Source: World Bank (WB)
The East Asia and Pacific Region are no strangers to international trade, with a great portion of its growth coming from exports. However, the World Bank has recently released a report stating that growth in the region is still strong but slowing, from nearly 10% growth in 2010 to 8.6% in 2011. This comes as a result of the lower growth in manufacturing exports and supply disruptions in light of the Japan earthquake and Tsunami and severe flooding in Thailand, Lao, PDR, and Cambodia. With the EU, U.S., and Japan accounting for more than 40% of the region’s exports, and their current weak demand which is most likely to remain weak, it has been suggested that countries in East Asia and the Pacific need to rely less on exports and more on domestic demand to maintain high growth.
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