APEC Businesses Urge Action Amid Lackluster Growth

ABAC Report Predicts Slowdown in Economic Growth

In a recently released report, the APEC Business Advisory Council (ABAC) has warned that economic growth in the Asia-Pacific region is set to slow down in the coming years. The report, which was presented to APEC leaders at their annual meeting in Tokyo, forecasts that economic growth will moderate to 2.8% in 2025, down from the current 3.2%.

Global Uncertainties Weigh on Growth

ABAC attributes the slowdown in growth to a number of factors, including the ongoing COVID-19 pandemic, the war in Ukraine, and rising inflation. These uncertainties are making businesses hesitant to invest and consumers cautious about spending.

Call for Greater Action

In light of these challenges, ABAC is calling for governments and businesses to take greater action to boost economic growth. This includes increasing investment in infrastructure, promoting innovation, and reducing trade barriers. ABAC also recommends that governments provide support to businesses and workers who are affected by the economic slowdown.

Slow Growth, Increased Inflation

The ABAC report also highlights the growing problem of inflation in the Asia-Pacific region. In many countries, inflation is at its highest level in decades. This is putting a strain on businesses and consumers alike.

The ABAC report is a timely reminder of the challenges facing the global economy. It is clear that governments and businesses need to work together to address these challenges and promote economic growth.