East Asia enters the new millennium as the world's fastest growing emerging market. This is a remarkable turnaround from the devastating crisis begun in 1997. In 1999, the region—including the five crisis affected countries of Indonesia, Korea, Malaysia, Philippines and Thailand, the transition countries of China and Vietnam, and the smaller countries ranging from Mongolia in the north to Cambodia, Laos, and the Pacific Islands in the south—grew by more than 5 percent. China, Singapore and Taiwan (China) continued to buoy the region with growth in output of 7.1 percent, 5.5 percent and 5.4 percent, respectively, in 1999. Among the crisis affected countries, Korea attained a remarkable expansion that surpassed 10 percent. The others, save for Indonesia, grew in the range of 3.0-5.5 percent. Even Indonesia, despite domestic political uncertainties and banking sector problems, appears to have recorded positive growth...
News Release:
East Asia Shows Recovery, But Remains Uneven
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