluation of the currency is likely to help narrow Fiji’s current account deficit to 21 percent of GDP in 2009 from 26 percent in 2008 despite a 15 percent drop in tourist arrivals and reduced exports of garments and mineral water. Further improvements in the deficit may be constrained, however, should global demand for Fiji’s exports remain weak, and domestic factors limit the supply of sugar and garments for export.

Intensive bank supervision is also critical, as the banking sector faces the negative consequences of lower economic growth and much lower real estate prices. The current account deficit is being reduced in 2009 but the accumulation of foreign exchange reserves has slowed. The fall in garment exports and tourism revenues has been more than offset by the fall in imports of inputs for garments and tourism and the lower price of petroleum products. 9 percent of GDP in 2009. The financing of the deficit has correspondingly decreased, with foreign investment over the first six months decreasing from $486 million to $223 million.

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East Asia and Pacific Update, November 2009: Transforming the Rebound into Recovery by World Bank


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