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.
The speed of recovery is likely to vary across Apec economies, as investors remain sensitive to large economies' monetary policy changes, said the report.
Apec was established in 1989 and has 21 member economies which include Singapore, the United States, Russia and China.