East Asia

At the end of the 1990s recovery had begun in East Asia. However, it is evident that recovery involves much more than a macroeconomic adjustment. This study asks three questions: is recovery built on a solid foundation, or will it soon crumble under the weight of new competition in the global marketplace?; has the crisis changed East Asia's development strategy and its institutional underpinnings?; and even if the recovery lasts into 2000, will its foundations be sufficient to launch the resumption of a new era of high growth? This book provides a synthesis of recent work, incorporating selected pieces of analytical work and a progress report on the key elements of concern to the World Bank. The report concludes that East Asia's long-term prospects hinge on unleashing new productivity growth. Raising productivity depends on policies and institutions including regulatory policies, business institutions, government institutions and broader social institutions. This text should be a useful reference tool for policymakers in the region, business community, academics and the international community.