Asia Pacific urged to boost consumption as economic driver
DENPASAR (AFP) - Asia Pacific economies must boost household consumption as a driver of economic growth, in tandem with efforts to liberalise trade and investment, a study said on Thursday.
The Asia Pacific Economic Cooperation (APEC) forum study said the yawning gap in consumption patterns between the region's rich and developing nations must be narrowed if economic growth is to be sustainable.
With slackening demand from struggling major export markets like the United States and Europe, Asia needs to perk up domestic consumption to drive economic growth, analysts have said.
According to the study, consumers in APEC's developing economies on average spend US$3,111 (S$3,887) a year, less than 10 per cent of the US$31,738 spent by consumers in the grouping's industrialised members.