APEC Regional Trends Analysis, July 2020 Update: Deeper Contraction Calls for Decisive Action
| Published Date | July 2020 |
|---|---|
| Type of Publication | Reports |
| Publication Under | APEC Secretariat, APEC Policy Support Unit |
| Accessed | 10013 |
| Pages | 4 |
| Download publication | Download |
Description
- The APEC region is now projected to contract by 3.7 percent in 2020 or an output loss of around USD 2.9 trillion due to the negative economic impact of COVID-19.
- In 2021, APEC is expected to rebound to a growth of 5.7 percent, but extreme uncertainty surrounds the near-term outlook.
- The strength of economic recovery hinges on the development of vaccines and treatments, prevention of further waves of the pandemic, continued fiscal and monetary support, and the resolution of trade conflicts.
- Regional cooperation plays an important role towards ensuring that APEC economies are future-ready and regional economic growth is inclusive, sustainable, and resilient.