Highlights East Asia & Pacific: Service sector has potential for more growth The service sector contributed substantially to gross domestic product
Value added in services as a share of GDP, 2010 (%)
(GDP) growth in many East Asia and Pacific economies in recent years,
100
constituting nearly half of GDP and contributing 3.7 percentage points to an overall growth rate of 8.5 percent. Reflecting strong domestic
75
Larger than expected
Kiribati
Fiji
demand, continuing growth of services is consistent with long-term
Samoa
trends of rising incomes in other regions. But despite recent growth,
Tonga
50 Cambodia
Vietnam
Lao PDR
the service sector in many East Asia and Pacific economies is smaller
Philippines China
Mongolia
Indonesia
Malaysia
Smaller than expected
Thailand
than expected based on average income. This reflects the relative success of manufacturing among the countries in the region. It may also be the result of limited adoption of high-value, modern services
25 Papua New Guinea
(information and communications technology, finance and professional business services). Few East Asia and Pacific countries besides the
0 500
5,000
Philippines have developed robust industries focused on exporting
50,000
GDP per capita, 2010 (2005 PPP $, log scale)
modern services (World Bank 2012a; Asian Development Bank 2012).
Source: World Development Indicators database.
Europe & Central Asia: Volatile food and energy prices pose a challenge Europe and Central Asia is in general a net exporter of energy, but many
Net energy exports or imports, 2010 (% of energy use)
economies in the region depend heavily on energy imports and are Azerbaijan Turkmenistan Kazakhstan Russian Federation Uzbekistan Montenegro Romania Albania Kosovo Bosnia & Herzegovina Serbia Poland Tajikistan Bulgaria Ukraine Macedonia, FYR Croatia Georgia Kyrgyz Rep. Armenia Turkey Belarus Moldova
thus vulnerable to sudden price changes. Azerbaijan, Kazakhstan, the Net energy exporters Net energy importers
Russian Federation, Turkmenistan, and Uzbekistan, the main exporters, stand to benefit from rising world energy prices. But net energy imports account for 96 percent of energy use in Moldova, 84 percent in Belarus, 69 percent in Turkey, 64 percent in Armenia, and 59 percent in the Kyrgyz Republic. Most energy imports are oil, but Belarus, Croatia, Poland, and Serbia are also large importers of electricity. Some of these economies may face an acute deterioration of their balance of payments positions if oil prices rise. And some are also vulnerable to rising food prices, triggered by the substitution of cropbased fuels for petroleum-based fuels.
–500
–250
0
250
Source: Online table 3.9.
Latin America & Caribbean: Tracking global uncertainties GDP growth in Latin America and the Caribbean fell 1.7 percentage
GDP growth (%)
points from 2011 to 3.0 percent in 2012, the second largest drop
10
among developing country regions after Europe and Central Asia, where growth fell 2.8 percentage points. The region’s GDP growth decelerated Chile
5
due to slowing domestic demand and a weak external environment. The slowdown was particularly severe in Brazil, the region’s largest econ-
Latin America & Caribbean
0
Brazil
omy, where global uncertainties and earlier fiscal, monetary, and credit policy tightening to contain inflation risks had a large impact, especially on private investment. In Chile growth remained buoyant and continued
Mexico
to expand briskly, if slightly slower than in 2011. Growth in Central
–5
America and the Caribbean slowed modestly, while growth in Mexico (the second largest economy in the region) rose slightly in 2012, to 4
–10
percent, benefiting from the fairly strong recovery in U.S. manufacturing 2007
2008
2009
2010
2011
2012
(De la Torre, Didier, and Pienknagura 2012; World Bank 2013).
Source: Online table 4.1.
66
World Development Indicators 2013
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