Illustrative image (Source: SlideShare) Hanoi (VNA) – Throughout the course of nearly three decades, theAsia-Pacific Economic Cooperation (APEC) forum has increasingly affirmed itsleading role in the global growth and connectivity, making the Asia-Pacific avibrant region with growing geo-economic and political position in the world.
However,amid developments in the world and the Asia-Pacific, APEC is facing challenges interms of economic-trade, socio-humans and political-security.
Challengesarising from global economic-trade environment is affecting growth prospect ofthe Asia-Pacific and APEC member economies in particular. As the world economicgrowth remains weak and uncertain, the regional growth shows signs of stallingwhile rising trade protectionism is casting dark shadow over APEC connectivity.
Theemergence of protectionism and risk of trade retaliation are likely to hurtpositive impacts of initiatives on fiscal policy towards growth of eacheconomy, thus negatively effecting regional trade.
Moreover,increasing inequality in each economy and APEC economies in general,particularly the development gap with the leading economies’ income 40 timeshigher than that of the least developed economies, is becoming a great barrierto the region’s sustainable development.
Social-environmentchallenges such as pollution, climate change, aging population, poverty are alsothorny problems. Climate change is considered a disaster to the Asia-Pacific whereover half of regional countries are among the hardest-hit by global warming. Itis forecast that the entire region suffers 70 percent of disaster cases and 90percent of earthquake incidents globally.
Climatechange, disasters and pollution are exacerbating food security instability in theAsia-Pacific which records roughly 500 million people living in hunger.
WhileAPEC member economies account for 40.5 percent of the world’s population, theirelderly number makes up about half of the world’s, mostly in China, Russia, theUS and Japan. The industrial revolution 4.0 with advanced technologies,automation, and innovation could potentially push millions of people out of thelabour market, leading to socio-political instability.
Geo-politicalconflicts remain while several political-security hotspots in the region areyet to be dealt with. Political situation in several Asian-Pacific nations remainscomplicated with terrorism, separatism, populism, extreme nationalism posingpotential risks.
The APEC Economic Leaders’ Meeting 2017 scheduled forNovember 6-11 in the central city of Da Nang, Vietnam, will provide a platformfor member economies to discuss ways to overcome difficulties, turn challengesinto opportunities and fuel strong and sustainable growth in the region.-VNA
However,amid developments in the world and the Asia-Pacific, APEC is facing challenges interms of economic-trade, socio-humans and political-security.
Challengesarising from global economic-trade environment is affecting growth prospect ofthe Asia-Pacific and APEC member economies in particular. As the world economicgrowth remains weak and uncertain, the regional growth shows signs of stallingwhile rising trade protectionism is casting dark shadow over APEC connectivity.
Theemergence of protectionism and risk of trade retaliation are likely to hurtpositive impacts of initiatives on fiscal policy towards growth of eacheconomy, thus negatively effecting regional trade.
Moreover,increasing inequality in each economy and APEC economies in general,particularly the development gap with the leading economies’ income 40 timeshigher than that of the least developed economies, is becoming a great barrierto the region’s sustainable development.
Social-environmentchallenges such as pollution, climate change, aging population, poverty are alsothorny problems. Climate change is considered a disaster to the Asia-Pacific whereover half of regional countries are among the hardest-hit by global warming. Itis forecast that the entire region suffers 70 percent of disaster cases and 90percent of earthquake incidents globally.
Climatechange, disasters and pollution are exacerbating food security instability in theAsia-Pacific which records roughly 500 million people living in hunger.
WhileAPEC member economies account for 40.5 percent of the world’s population, theirelderly number makes up about half of the world’s, mostly in China, Russia, theUS and Japan. The industrial revolution 4.0 with advanced technologies,automation, and innovation could potentially push millions of people out of thelabour market, leading to socio-political instability.
Geo-politicalconflicts remain while several political-security hotspots in the region areyet to be dealt with. Political situation in several Asian-Pacific nations remainscomplicated with terrorism, separatism, populism, extreme nationalism posingpotential risks.
The APEC Economic Leaders’ Meeting 2017 scheduled forNovember 6-11 in the central city of Da Nang, Vietnam, will provide a platformfor member economies to discuss ways to overcome difficulties, turn challengesinto opportunities and fuel strong and sustainable growth in the region.-VNA
VNA
