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APEC expects modest trade growth in 2023


The Asia-Pacific Economic Cooperation (APEC) group is expecting a modest growth of trade volumes this year, following the slowdown in global demand. A report released by the APEC Policy Support Unit said that the volume of APEC’s merchandise exports was flat in the first nine months of 2022 and merchandise imports grew by 4.3% versus the same period last year, when these expanded by 14.4% and 16.1%, respectively. It also said that the Asia-Pacific’s economy is projected to expand by 3.1% this year from 2.6% in 2022. It said that the upside opportunities are coming from increased private consumption, targeted fiscal support, and the reopening of borders and businesses. It said that the downside risks which include inflation, higher interest rates and debt, reduced investments, geopolitical issues, and new waves of COVID-19 have now moderated.

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