Monday, March 15, 2010World Bank Asia Vice President:Asian Economies To Resume Pre-Crisis Growth
TOKYO -(Dow Jones)- A high-ranking World Bank official said Monday that Asian economies will soon start to expand at a sharp pace again and play an important role in leading the global economy's recovery.
"We see the region in much better economic health today," James Adams, World Bank vice president for East Asia and the Pacific region, said during a press conference at the Foreign Correspondents' Club of Japan. "We estimate all countries in the region will return to growth rates similar to those that occurred before the financial crisis."
During the fourth quarter, some Asian nations recorded surprisingly fast economic growth rates. Malaysia's gross domestic product grew 4.5% from a year ago, while Thailand's GDP expanded 5.8% on year, which was the nation's fastest growth pace in 10 years. The National People's Congress of China approved on Sunday a plan to realize 8% GDP growth in 2010.
The rapid recoveries were realized thanks to governments' "extraordinary stimulus" and so the region's key challenge now is how and when to exit from these measures, Adams said.
He added that it's important to ensure private spending and investment start replacing public investment.
Adams is visiting Tokyo for annual discussions with his government counterparts and members of the Diet. He is responsible for the bank's strategy, operations and partnerships in the region.
Dow Jones Newswire
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