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Asia Pacific economic growth to fall below global average


The Asia-Pacific Economic Cooperation (APEC) forecasts a decline in the region's economic growth, expected to fall to 2.8% in 2024 from 3.3% in 2023, remaining below the global average. Contributing factors include higher interest rates impacting U.S. growth, China's ongoing recovery struggles, and U.S.-China trade tensions. The APEC Secretariat's Policy Support Unit highlighted these projections ahead of the APEC leaders' summit in San Francisco. Persistent inflation, agricultural price hikes, and disruptions in the fertiliser supply chain are key risks. Trade volumes in goods are predicted to rebound in 2024, but geopolitical fragmentation is likely to hinder long-term growth. Carlos Kuriyama, director of the APEC policy support unit, stressed the importance of the U.S. and China resolving their trade and security differences to stabilise the region's economy.

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