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East Asia and the Pacific Confronts the “New Normal”

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  • Nehru, Vikram

    (World Bank)

Abstract

Developing East Asia is leading the global economic recovery, although performance varies across the region. In some countries, the monetary stance is already being tightened in light of emerging inflationary pressures; but it is premature to withdraw the fiscal stimulus until the global recovery is on a firmer footing. Fortunately, most countries in the region have adequate fiscal space and relatively low debt burdens. To ensure that the momentum of the recovery transitions into sustainable and inclusive growth over the medium term, the governments in the region must once again focus their attention on medium-term structural reforms. This means different policy priorities in different countries—especially given the diversity of the region. In addition, the region faces two common priorities— regional economic integration and climate change. Making progress on both fronts will be critical to the region’s medium-term prospects.

Suggested Citation

  • Nehru, Vikram, 2010. "East Asia and the Pacific Confronts the “New Normal”," World Bank - Economic Premise, The World Bank, issue 24, pages 1-9, July.
    • Handle: RePEc:wbk:prmecp:ep24
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    References listed on IDEAS

    as
    1. World Bank, 2002. "Global Economic Prospects and the Developing Countries 2002," World Bank Publications - Books, The World Bank Group, number 14050.
    2. Asian Development Bank & World Bank & Japan Bank for International Cooperation, 2005. "Connecting East Asia : A New Framework for Infrastructure," World Bank Publications - Books, The World Bank Group, number 7267.
    3. Strand, Jon & Toman, Michael, 2010. ""green stimulus,"economic recovery, and long-term sustainable development," Policy Research Working Paper Series 5163, The World Bank.
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    Cited by:

    1. Harinder Kohli & Ashok Sharma & Anil Sood (ed.), 2011. "Asia 2050: Realizing the Asian Century," Books, Emerging Markets Forum, edition 1, number asia2050, Summer.

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    More about this item

    Keywords

    East Asia; Pacific; New Normal; economic recovery; structural reforms; inflation; integration; climate change; development; stability;
    All these keywords.

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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