East Asia and Pacific
World Bank Group in East Asia and Pacific
The East Asia and Pacific region remains the world's growth engine despite a challenging external environment, with developing economies growing at a healthy pace. The proportion of people living in poverty in the region has steadily declined—less than 10 percent of the population now lives on $1.25 a day—but much more needs to be done as there are still close to half a billion people living on $2 a day.
EAST ASIA AND PACIFIC REGION SNAPSHOT
The World Bank Group's strategic priorities for development in the East Asia and Pacific region include the following:
• Poverty reduction and shared prosperity
• Disaster risk mitigation and climate change
• Infrastructure and urbanization
• Job creation and private sector-led growth
• Governance and institutions
The region's diversity requires delivering a customized combination of solutions to meet each country's unique challenges and build on opportunities. The region is increasing collaboration among the Bank, IFC, and MIGA by pursuing joint WBG business strategies in six countries—in Indonesia, to build the financial sector; in Mongolia, to improve livelihoods through agriculture; in the Pacific, to increase women's empowerment; in the Philippines, to improve agribusiness in Bangsamoro, a postconflict zone; in Vietnam, to promote efficiency and value addition in agriculture; and in Myanmar, to expand access to electricity and health care.
A priority for the region has been reengagement with Myanmar. After a nearly 25-year absence, the groundwork for reengagement in the country was laid when the Bank's Board of Executive Directors endorsed an interim strategy in 2012, reaffirming support for government reforms aimed at improving the lives of the people of Myanmar. This strategy focuses on helping reform institutions so that they can deliver better services during the country's critical transition period.
The region's strategy also focuses on fragile and conflict-affected areas and on disaster risk management. To address fragility in the Pacific Islands, the Bank Group is promoting good economic management; global and regional integration by supporting airports, telecommunications, and fisheries; resilience to natural disasters and economic shocks; and women's economic empowerment. To help the Philippines' reconstruction efforts after Typhoon Haiyan, the World Bank Group is providing almost $1 billion.
In January 2014, the World Bank Group announced plans for a $2 billion multiyear development program to support the government's plan to deliver universal health care to its citizens and to help everyone in the country gain access to electricity by 2030.
