Press Release

Risk to growth for Asia-Pacific highlighted

15/11/2018

The top five risks to the growth of the Asia-Pacific region was highlighted recently by the Pacific Economic Cooperation Council (PECC).

The top five risks to the growth of the Asia-Pacific region was highlighted recently by the Pacific Economic Cooperation Council (PECC).

According to the Co-Chair of the PECC, Ambassador Donald Campbell, the top five risks to the growth of the region in the next 2-3 years are:

  • Increased protectionism and trade wars
  • Possible slowdown in the world trade down
  • A slowdown in the Chinese economy
  • Lack of political leadership
  • Corruption

The Ambassador was speaking while discussing the annual survey which targets people in business and decision making capacities, policy makers, academics and media in APEC communities.

Ambassador Donald made the remarks during a press conference on the State of the Region Report along with SU Ge who is also a Co-Chair for the PECC.

Ambassador Campbell briefly explained that PECC is a network of individual from the non-government organisations, business committees, academia’s and the government in a private capacity with a total of 26 member committees with the APEC countries.

“We are committed to enhance Asia-Pacific Regional Cooperation. For those of you who are familiar with non-government organization and track 2, we are not quite a track 2, we a sort of track 1.2 or 1.3 since many of us are either have been or are in government, but we are intact in our private capacity,” Ambassador Campbell said.

He also added that the PECC engage in networking and in dialogue as well as networks of experts to assist in deliberation and also provide policy idea.

Ambassador Campbell also announced that there is a State of the Region Report provided by the PECC annually on the insights of the developments in the Asia Pacific Region.

According to the Executive Summary by the Co- Chairs, the Asia-Pacific is expected to grow by 3.9 percent and 3.7 percent in 2019.

The summary also added that, as a result of the materialization of risks to growth, trade conflicts, high commodity prices, rising interests and volatile capital, there is a downward revision made earlier this year.