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.
The 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./.
President Vo Van Thuong’s attendance in the coming Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week in the US this year demonstrates Vietnam’s support for multilateralism in general and the APEC process in particular, said Vietnamese Ambassador to the US Nguyen Quoc Dung.
Vietnam has made active, responsible and effective contributions to all cooperation aspects of the Asia-Pacific Economic Cooperation (APEC) forum over the past 25 years and left many important imprints, stated Deputy Foreign Minister Nguyen Minh Hang on the threshold of President Vo Van Thuong’s participation at the APEC Leaders’ Week 2023 and bilateral activities in San Francisco, the US from November 14-17.
Vietnam became an official member of APEC on November 15, 1998, an important milestone in the implementation of its foreign policy. Over the course of its 25 years as an APEC member, Vietnam has actively and proactively contributed to the forum, playing a vital role in promoting peace, stability, cooperation, and regional economic integration.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
The growth of APEC economies is expected to decline next year. (Photo: VNA) 
