APEC GDP is estimated to have expanded by 3.5 percent in 2023, an increase from 2.6 percent in 2022, primarily driven by consumer spending alongside a rebound in tourism and travel. Inflation slowed down to 3.8 percent in 2023, lower than the year-ago level of 5.9 percent. However, economic prospects in the near-term could be clouded by the accumulation of trade restrictions and remedies, potential spikes in commodity prices, elevated debt levels and global uncertainties. These challenges require a balanced mix of monetary and fiscal policies, underscored by the crucial role of regional cooperation in fostering an open, dynamic, resilient and peaceful Asia-Pacific community.

For more insights, please read the article APEC: Navigating Fragile Growth, Trade Slowdown and Global Challenges