| East Asia and PacificRobust capital spending underpinned regional GDP growth in 2003, which accelerated to 7.7 percent, up from 6.7 percent in 2002; capital spending spurred by China where investment increased by 26 percent in 2003…China continued to be engine of regional growth, contributing to two-third of regional GDP, increasing in importance as export market for other regional economies…Net private debt flows strengthened markedly in 2003, growing to $9.4 billion, up from $ -3.1 billion in 2002…FDI inflows remained strong at around $57 billion in 2003…   Download EAP Regional Summaries in English (129 KB).
Eastern Europe and Central Asia Regional economies grew by 5.3 percent in 2003, up from 4.6 percent the year in 2002 before…Robust growth expected in 2004 and beyond; regional growth expected to approach 4.5 percent…Net private debt flows strengthened markedly in 2003, reaching $36 billion, up from $22.7 billion in 2002, surpassing net equity flows for first time since 1999…FDI flows fell sharply in 2003 to estimated $26 billion, from $33 billion in 2002…Infrastructure financing during 1997-2003 tripled to annual average of $10 billion, from $3 billion during 1990-96… Download ECA Regional Summaries in English (127 KB) Latin America and the Caribbean Growth advanced by 1.3 percent in 2003, following contraction of 0.6 percent in 2002, helped by bottoming out of decline investments and jump in export growth…Region’s current account deficit continued to adjust, falling to $4.4 billion in 2003 from $15.4 billion in 2002 ($54 billion in 2001)…After consecutive outflows since 2001, private debt flows staged strong rebound, with net inflow of $9.3 billion in 2003, compared to outflow of almost $21 billion in 2002…Region continues to be epicenter of decline in developing country FDI for third consecutive year…Majority of developing country workers remittances continued to go to this region… Download LAC Regional Summaries in English (127 KB) 
Middle East and North Africa
Despite severe disruption tied in large measure to Iraq conflict, GDP growth jumped from 3.3 percent in 2002 to 5.1 percent in 2003, strongest economic performance since 1991…Advance underpinned by sharp upturn in growth for oil-exporting economies, to 5.7 percent from 3.6 percent during 2002…Capital spending expanded, providing 2.3 percentage point fillip to growth in 2003, up from 0.2 points in 2002…Soaring oil receipts maintained region’s current account surplus near $25 billion, 4.2 percent of regional GDP…Regional growth expected to stand at 4 percent by 2006…Private capital flows experienced significant decline… Download MENA Regional Summaries in English (127 KB) South Asia South Asian GDP rose 6.5 percent in 2003, a sharp pick-up from the 4.3 percent registered in 2002…GDP growth expected to be 7.2 percent in 2004, boosted by IT exports from India and growing practice of outsourcing from OECD economies…Significant challenges include pervasive infrastructure bottlenecks and India’s large government fiscal deficit…International reserves rose to record $114 billion in 2003, more than double that in 2002…Workers’ remittances rose further to $18.2 billion in 2003 from $13.1 billion in 2001…India joined top 5 developing country recipients of FDI…Region became largest recipient of portfolio equity flows with $7 billion net inflows in 2003…Region repaid both public and private sector debt; net inward debt flows were $-2.3 billion in 2003… Download SA Regional Summaries in English (127 KB) Sub-Saharan Africa GDP growth slowed from 3.3 percent in 2002 to 2.4 percent in 2003, with performance difference between oil and non-oil exporters…Growth forecast at 3.4 percent in 2004, led by oil exporters…External finance mainly comes from bilateral grants ($13.9 billion in 2003) and FDI ($8.5 billion)…South Africa remains only significant country with access to international capital markets…Policy moving in right direction but investment risks remain high and business environments poor… Download SSA Regional Summaries in English (126 KB)
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