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This publication is the comprehensive, twice-yearly review of the region’s economies prepared by the East Asia and Pacific region of the World Bank. It addresses the risks of climate change and 'natural' disasters and urges for the adoption and implementation of an adaptation agenda in urban centers threatened by extreme weather events, rising sea levels and other natural hazards. It uses the recent tragic earthquake and the subsequent tsunami in Japan as stark reminder of the dangers from natural hazards and the key role of careful and thorough investments the authorities have made in seismic safety and emergency preparedness.
This edition also considers issues such as: (i) inflation which becomes the key short-run challenge for the authorities in the region; (ii) the sustainability of rapid increases in living standards as the global economy enters a more challenging phase; and (iii) rising inequality that could pose a challenge to future social stability.