The East Asia and Pacic Update was written by Ivailo Izvorski, with input from country economists and from AntonioOllero, Sung-Soo Eun, Xiaoqing Yu, Andrew Mason, under the guidance of Vikram Nehru (Director, Department for Poverty Reduction, Economic Management, Private and Financial Sector Development, and Acting Chief Economist).Xubei Luo contributed a box for the report. Antonio Ollero also provided able research assistance.Emerging East Asia as used in this report includes Developing East Asia (China, Indonesia, Malaysia, Philippines, Thailand,Cambodia, Lao PDR, Mongolia, Papua New Guinea, Timor-Leste, Vietnam and the island economies in the Pacic) andthe Newly Industrialized Economies (NIEs). The NIEs include Hong Kong (SAR, China), Korea, Singapore and Taiwan(China). SAR means Special Administrative Region. Middle-income countries, as used in this report, refer to China,Indonesia, Malaysia and Thailand (although Mongolia is considered a middle-income country according to the WorldBank classication). Low-income countries as used in this report include Cambodia, Lao PDR and Vietnam. The ASEANmember countries are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore,Thailand and Vietnam. ASEAN+3 refers to all members of ASEAN plus China, Korea and Japan, and ASEAN+6 alsoincludes Australia, India and New Zealand.