Report records increase of GDP in Apec member economies

GROSS Domestic Product for the Asia Pacific Economic Cooperation (Apec) member economies has increased from 2016 figures of 3.4 per cent to 4.1 per cent, according to a report.
The Apec Regional Trends Analysis (Arta) also noted an increase in trade-restrictive measures in the last two years which were expected to continue to rise.
The GDP is forecast to remain at this level in 2018 before consolidating to 4 per cent in 2019.
The report was produced by Apec Policy Support Unit and presented by its director Dr Denis Hew yesterday at the International Convention Centre in Port Moresby.
“Business and employment prospects in the region are more favorable now thanks to higher trade growth, driven by a solid global economy, but could backslide without proper care,” he said
“Apec economies must go further to build new economic drivers if they are to sustain their momentum. The introduction of policies that facilitate rather than restrict next generation trade and investment in the Asia-Pacific is in everybody’s best interest.”
The report details the challenges that protectionism poses to the realisation of more-inclusive and sustainable Apec economies.
It recommends widening economic participation by harnessing emerging opportunities in digital space as a more-effective alternative.
The Arta report said boosting Apec economies were domestic consumption and a significant trade turnaround, with the value of merchandise exports in the region having grown 10.2 per cent in 2017 after contracting 3.9 per cent in 2016.
Apec economies’ volume of merchandise exports grew at 4.9 per cent in 2017 while their trade in commercial services grew more than 5 per cent for the year.