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APEC economy to be reduced by 2.7 per cent in 2020

As per The Asia-Pacific Economic Cooperation (APEC) report, the region’s unemployment rate is projected to rise by 5.4 percent in 2020 which was 3.8 percent in 2019.

Apr 30, 2020 16:43 IST
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The Asia-Pacific Economic Cooperation (APEC) region has been expected to post an economic decline by 2.7 percent in 2020 because of the Coronavirus pandemic.

As per the APEC Secretariat, this will be the most significant fall since the zero -growth rate logged in 2009 because of the financial crisis.

The region with 21 member countries had recorded an economic growth rate of 3.6 percent. The countries are expected to see this fall due to the ongoing global health crisis that has dangerously impacted the world economy.

COVID-19 is impacting APEC economy:

As per the report released by APEC (The Asia-Pacific Economic Cooperation), the region’s unemployment rate is projected to rise by 5.4 percent in 2020 which was 3.8 percent in 2019 that means an additional 23.5 million workers will be unemployed in 2020.

Is there an economic rebound in 2021?

For 2021, an economic rebound is forecasted with an anticipated growth of 6.3 percent. It is higher than the projected global economic growth of 5.8 percent.

The rebound, however, has been dependent on the effectiveness of containment mechanisms, steps to avoid the second wave of Coronavirus pandemic, as well as appropriate and required measures, are taken by the countries to stimulate the economy.

APEC Countries:

Brunei

Australia

Canada

China

Chile

Hong Kong

Indonesia

Japan

Malaysia

Republic of Korea

New Zealand

Mexico

Papua New Guinea

Philippines

Peru

Taiwan

Singapore

Russia

Thailand

Vietnam

The United States

About APEC:

It is an inter-governmental organization of 21 member economies in the Pacific Rim. It promoted free trade throughout the Asia-Pacific Region.

The Asia Pacific Economic Cooperation (APEC) was established in 1989 because of the increasing interdependence of the Asia-pacific economies. APEC is often recognized as one of the oldest forums and highest level multilateral bloc in the Asia Pacific region.

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