Economic boom shows no sign of flagging

25 March 2011

Ivailo Izvorski speaking at the University.
Ivailo Izvorski speaking at the University.

East Asia and the Pacific is on course to maintain its position as the fastest growing economy in the world, according to World Bank economist Ivailo Izvorski.

Speaking at an International Forum at the University, Mr Izvorski said the region had seen robust growth even after the global financial crisis, with manufacturing already climbing to pre-GFC levels.

He said the region as a whole would continue to benefit from the rise of China, and that it would be able to ride out any difficulties caused by the crisis in Japan - a situation, he said, which had few parallels in history.

He noted that the region was still home to 500 million people living on less than $2 a day, but added: "The East Asian economy will continue to grow rapidly, even if the global economy slows."

Mr Izvorski, the World Bank's lead economist for East Asia and the Pacific, is also the principal author of the East Asia and Pacific Economic Update.

He was speaking at an International Forum, part of the Sydney World Program organised by the Office of the Deputy Vice-Chancellor International.

Other speakers included Professor Lee Burns, a taxation law expert at Sydney Law School; Associate Professor Dilip Dutta, director of the South Asian Studies Group; and Dr Graham White from the School of Economics.

Contact: Richard North

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