Saturday, May 30, 2015Saturday, May 30, 2015

Apec economies expected to grow more strongly in coming years: Report

Published on Apr 1, 2014 11:44 AM

Economies in the Asia-Pacific Economic Cooperation (Apec) region are poised for a pick-up in growth in the coming years, as the global recovery gains traction.

In a report released today, the research arm of the Apec secretariat expects the region's gross domestic product to expand by 4.2 per cent this year and 4.4 per cent next year, up from 3.7 per cent last year.

"Despite the recurrent financial turmoil in the first few months of this year, Apec's industrialised and newly industrialised economies started off 2014 on a relatively firm footing," the report noted.

While developing Apec economies were more adversely affected, their economic activities "have also started to stabilise", it added.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!