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Multilateral Coordination Key for Tacking Multiple Challenges: APEC Report

By Xinhua|Nov 14,2023

Carlos Kuriyama (L), director of the Asia-Pacific Economic Cooperation (APEC) Policy Support Unit, speaks during a media briefing on the report APEC Regional Trends Analysis at the international media center of APEC 2023 in San Francisco, the United States, Nov. 12, 2023. (Photo/Xinhua)

San Francisco - Multilateral coordination is key for tackling rising debt, climate change, green economy transition, protectionist trade policies and supply chain disruptions, said a report unveiled by the regional economic forum Asia-Pacific Economic Cooperation (APEC) on Sunday.

"We need to have cooperation among all of us (because) the world is global, and the problems are global. So, If we work individually, not coordinating all together, it's gonna be hard to do things," Carlos Kuriyama, director of the APEC Policy Support Unit told Xinhua on the sidelines of a media briefing on the report APEC Regional Trends Analysis.

APEC as a whole faces downside risks from inflation, debt, climate change, geoeconomic fragmentation, trade protectionism and geopolitical issues in spite of upside opportunities from tourism rebound, increased consumption and targeted fiscal support, according to the report.

Economic growth among APEC members would slow down to 2.8 percent in 2024 and 2.9 percent in 2025 from 3.3 percent in 2023 while the rest of the world is expected to grow 3.1 percent in 2024 and 3.6 percent in 2025, up from 2.6 percent this year, according to the report.


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