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.

Shop Talk

A special greeting to California.I advertised there this week.Your economy is as big as that of many countries.Representatives of many countries are meeting in Washington this weekend to work on the financial crisis.The International Monetary Fund,World Bank and G7 group of industrialized countries will all be discussing the global economic dislocation.President Bush will meet with the G7 finance ministers tomorrow morning.It's possible some concrete steps will result.In any event,there's a chance that the U.S. stock market has finally bottomed.This morning it opened with a nearly 700 point dive,followed by some recovery:the sign of a classic capitulation,the climax of a bear market.There's a bit more financial hope this weekend than there has been in some time.

World Bank Urges Aid

Robert Zoellick,president of the World Bank,called on donor nations to make good on their commitments to the U.N. World Food Program by May 1.The nations had promised 500 million U.S. in emergency aid.If the funds are not provided,tens of millions of the world's poor would have their food rations cut in half,raising the possibility of further rioting in countries such as Haiti.Since the commitments were made,food prices have continued to rise,making it essential that donors meet them as soon as possible.