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Asia Still Dealing with Financial Crises Woes

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NEW YORK, NY/USA- Despite the fact that Asian countries have posted strong growth since the 1998 financial crises, they have yet to reach the same level as in the years preceding the crisis, according to the annual report by the World Bank. The recovery is “vulnerable and unequal,” states the report. South Korea, Malaysia and […]

NEW YORK, NY/USA- Despite the fact that Asian countries have posted strong growth since the 1998 financial crises, they have yet to reach the same level as in the years preceding the crisis, according to the annual report by the World Bank. The recovery is “vulnerable and unequal,” states the report.

South Korea, Malaysia and Thailand lead the list of struggling economies. India and China are the exceptions; both countries are growing rapidly.

Economic growth in the Third World was 2.7% this year and is projected at 4.2% for next year. Between 2001 and 2005 the growth is expected to average at 5%, higher thus than in the wealthier economies of Europe and America.

Nevertheless, the World Bank emphasizes that this growth is less than before 1998. Apparently investors are waiting for more secure conditions. (JW)

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