East Asian economies are far better prepared to tackle the latest financial turmoil than they were during their own crisis a decade earlier, but they nonetheless face growing dangers as the global slump deepens, revealed the World Bank.

The bank also praised 'quick action' by policy makers in the region to respond to the crisis, saying the moves should help East Asia stabilise global economic growth.

Amid falling exports and slowing business investment, real gross domestic product growth in East Asia – a region that includes China but excludes Japan – will slow to 5.3% in 2009 from an expected 7 per cent this year, the bank said in a new regional report.

The National