East Asian economies peak

SINGAPORE – East Asia will this year record its strongest economic performance since the 1997-1998 financial crisis with average growth of 7,1 per cent but a slowdown is expected in 2005, the World Bank said yesterday.

Aided by China’s red-hot economy, strong commodity prices, a sharp rebound in the global high-tech sector and buoyant export orders from the developed economies, East Asia is having a “remarkable year”, the World Bank said in its twice-yearly outlook on the region. “High growth is being experienced by middle income and poor economies alike,” the World Bank said.”Exports should turn in their strongest performance since 1988, supported by demand from China, the global recovery, a rebound in the global high-tech industry and strong commodity prices.”Economic growth is expected to top 7,0 per cent for the region overall, while among its developing economies it should reach near eight percent, the strongest since the regional financial crisis.”The report said the region as a whole should grow an average 7,1 per cent this year, up from 5,9 per cent in 2003 and 6,0 per cent in 2002.China is forecast to lead the way this year with growth of 9,2 per cent, followed by Singapore on 8,3 per cent, Hong Kong at 7,4 per cent, Vietnam at 7,2 and Malaysia at 7,0 per cent.The region’s power-packed economic display has lifted at least 40 million East Asians out of poverty this year, bringing the total to 250 million over the past five years, the World Bank said.-Nampa-AFP”High growth is being experienced by middle income and poor economies alike,” the World Bank said.”Exports should turn in their strongest performance since 1988, supported by demand from China, the global recovery, a rebound in the global high-tech industry and strong commodity prices.”Economic growth is expected to top 7,0 per cent for the region overall, while among its developing economies it should reach near eight percent, the strongest since the regional financial crisis.”The report said the region as a whole should grow an average 7,1 per cent this year, up from 5,9 per cent in 2003 and 6,0 per cent in 2002.China is forecast to lead the way this year with growth of 9,2 per cent, followed by Singapore on 8,3 per cent, Hong Kong at 7,4 per cent, Vietnam at 7,2 and Malaysia at 7,0 per cent.The region’s power-packed economic display has lifted at least 40 million East Asians out of poverty this year, bringing the total to 250 million over the past five years, the World Bank said. -Nampa-AFP