APEC Regional Trends Analysis, July 2020 Update: Deeper Contraction Calls for Decisive Action

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APEC Regional Trends Analysis, July 2020 Update: Deeper Contraction Calls for Decisive Action

Publication Number

APEC#220-SE-1.11

Published Date

July 2020

Type of Publication

Reports

Publications Under

APEC Secretariat, APEC Policy Support Unit

Accessed

2756

Pages

4

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Description

  • The APEC region is now projected to contract by 3.7 percent in 2020 or an output loss of around USD 2.9 trillion due to the negative economic impact of COVID-19.
  • In 2021, APEC is expected to rebound to a growth of 5.7 percent, but extreme uncertainty surrounds the near-term outlook.
  • The strength of economic recovery hinges on the development of vaccines and treatments, prevention of further waves of the pandemic, continued fiscal and monetary support, and the resolution of trade conflicts.
  • Regional cooperation plays an important role towards ensuring that APEC economies are future-ready and regional economic growth is inclusive, sustainable, and resilient.

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