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APEC’s growth expected to slow in 2024

The growth of APEC economies is expected to decline next year and remain below the global average as higher interest rates slow US growth and China continues to struggle with its recovery.
APEC’s growth expected to slow in 2024 ảnh 1The growth of APEC economies is expected to decline next year. (Photo: VNA)
Washington D.C. (VNA) – The growth ofAPEC economies is expected to decline next year and remain below the globalaverage as higher interest rates slow US growth and China continues tostruggle with its recovery.

The APEC Secretariat's Policy Support Unit issuednew forecasts on the eve of the 2023 APEC Economic Leaders’ Week in SanFrancisco, showing that the GDP growth of the economies would dip to 2.8% in2024 from 3.3% in 2023.

The GDP growth rate will average 2.9% in 2025 and2026, below the global average of 3.2%.

Among the key downside risks are persistent inflationassociated with export restrictions, weather conditions that have raised theprice of rice and other agricultural products, and disruptions in thefertiliser supply chain. Taming inflation could require more monetary policytightening, slowing growth further.

Trade volume growth for goods is set to rebound nextyear among the APEC economies after a largely flat 2023, rising to 4.3% forgoods exports and 3.5% for goods imports. But growth of both exports andimports are forecast to peak at 4.4% in 2025, declining slightly in 2026 due togeo-political fragmentation that is disrupting longstanding supplyrelationships./.
VNA
#APEC economies#2023 APEC Economic Leaders#San Francisco#Vietnam#VietnamPlus#Vietnam news
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