Speaking in Ankara yesterday presenting a report titled “Are the Lights Turning Off?” Zachau said if $3 trillion in investments in the energy sector in Eastern Europe and Central Asia are not made within the next 20 years, then the region will be faced with a severe energy bottleneck.
Speaking about Turkey’s energy investments, Zachau stated that Turkey had taken many important steps in terms of investment in the energy sector within the past few years and that Turkey is in much better shape than many European and Central Asian nations. Showing his support for the nation’s energy strategy, Zachau stated that Turkey was also flourishing in the renewable energy industry and has been successful in developing renewable energy sources for its economy.
World Bank raises East Asia growth forecast
The World Bank raised its growth forecast for developing East Asia this year by almost a full percentage point to 8.7 percent on Wednesday but said the region’s high-flying economies must make structural reforms to sustain their rapid expansion.
East Asia’s developing economies have recovered from the global crisis, driven by a robust China, export demand and government stimulus, the Washington-based bank said in its semiannual report. It said industrial output, exports and employment were largely back to pre-crisis levels. But the bank said countries must implement reforms “with vigor” to keep the rally going over the next decade. For China, this means rebalancing the world’s third-biggest economy to reduce reliance on exports boost the service sector and private consumption, the bank said. It said China’s gross domestic product should grow by 9.5 percent this year. For countries like Thailand and Vietnam, this means boosting investment in physical and human capital, the bank said.