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Deepening success amid uncertainty
The rise of developing East Asia and Pacific (EAP) in the last four decades is the development success story of this generation.
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Central role: Bank Indonesia governor Perry Warjiyo (left) and Federal Reserve Bank of New York president John Williams attend the Central Banking Forum during the 2018 International Monetary Fund-World Bank Group Annual Meetings in Tanjung Benoa, Bali, on Wednesday. (The Jakarta Post/Wendra Ajistyatama)
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he rise of developing East Asia and Pacific (EAP) in the last four decades is the development success story of this generation. The region has transformed from one of low-income and largely agricultural economies to one of middle-income and highly sophisticated economies with growing middle classes.
The region now acts as an engine of growth for the global economy, accounting for more than a third of global gross domestic product (GDP) growth last year.
This success story permeated many of the discussions and events during the recent International Monetary Fund-World Bank Group Annual Meetings in Bali, Indonesia.
From the high rankings of many East Asian countries in the newly released Human Capital Index, to the substantive discussion around the “East Asian Miracle” and its future, the week served to showcase how far the region has come and its significant potential to achieve even greater success.
