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State of the Region Report

State of the Region 2022

On behalf of the members of the Pacific Economic Cooperation Council it is our great pleasure to present our 16th annual State of the Region report. The objective of this report is to provide an assessment of the key issues affecting the region and the challenges to creating stronger and deeper ties across the region. To do so we are indebted to the 544 respondents to our annual survey who took the time to share with us their views. We stress that this is not a survey of public opinion, but of the regional policy community – stakeholders from business; government; academia; media and civil society. 


Download: icon State of the Region Report 2022 

 

 CONTENT

MESSAGE FROM THE CO-CHAIRS OF PECC

EXECUTIVE SUMMARY  

CHAPTER 1: ASIA - PACIFIC ECONOMIC OUTLOOK 

Expectations for Regional Growth Lowered 
Risks to Growth
Inflation
Rising Interest Rates 
Capital Flows
Slowdown in the Chinese Economy
Fragmenting Global Economy
Protectionism and Slowing Trade
Climate Change
Ukraine Conflict
Covid-19 Pandemic
Global Supply Chains
Box: The importance of essential services to supply chain connectivity and resilience
Reviving Tourism
Reforms for Growth
Priorities for Structural Reforms
Priorities for APEC Leaders
Open to All Opportunities
Reducing Barriers to the Digital Economy 
Connect in all Dimensions
Balance in all Aspects
Turning Crises into Opportunities 

CHAPTER 2: REVISITING THE FREE-TRADE AREA OF THE ASIA-PACIFIC IN CHALLENGING TIMES: THE WAY FORWARD

I. Setting the Stage: FTAAP in Uncertain Times
II. Progress along the FTAAP Pathways
The Economic Effects of RCEP and CPTPP
III. Modalities to Achieve the FTAAP: The Way Forward
IV. Conclusions 
References

ANNEX A: RESULTS OF ASIA-PACIFIC POLICY COMMUNITY SURVEY

Results of Asia-Pacific Policy
Community Survey

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Pacific Currents

Global value chains: From fruitful discussions to meaningful actions
Juan Navarro, Associate Faculty, Royal Roads University

Climate change in SOTR
Christopher Findlay, Tilak Doshi and Eduardo Pedrosa

Digital Technologies, Services and the Fourth Industrial Revolutions
Submitted by Jane Drake-Brockman, Christopher Findlay, Yose Rizal Damuri and Sherry Stephenson 

COVID-19 has Exposed Major Gaps in our Social Safety Nets: In a Post-COVID World Will these Gaps be Closed?
Hugh Stephens
Vice Chair, CANCPEC; Distinguished Fellow, Asia Pacific Foundation of Canada; Executive Fellow, School of Public Policy at the University of Calgary

 Multilateral Cooperation is a Safeguard against Pandemics
Rebecca Fatima Sta Maria
Executive Director, APEC Secretariat

International cooperation during COVID-19
Sungbae An
Senior Research Fellow, Department of International Macroeconomics and Finance, Korea Institute for International Economic Policy (KIEP)

Drastic measures to stop spread of COVID-19 are necessary
Charles E. Morrison
Adjunct Fellow and Former President of the East-West Center; Former Co-Chair, PECC

ASEAN-China cooperation in time of COVID-19 pandemic
Jusuf Wanandi
Vice Chair, Board of Trustees, CSIS Foundation; Former Co-Chair of PECC