WB increases east Asia GDP growth estimate to 8.7pc

THE World Bank has raised its forecast for developing countries of the East Asia Pacific region GDP growth in 2010 to 8.7 per cent, almost a percentage point above its November 2009 projection.

The region is expected to be the first to recover from the global economic crisis - can grow rapidly in the next decade even in a weakened world, but only if the, said a World Bank communiqu? and can expect further growth if it implements structural reforms with renewed vigour and cooperates further on regional economic integration.

The latest East Asia & Pacific Economic Update - the World Bank's twice yearly assessment of the economies of the region said the upwardly revised estimate comes from recovery in demand abroad, a sustained fiscal and monetary stimulus within developing East Asia, and a rapid rebound in consumer spending.

"The region has emerged from the crisis with manageable deficits and relatively low public and external debt, and social protection mechanisms have protected the poor from the worst effects of the slowdown," said the World Bank statement.

(Source: Schednet)