TRADE restrictions imposed by Asia-Pacific economies in the post-pandemic era, coupled with inflation and lingering effects of El Niño are slowing down the economic growth of the region. The Asia Pacific Economic Cooperation (Apec) said the region’s growth in the first quarter of 2023 was pegged at 3.9 percent, lower…
The Yangshan container port is seen in an aerial view in Shanghai, China on July 10, 2021. China’s exports tumbled in June 2023 by 12.4% compared with a year earlier amid weaker global demand and higher inflation.TRADE restrictions imposed by Asia-Pacific economies in the post-pandemic era, coupled with inflation and lingering effects of El Niño are slowing down the economic growth of the region.
Apec is a regional economic forum composed of 21 economies —seven Asean countries , five East Asia , three from Pacific , five from the Americas , and Russia. These economies comprise 60 percent of global GDP.The Apec’s policy research arm noted that some firms are changing their supply-chain strategies following the disruption caused by COVID-19. Global demand for goods has also “weakened.”
“These increases in trade-restrictive measures and trade remedies are a worrying sign, negatively affecting trade flows on an increasing number of goods,” the Apec Policy Support Unit said. Countries with debts increased their vulnerabilities as “sustainability concerns” were aggravated by high interest rates.
“Maintaining monetary policy agility is important to be able to adjust policies when necessary,” it added. As for climate change, Apec economies should work to intensify efforts to reduce carbon emissions by encouraging the use of technologies to reduce greenhouse gas emissions.
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