State of the Region 2022
On behalf of the members of the Pacific Economic Cooperation Council it is our great pleasure to present our 16th annual State of the Region report. The objective of this report is to provide an assessment of the key issues affecting the region and the challenges to creating stronger and deeper ties across the region. To do so we are indebted to the 544 respondents to our annual survey who took the time to share with us their views. We stress that this is not a survey of public opinion, but of the regional policy community – stakeholders from business; government; academia; media and civil society.
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State of the Region Report 2022
CONTENT
MESSAGE FROM THE CO-CHAIRS OF PECC
EXECUTIVE SUMMARY
CHAPTER 1: ASIA - PACIFIC ECONOMIC OUTLOOK
Expectations for Regional Growth Lowered
Risks to Growth
Inflation
Rising Interest Rates
Capital Flows
Slowdown in the Chinese Economy
Fragmenting Global Economy
Protectionism and Slowing Trade
Climate Change
Ukraine Conflict
Covid-19 Pandemic
Global Supply Chains
Box: The importance of essential services to supply chain connectivity and resilience
Reviving Tourism
Reforms for Growth
Priorities for Structural Reforms
Priorities for APEC Leaders
Open to All Opportunities
Reducing Barriers to the Digital Economy
Connect in all Dimensions
Balance in all Aspects
Turning Crises into Opportunities
CHAPTER 2: REVISITING THE FREE-TRADE AREA OF THE ASIA-PACIFIC IN CHALLENGING TIMES: THE WAY FORWARD
I. Setting the Stage: FTAAP in Uncertain Times
II. Progress along the FTAAP Pathways
The Economic Effects of RCEP and CPTPP
III. Modalities to Achieve the FTAAP: The Way Forward
IV. Conclusions
References
ANNEX A: RESULTS OF ASIA-PACIFIC POLICY COMMUNITY SURVEY
Results of Asia-Pacific Policy
Community Survey