shining a light
There are already signs of recovery, including coming from improved manufacturing activities, bringing growth projections of 5.2 percent for 2021.
The impact of COVID-19 containment measures has brought more consumers online and subsequently firms, especially small businesses, need to go digital.
The APEC region’s economic growth is now expected to decline by 3.7 percent in 2020, down from its initial forecast of a 2.7 percent contraction in April.
With several trade agreements moving forward, e.g. the Comprehensive and Progressive Agreement of the Trans-Pacific Partnership and the Pacific Alliance, prospects for regional economic integration remain positive.
According to UN Environment, five APEC economies account for half of the marine waste littering the region’s coasts.
Advances in technology are helping the fight against corruption, by prompting governments and the private sector to improve transparency.
Asia can reap massive gains from the digital economy if there are right government policies.
Officials of APEC are raising global public awareness and action on illegal, unreported and unregulated fishing, which undermine the region’s food security.
As consumer spending eclipses trade in driving economic growth, the 21 economies of the Pacific rim are stepping up efforts to reduce tariffs, barriers in the services sector and bottlenecks in trade facilitation.
Senior business leaders of the APEC Business Advisory Council stressed their shared commitment to ensuring that the region remained the dynamic centre of global economic gravity.
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