Gyeongju: Economic growth in the Asia-Pacific Economic Cooperation (APEC) region is estimated to reach 3.1 percent this year, the regional forum has said, slightly higher than its earlier forecast of 3.0 percent.
According to Yonhap News Agency, the group, consisting of 21 member economies, is expected to grow faster than previously projected due to resilient trade activity and robust demand for high-tech goods, as outlined in the APEC Policy Support Unit’s latest report.
Trade volumes of exports and imports in the region grew by 8.8 percent and 8.5 percent, respectively, in the first half of the year compared to the previous year, the report indicated. Carlos Kuriyama, director of the APEC Policy Support Unit, noted that APEC economies, particularly businesses, have shown remarkable agility in adapting to shifting trade and policy conditions.
However, this resilience is being tested as temporary factors wane and deeper structural pressures, such as rising debt and slowing trade, start to emerge. The region’s growth is anticipated to slow down to 2.9 percent amid increasing public debt, weaker trade performance, and the diminishing impact of temporary drivers like advance shipments and inventory buildup in anticipation of trade restrictions.
The latest data is being discussed as leaders and top delegates of APEC economies convene in South Korea’s southeastern city of Gyeongju for the two-day APEC Economic Leaders’ Meeting that began on Friday.