USA: WORLD BANK ISSUES SLOWDOWN WARNING скачать в хорошем качестве

USA: WORLD BANK ISSUES SLOWDOWN WARNING

(2 Dec 1998) English/Nat A new report released by the World Bank predicts that the per capita growth of developing countries is expected to slow down between 1998 and 2000. It also concluded that the lesson of the East Asia crisis is for developing countries to strengthen their institutions and deepen their reforms. The World Bank released a new report on the effects of the Asian crisis in Washington on Wednesday. The report surmised that developing countries would be the hardest hit by the economic slowdown in 1998-2000. The output of Brazil, Indonesia, Russia and 33 other developing and transition countries is expected to decline significantly this year compared to last year. Much of the slowdown is attributed to the recession of countries in East Asia. Their per capita growth is expected to slow to 0.4 percent in 1998, compared with 3.2 percent last year. But, the report also says that the situation can improve if certain policies are implemented quickly. One policy would be to re-capitalise banking systems. SOUNDBITE: (English) "This report argues however that while 1998-1999 will be very difficult for the developing countries, in the long term growth could still reach record-setting pace of the early 1990s. But this will happen only if policies to prevent a deeper global slump are implemented quickly" SUPER CAPTION: Joseph Stiglitz, Senior Vice President and Chief Economist of the World Bank According to the World Bank, the Asian crisis ranks as serious as the Latin America debt crisis of the 1980s. The crisis also showed how little social protection there was for the poor in East Asia. SOUNDBITE: (English) "As is too often the case, the collapse in economic activities is having its most dramatic impact on the poor. Unemployment in Indonesia, Korea and Thailand is expected to more than triple, while the numbers falling below poverty could reach 25-million in Indonesia and Thailand alone." SUPER CAPTION: Milan Brahmbhatt, Senior Economist of the World Bank The report goes on to say that to secure economic recovery policy makers need to re-capitalise financial systems and restructure companies. SOUNDBITE: (English) "The two together, improvement in domestic institutions and in international financial architecture enable greater numbers of countries to enjoy more of the benefits and minimalise the perils of the global economy." SUPER CAPTION: Stiglitz, Vice President and Senior Economist of the World Bank And, according to the report policy steps have recently been undertaken that will foster economic recovery in the medium-term. This could relieve the threat of world recession. SOUNDBITE: (English) "The outlook remains cautiously optimistic that a world recession can be averted and an important reason, that Joe alluded to is the recent series of policy initiatives and the most significant are which are the interest rate reductions in the United States, United Kingdom, Canada and smaller European countries in preparation for EMU". SUPER CAPTION: Mick Riordan, Senior Economist of the World Bank However, financial restructuring will require strong government leadership and involvement of foreign investors. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...