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

dc.contributor.authorWorld Bank
dc.date.accessioned2024-03-19T15:35:08Z
dc.date.available2024-03-19T15:35:08Z
dc.date.issued2024-04-01
dc.description.abstractMost 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.doi10.1596/978-1-4648-2102-8
dc.identifier.isbn978-1-4648-2102-8
dc.identifier.urihttps://hdl.handle.net/10986/41211
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectEAST ASIA
dc.subjectCHINA
dc.subjectPACIFIC ISLANDS
dc.subjectECONOMIC GROWTH
dc.subjectINDUSTRIAL POLICIES
dc.subjectFIRMS
dc.subjectPRODUCTIVITY
dc.subjectTECHNOLOGY
dc.titleEast Asia and the Pacific Economic Update, April 2024: Firm Foundations of Growth
dc.typeSerial
dspace.entity.typePublication
okr.associatedcontenthttps://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.associatedcontenthttps://www.youtube.com/watch?v=AxeIvx7hFKk Video Presentation
okr.doctypePublication
okr.doctypePublications & Research
okr.docurlhttps://documents.worldbank.org/en/publication/documents-reports/documentdetail/099040924150522001/p50066614f211e0a41851313acd570ef227
okr.guid099040924150522001
okr.identifier.docmidP500666
okr.identifier.doihttps://doi.org/10.1596/41211
okr.identifier.report189097
okr.topicMacroeconomics and Economic Growth
okr.topicInternational Economics and Trade
okr.topicInformation and Communication Technologies
okr.unitEAPVP
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