East Asia Feels Crisis

The World Bank says that challenges facing East Asian economies in 2008 have multiplied,which will result in hard times for 2009.From an April forecast of 7.4% 2009 growth in the region,the World Bank now thinks East Asia is likely to grow 5.3% in 2009 and 6.5% in 2010.The region's exports are down on slowing demand from the West.The World Bank produces a semiannual forecast for East Asia and the Pacific,excluding Japan,Australia and New Zealand.It is a U.N. agency that provides loans for industrial development and the encouragement of international commerce.Founded in 1945,its official name is the International Bank for Reconstruction and Development.