6 Apr 2010

UN / EAST ASIA ECONOMIC GROWTH

A new World Bank report forecasts higher than expected growth for East Asian countries, but stresses the importance of real reform for the future. WORLD BANK

Posted at: April 6, 2010 5:12 pm

Duration: 01:54

Available in: SD

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Full script

STORY: UN / EAST ASIA ECONOMIC GROWTH
TRT: 1.54
SOURCE: WORLD BANK
RESTRICTIONS: EMBARGOED UNTIL WEDNESDAY 7 APRIL 2010, 11:00AM TOKYO TIME
LANGUAGE: ENGLISH / NATS

DATELINE: 5 APRIL 2010, WASHINGTON, DC / FILE

SHOTLIST:

FILE / JUNE 2009, CHINA

1. Med shot, vendor
2. Wide shot, vendors

FILE / FEBRUAR 2007, VIETNAM

3. Med shot, street
4. Wide shot, people on street

5 APRIL 2010, WASHINGTON, DC

5. SOUNDBITE (English) Vikram Nehru, World Bank:
"The update forecasts that even though East Asia slowed somewhat during 2009, it is coming roaring back. In fact, we expect growth this year to be about the same as it was pre-crisis."

FILE / FEBRUARY 2007, VIETNAM

6. Med shot, teller and customer

FILE / 2003 CHINA

7. Med shot, street vendor
8. Med shot, street vendor

FILE / JULY 2008, PHILIPPINES

9. Wide shot, exterior of school 
10. Med shot, kids inside school

FILE / JUNE 2009, CHINA

11. Med shot, electronics store

5 APRIL 2010, WASHINGTON, DC

12. SOUNDBITE (English) Ivailo Izvorski, World Bank :
"These countries are learning from the crisis that it is important to have these well designed, targeted, not very heavy on the budget social protection systems, so that when another crisis occurs, and these tend to appear, regularly, they would be much better prepared."

FILE / JUNE 2009, CHINA

13. Wide shot, skyline
14. Med shot, flag
15. Wide shot, skyline
16. Wide shot, street

5 APRIL 2010, WASHINGTON, DC

17. SOUNDBITE (English) Vikram Nehru, World Bank: 
"Now these countries face the tricky question as to when to start withdrawing some of these monetary and fiscal stimulus packages, given the fact that the private sector is coming back, and the importance to transition from that to private sector driven growth."

FILE / JUNE 2009, CHINA

18. Med shot, windmill
19. Med shot, bamboo

5 APRIL 2010, WASHINGTON, DC

20. SOUNDBITE (English) Ivailo Izvorski, World Bank : 
"Ensuring energy supplies and at the same time maintaining environmental sustainability and tackling the challenges posed by climate change are high on the region's agenda."

FILE / FEBRUARY 2007, VIETNAM

21. Wide shot of street and traffic

STORYLINE:

A quick rebound in consumer spending, increased demand from abroad, and stimulus spending by East Asian governments have prompted the World Bank to raise its forecast for growth to 8.7 percent in 2010.

This is almost a percentage point above the World Bank's prediction of only six months ago.

SOUNDBITE (English) Vikram Nehru, World Bank:
"The update forecasts that even though East Asia slowed somewhat during 2009, it is coming roaring back. In fact, we expect growth this year to be about the same as it was pre-crisis."

But World Bank economists warn that slower growth in the global economy will mean less demand from developed countries and tighter global trade.  Countries like Vietnam, the Philippines and Indonesia will need to focus on reforms and draw on the lessons learned from the global downturn. Over the medium term, growth in the region will depend on such reforms.

SOUNDBITE (English) Ivailo Izvorski, World Bank :
"These countries are learning from the crisis that it is important to have these well designed, targeted, not very heavy on the budget social protection systems, so that when another crisis occurs, and these tend to appear, regularly, they would be much better prepared."

This year and next, East Asian countries will have to figure out when and how to withdraw massive stimulus spending. China, for example, is re-balancing its economy away from heavy industry and exports, toward a more service oriented consumer society.

SOUNDBITE (English) Vikram Nehru, World Bank: 
"Now these countries face the tricky question as to when to start withdrawing some of these monetary and fiscal stimulus packages, given the fact that the private sector is coming back, and the importance to transition from that to private sector driven growth."

The World Bank report argues that East Asian countries would benefit from tighter regional integration and a shift to green energy and technologies.

SOUNDBITE (English) Ivailo Izvorski, World Bank : 
"Ensuring energy supplies and at the same time maintaining environmental sustainability and tackling the challenges posed by climate change are high on the region's agenda."

And addressing climate change with a move toward sustainable energy will help make the region's rapidly growing cities more livable.