East Asia · Out of Crisis, Into the New Millennium

Recovery has at last begun in East Asia. However, it is now evident that recovery involves much more than a macroeconomic adjustment. This study asks three important questions: Is the recovery built on a solid foundation, or will it soon crumble under the weight of new competition in the global marketplace? Has the crisis changed East Asia's development strategy and its institutional underpinnings? Even if the recovery lasts into 2000, will its foundation be sufficient to launch the resumption of a new era of high growth? 'East Asia: Recovery and Beyond' provides a synthesis of recent work, incorporating selected pieces of analytical work and a progress report on the key elements of concern to the Bank. The report concludes that East Asia's long-term prospects hinge on unleashing new productivity growth. Raising productivity depends on policies and institutions, including regulatory policies, business institutions, government institutions, and broader social institutions. An excellent reference for policymakers in the region, the business community, academics, and the international development community.