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Technology Stocks : Qualcomm Incorporated (QCOM)

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To: Ramsey Su who wrote (11547)	6/16/1998 6:53:00 PM
From: Caxton Rhodes	Read Replies (1) of 152472

World Bank says Asia entering depression Tuesday June 16 5:31 PM EDT MELBOURNE, Australia (Reuters) - The World Bank Tuesday said Asia was plunging into depression and called on Japan to help pull the region out of its economic nose-dive. World Bank senior regional official Jean-Michel Severino said Asia was on the threshold of a deep and long depression and warned a global economic slump could be just months away. "We are probably at the end of the first cycle of the crisis and we are entering into a deep recession, or you could even use the term 'depression,"' he told a major trade and investment conference in Australia. "This depression could be very long-lasting if it is not handled very, very carefully." He told reporters later the Asian crisis could spread. "The risk is there and probably we are counting in months rather than years," said Severino, the bank's vice president for East Asia and the Pacific. He expressed particular concern about the yen's historic weakness against the U.S. dollar and sounded a warning to Tokyo that it must play its role as Asia's economic engine. "One has to have a dynamic Japanese economy. It's absolutely critical," Severino said. Severino said international central banks were cooperating in defense of the yen, but added the solution to the currency's woes lay in a convincing response by Japan to the crisis.

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