PRESS RELEASE: STAKEHOLDERS HOPEFUL FOR POSITIVE OUTCOMES FROM APEC MEET 12 November 2023 Making progress on regional trade and geo-political tensions topped the list of issues stakeholders think APEC Leaders should address when they meet in San Francisco later this week. This was followed by making supply chains more resilient in the aftermath of their fragility exposed during the pandemic and then long-term policy reforms considering the slower growth trajectory of regional economies. Respondents continued to be negative...

EXECUTIVE SUMMARY From March to April 2023 the Pacific Economic Cooperation Council (PECC) conducted its annual survey of regional policy experts’ views on the State of the Region. Out of the more than 700 respondents, 47 percent expected worse growth for the global economy, a slight improvement over the 60 percent in last year’s survey. At the same time, they were slightly less pessimistic about the prospects for their own economies with 33 percent expecting weaker growth. The continued perception of weaker growth is...

EXECUTIVE SUMMARY In the year and a half since the global pandemic started the Asia-Pacific economy has undergone an extraordinary decline but is set to post a sharp recovery this year thanks to unprecedented policy support and the remarkable innovation and manufacture of vaccines. The region is expected to grow by 6.1 percent in 2021 and 5.1 percent in 2022. PECC’s annual survey of the regional policy community (run from 12 August to 17 September) shows a sense of optimism among respondents with 55 percent expecting...

The economic outlook for the Asia-Pacific has improved somewhat in recent months, but recovery will be uneven and fragile as the global pandemic has deepened in some places. Asia-Pacific economies are expected to shrink by about 3.1 percent in 2020 – less than the 4.7 percent contraction forecast in July’s State of the Region Report: Impact of the Covid-19 Crisis. Growth of 5 percent is now expected next year. Growth in the Asia-Pacific is then expected to decline towards 3.5% in subsequent years. The reasons for the...

Respondents to a PECC survey do not anticipate a swift rebound from the crisis in 2021 with growth levels for the Asia-Pacific remaining below 2019 levels for the next 3-5 years. The survey of 710 policy experts from business, academia, government and civil society was conducted from 19 May to 12 June, 2020. An analysis of the responses also provides insights for further commentary on the regional outlook and the strategies available for transitioning out of the current situation. One of the great uncertainties is when and...