State of the Region Report 2006

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State of the Region 2006-2007


Publications-SOTR-2006-Woo The region's GDP is set to expand by 5.0 percent this year, and possibly 4.3 percent next year, while some economies will be spectacularly above that. There has been no international conflict in the region for more than a quarter century, although in some areas there is internal unrest. Despite this positive environment, the region faces a number of continuing and emerging challenges that, unless effectively addressed, could substantially change the future outlook. Some of these are associated with the previous decades of success in economic reform and trade liberalization. Growing inequalities and resurgent protectionist sentiments remain challenges that need to be addressed if the economies of the region are to have the political and public support for further reform and market opening.




Contents


Message from the Chairman of PECC

Glossary

Executive Summary

1.0 The Asia Pacific Economic Outlook

  • Growth will slow in 2007 - as expected
    • Chart 1: Real GDP Growth
    • Chart 2: Confidence in the Asia-Pacific economic outlook
  • Trans-Pacific Imbalances to Improve
  • Deficits at a Peak
    • Chart 3: Current Account Balance
    • Chart 4: Export Growth
  • U.S. Domestic Demand to Weaken
  • China Still Soaring
  • Japanese Economy on Track
  • Private Consumption to Surge
  • Modest Slowing Elsewhere
    • Chart 6: CPI Inflation 



2.0 Regional Dynamics:Challenges for Asia Pacific Cooperation

  • 2.1 Challenges to Global and Regional Integration
  • Inequality a Threat to Continued Integration
  • Benefits of Globalization Need to Be Spread
  • Marginalization Adds to International Tensions
  • 2.2 Short and Long-Term Risks
  • Resource Sutainability
    • Chart 7: The Risk of High Energy Prices
  • Regional Views Diverge on Other Risks
  • The Threat of Avian Flu
  • Longer-Term Risks
    • Chart 8: Risks to Economic Growth
  • Threat of Protectionism
    • The Doha Round and Its Alternatives
    • The Asia-Pacific Noodle Bowl
    • Coverage of PTAs of APEC member exports to other APEC economies
  • Relations among Large Economies
  • 2.3 Policy Priorities for Regional Cooperation
    • Chart 9: Policy Priorities for Asia-Pacific Regional Cooperation
  • APEC Activities - need for reform?
  • Chart 10: APEC's Most Important Activities


3.0 The Future of Regional Cooperation

  • 3.1 Sub-Regional Integration
  • East Asian Regionalism Rising
  • East Asian Regionalism: From Integration to Identity?
  • Financial Cooperation Deepening
  • First Steps to a Common Asian Currency?
  • Integration in the Americas at an Impasse
  • 3.2 Membership in APEC
  • 3.3 Trans-Pacific Ties
  • APEC Should Embrace Discussions on New Regional Architecture



Annex 1: Economic Outlook Data Tables

Annex 2: Survey Results

Annex 3: Pacific Economic Outlook Forecasters

Annex 4: PECC Member Committees

 

 

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Pacific Currents

Digital Technologies, Services and the Fourth Industrial Revolutions
Submitted by Jane Drake-Brockman, Christopher Findlay, Yose Rizal Damuri and Sherry Stephenson 


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Hugh Stephens
Vice Chair, CANCPEC; Distinguished Fellow, Asia Pacific Foundation of Canada; Executive Fellow, School of Public Policy at the University of Calgary


COVID-19: Experiences from best practices in Asia show a path forward in the fight against the coronavirus
Jeffrey Reeves
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Vice-President of Research for the Asia Pacific Foundation of Canada


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Jeffrey Reeves
Vice-President of Research for the Asia Pacific Foundation of Canada


Multilateral Cooperation is a Safeguard against Pandemics
Rebecca Fatima Sta Maria
Executive Director, APEC Secretariat


International cooperation during COVID-19
Sungbae An
Senior Research Fellow, Department of International Macroeconomics and Finance, Korea Institute for International Economic Policy (KIEP)


G20 comes to the fore again
Jorge Heine
Research Professor, Pardee School of Global Studies, Boston University; Non-resident senior research fellow at the Center for China and Globalization in Beijing


Tackling COVID-19 Together: A Bottom-Up Approach to Trade Policy
Simon J. Evenett
Economics Professor at the University of St. Gallen, Switzerland and Global Trade Alert


Drastic measures to stop spread of COVID-19 are necessary
Charles E. Morrison
Adjunct Fellow and Former President of the East-West Center; Former Co-Chair, PECC


International Trade at a Time of Covid-19
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Expert on tariffs and customs issues at the WTO; occasional lecturer


ASEAN-China cooperation in time of COVID-19 pandemic
Jusuf Wanandi
Vice Chair, Board of Trustees, CSIS Foundation; Former Co-Chair of PECC


Project Team 2006

Editorial Committee:

Yuen Pau Woo (State of the Region Report Coordinator, President & Co-CEO Asia Pacific Foundation of Canada)

Gary Hawke (Head, School of Government, Victoria University of Wellington, New Zealand)

Charles E. Morrison (PECC Chair, President East-West Center, USA)

Jusuf Wanandi (Member, Board of Trustees, Centre for Strategic and International Studies, Indonesia)

Soogil Young (President, National Strategy Institute, Korea)

Additional Contributors:

Mark Borthwick (Director, US Asia Pacific Council)

Masahiro Kawai (Head, Office of Regional Integration, Asian Development Bank)

Eduardo Pedrosa (Secretary General, PECC International Secretariat)

Robert Scollay (Head, APEC Study Centre, University of Auckland)

Hadi Soesastro (Executive Director, Centre for Strategic and International Studies)