Assessment of the APEC Leaders' Growth Strategy

The Assessment of the APEC Leaders’ Growth Strategy follows the mandate by APEC Leaders in 2010 to review the progress by APEC economies in implementing/promoting this strategy. The Policy Support Unit (PSU) conducted this assessment based on information collected from the activities by APEC committees and sub-fora, as well as external indicators from international organizations.

The report discusses about the nature of the APEC Leaders’ Growth Strategy; the challenges to assess progress; the existing links among this strategy and other APEC initiatives; and the work reported by APEC committees and sub-fora related to the implementation of this strategy .

The report also include specific sections concerning the five growth attributes identified in the APEC Leaders’ Growth Strategy, namely: 1) balanced; 2) inclusive; 3) sustainable (green); 4) innovative; and 5) secure growth.

The key findings are as follows:
- Economic growth in APEC has been collectively stronger than in the rest of the world
- Labor productivity and gross capital formation has increased in APEC, especially in developing economies.
- The Global Financial Crisis accentuated structural changes. The importance of trade in APEC’s GDP weakened right after the crisis, particularly in APEC-developing economies.
- Growth has been more inclusive in APEC, more than 300 million people came out of poverty in recent years (2005 – 2011, latest data available), but more is needed to give equal opportunities to people.
- Access to technology has improved, but innovation is still heterogeneous in the APEC region.
- Food security and nutrition has improved, but secure growth still needs to catch up in other areas, such as vital infrastructure, government effectiveness, among others.
- Establishing detailed action plans and discussing on the feasibility of setting clear growth targets could be part of the post-2015 APEC Growth Strategy Work. Any next steps should include clear directions and simple mechanisms for APEC economies to provide information in order to facilitate the monitoring and evaluation of the initiative.”