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New APEC Policy Support Unit Economic Trends report is released. According to the report, economic growth in the Asia-Pacific region hinges on the strength of consumer spending, underscoring the importance of inclusive growth and structural reforms to boost domestic demand.
APEC’s gross domestic product (GDP) grew by 2.9 per cent in 2014, compared with a world GDP growth of 3.4 per cent. Consumer spending remained the key driver behind the continued expansion of APEC economies, accounting for some 2.6 per cent or almost 90 per cent of the region’s GDP growth in 2014.
As economies rebalance towards domestic drivers, APEC members will increasingly need to rely on reforming the domestic environment including fair and transparent taxation policies and providing social safety nets to free up household spending.