SINGAPORE - Hit by the Covid-19 outbreak, economic growth in the Asia-Pacific region may suffer a record decline this year.
Apec is a 21-nation regional economic forum established in 1989 to leverage the growing interdependence of the region's economies. Apec members together account for about 40 per cent of the world's population and 60 per cent of global GDP. "Trade and technology tensions and post Brexit concerns all contributed to the lacklustre economic activity in 2019. The severity and uncertainty as to the duration of the Covid-19 pandemic further aggravate the ongoing challenges," he added.
The report stressed that regional cooperation will be crucial during the Covid-19 outbreak and should be sustained and strengthened to ensure resilience and the revival of regional growth going forward. The pandemic has wide-ranging repercussions, from personal to global, with great costs to lives and livelihoods.
At the virtual briefing, Apec officials said some Apec members were working to develop a pandemic policy toolkit that would provide options and planning guidance amid a health emergency and bring resilience to the region's supply chains. The kit will include tools such as supply chain mapping and inventory planning and management.
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