Sydney hosts launch of World Bank report - including podcast
30 March 2006
The World Bank has broken new ground by making a public launch of its East Asia and Pacific Regional Update, choosing the University of Sydney as the venue.
More than 150 members of the media, the business community, fellows of the University Senate and staff, heard Dr Homi Kharas, the World Bank Chief Economist (East Asia and Pacific Region), and Mr Jeff Gutman, World Bank Vice President (East Asia and Pacific Region), launch the report in the University’s MacLaurin Hall.
The World Bank reviews the economies of the East Asia and Pacific region twice each year, examining growth prospects and commenting on related financial issues such as the impact of oil prices and prospects for increased foreign investment. Usually the report is delivered via video link-up; today was the first time it had been presented to a live audience.
Mr Guttman said it was fitting that Australia should host the launch “as it is an important player in the East Asia and Pacific region during a time of rapid economic growth. Exports have more than doubled in the last two years.”
Dr Kharas presented a snapshot of the Update, pointing out that the region is becoming increasingly open. “For example, there is an acceptance of foreign ideas and foreign investment,” he said.
This growth is being translated into poverty reduction, according to Dr Kharas. “In the past two years, the number of people in the region living on less than $2US a day has been reduced by 50 million.”
Dr Kharas explained that much of the growth has been fuelled by exports, and that the direction of these exports has begun to change, with “intraregional exports now counting for two thirds of the region’s total exports”.
If growth is to continue, he cautioned, countries must foster innovative indigenous ideas and work towards patenting them. He also urged that the region should address climate change issues.
“The East Asia and Pacific Region is the most susceptible to damage caused by natural disasters. It is also the region whose greenhouse emissions are most on the rise,” said Dr Kharas.
Contact: Andrew Potter
Phone: 02 9351 4514