East Asia area world's 'most open for trade';
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WASHINGTON, March 30, 2006 East Asia's economies delivered another solid
performance in 2005, now surpassing Europe as the region most open for trade in the world, according to the World Bank's latest East Asia Update. In 2005, developing country economies grew by 8.2 percent and this solid growth is expected to continue at a 7.8 percent, rate in 2006. Growth in East Asia was broad based for the second year in a row, exceeding 4 percent in every country, except Timor-Leste. The Pacific Islands, however, show a much weaker performance with only two out of ten countries growing above 4 percent. This impressive performance was in spite of rising oil prices the highest in 25 years rising interest rates, continued worries over the financing of the United States' current account deficit and over the prospect of the spread of avian flu, reports the twice-yearly look at the economies of East Asia and Pacific. |
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