dc.contributor.author	World Bank
dc.date.accessioned	2024-03-19T15:35:08Z
dc.date.available	2024-03-19T15:35:08Z
dc.date.issued	2024-04-01
dc.description.abstract	Most economies in developing East Asia and Pacific (EAP) are growing faster than the rest of the world but slower than before the pandemic. Slowing global growth, still tight financial conditions, and an increase in trade protection and industrial support in large and rich countries are key aspects of the external environment shaping the region’s economic performance. Amplified public and private debt, constrained macroeconomic policy, and increased policy uncertainty are the major domestic issues. EAP’s current macroeconomic challenges risk obscuring the microeconomic foundations of longer-term growth. Over the last decade, EAP’s growth has been driven by investment and capital deepening rather than by increased productivity of firms. Now private investment is weak and productivity declining–further inhibiting the incentive to invest. Firms are the protagonists of productivity growth. Some of the weaker firms in EAP countries are beginning to catch up with stronger firms. But the stronger firms in the region are failing to take full advantage of new technologies: regional leaders risk becoming global laggards. Bold policy action to unleash competition, improve infrastructure and reform education with measured state support could revitalize the region’s economy.
dc.identifier.doi	10.1596/978-1-4648-2102-8
dc.identifier.isbn	978-1-4648-2102-8
dc.identifier.uri	https://hdl.handle.net/10986/41211
dc.language.iso	en_US
dc.publisher	Washington, DC: World Bank
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo
dc.subject	EAST ASIA
dc.subject	CHINA
dc.subject	PACIFIC ISLANDS
dc.subject	ECONOMIC GROWTH
dc.subject	INDUSTRIAL POLICIES
dc.subject	FIRMS
dc.subject	PRODUCTIVITY
dc.subject	TECHNOLOGY
dc.title	World Bank East Asia and the Pacific Economic Update, April 2024: Firm Foundations of Growth
dc.type	Serial
dspace.entity.type	Publication
okr.associatedcontent	https://www.worldbank.org/en/region/eap/brief/office-of-the-chief-economist-east-asia-and-pacific Office of the Chief Economist, East Asia and Pacific
okr.associatedcontent	https://www.youtube.com/watch?v=AxeIvx7hFKk Video Presentation
okr.doctype	Publication
okr.doctype	Publications & Research
okr.docurl	https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099040924150522001/p50066614f211e0a41851313acd570ef227
okr.guid	099042424160594465
okr.guid	099040924150514262
okr.guid	099040924150522001
okr.guid	099040924150536476
okr.guid	099040924150531647
okr.guid	099050624112011783
okr.guid	099040924150521648
okr.guid	099042424160537570
okr.identifier.docmid	P500666
okr.identifier.doi	https://doi.org/10.1596/41211
okr.identifier.report	189097
okr.language.supported	en
okr.topic	Macroeconomics and Economic Growth
okr.topic	International Economics and Trade
okr.topic	Information and Communication Technologies
okr.unit	EAPVP

Publication: World Bank East Asia and the Pacific Economic Update, April 2024: Firm Foundations of Growth

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World Bank East Asia and the Pacific Economic Update, April 2024: Firm Foundations of Growth