East Asia and Pacific remains the world’s growth engine despite a challenging external environment, with developing economies growing by 7.5% and contributing 40% of global growth in 2012. The region has made impressive progress in poverty reduction, with absolute poverty declining to about 24.5%–but over 1.2 billion people still live on less than $2 a day. Read More »
The Bank approved $6.6 billion for East Asia and Pacific for 37 projects in fiscal year 2012. Support included $5.4 billion in IBRD loans and $1.2 billion in IDA commitments, including $125 million in grants. The leading sectors were Public Administration, Law, and Justice ($2.0 billion); Water, Sanitation, and Flood Protection ($1.3 billion); and Transportation ($1.1 billion).