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East Asia and Pacific Update, April 2009 : Battling the Forces of Global Recession

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Abstract

Developing East Asia is battling the forces of global recession. The impact of the crisis in the advanced countries was transmitted to the economies of the region with unusual speed. In the region, the initial global financial turbulence was marked by sudden reversals of capital flows in the middle-income economies, rapidly declining equity market prices, a sharp increase in the price of external private capital, a shortage of dollar liquidity, and in some cases, a depreciating currency. Now with aggregate global demand falling precipitously, region-wide declines in exports and industrial production are triggering widespread factory closures, rising unemployment, and lower real wages, with disproportionate effects on the poor and near-poor. Authorities in many countries are implementing social programs and cash transfers to assist those most in need. Where possible, policymakers have responded quickly with expansionary monetary and fiscal policies, including fiscal stimulus packages, although in most cases these measures will only mitigate, not overcome, the contraction forces operating on their economies.

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  • World Bank, "undated". "East Asia and Pacific Update, April 2009 : Battling the Forces of Global Recession," World Bank Publications - Reports 14684, The World Bank Group.
    • Handle: RePEc:wbk:wboper:14684
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    Citations

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    Cited by:

    1. Klasen, Stephan & Lechtenfeld, Tobias & Povel, Felix, 2010. "What about the Women? Female Headship, Poverty and Vulnerability in Thailand and Vietnam," Proceedings of the German Development Economics Conference, Hannover 2010 43, Verein für Socialpolitik, Research Committee Development Economics.
    2. Johnston, Robyn M. & Hoanh, Chu Thai & Lacombe, Guillaume & Noble, Andrew D. & Smakhtin, Vladimir & Suhardiman, Diana & Kam, Suan Pheng & Choo, P. S, 2009. "Scoping study on natural resources and climate change in Southeast Asia with a focus on agriculture. Final report," IWMI Research Reports H042414, International Water Management Institute.
    3. Tulus T.H. Tambunan, 2011. "Indonesia during two big economic crises 1997/98 and 2008/09: How was the impact and what was the main difference between the two crises?," E3 Journal of Business Management and Economics., E3 Journals, vol. 2(2), pages 045-058.
    4. ASEAN Secretariat & World Bank, 2010. "Regional and Country Reports of the ASEAN Assessment on the Social Impact of the Global Financial Crisis," World Bank Publications - Books, The World Bank Group, number 16689.
    5. Abidin, Mahani Zainal, 2010. "Fiscal Policy Coordination in Asia: East Asian Infrastructure Investment Fund," ADBI Working Papers 232, Asian Development Bank Institute.
    6. Yilmaz Akyüz, 2012. "The Boom in Capital Flows to Developing Contries : Will It Go Bust Again?," Ekonomi-tek - International Economics Journal, Turkish Economic Association, vol. 1(1), pages 63-96, January.
    7. Jha, Veena., 2009. "The effects of fiscal stimulus packages on employment," ILO Working Papers 994338973402676, International Labour Organization.
    8. Barry Eichengreen, 2009. "The financial crisis and global policy reforms," Proceedings, Federal Reserve Bank of San Francisco, issue Oct, pages 299-334.
    9. repec:ilo:ilowps:433897 is not listed on IDEAS
    10. Yilmaz Akyuz, 2015. "The Global Economic Crisis and Asian Developing Countries: Impact, Policy Response and Medium Term Prospects," Working Papers id:7062, eSocialSciences.
    11. World Bank, 2009. "Malaysia Economic Monitor, November 2009," World Bank Publications - Reports 3132, The World Bank Group.
    12. Morris Goldstein & Daniel Xie, 2009. "The impact of the financial crisis on emerging Asia," Proceedings, Federal Reserve Bank of San Francisco, issue Oct, pages 27-80.
    13. Mahani Zainal Abidin, 2010. "Fiscal Policy Coordination in Asia: East Asian Infrastructure Investment Fund," Working Papers id:2960, eSocialSciences.
    14. Mahani Zainal Abidin, 2010. "Fiscal Policy Coordination in Asia : East Asian Infrastructure Investment Fund," Macroeconomics Working Papers 21870, East Asian Bureau of Economic Research.

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