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Pacific Economic Cooperation Council release State of the Region Report Supplement during APEC week– Nov 2023

Asia-Pacific Economic Outlook latest 2023 Section 1: Towards a Sustainable Recovery

The Asia-Pacific region has shown remarkable resilience in the face of an uncertain environment. However, as the region heads into a ‘new normal’ the shape and form of economic growth are likely to be substantially different from the pre-pandemic period. As demonstrated by concerns expressed by respondents to PECC’s annual survey, the regional policy community is concerned with the rise in the cost of living; climate change; a slowdown in world trade growth; geo-economic fragmentation; and increased protectionism and trade wars. All of these risks, if they materialize, will impact APEC’s efforts to achieve the Putrajaya Vision of an open, dynamic, resilient and peaceful Asia-Pacific community by 2040, for the prosperity of all our people and future generations.

On 5 May 2023, the head of World Health Organization (WHO) announced an end to COVID-19 as a global health emergency.

Since 30th January 2020, when the WHO declared a public health emergency of international concern over the global outbreak of COVID-19, approximately 6.9 million people have died out of 795 million cases. Although the crisis seems to be over, rather than returning to the growth pattern prior to the pandemic, the outlook remains unstable, filled with downside risks both for the immediate future as well as over the medium to longer term.


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