State of the Region 2021 - 2022

EXECUTIVE SUMMARY

In the year and a half since the global pandemic started the Asia-Pacific economy has undergone an extraordinary decline but is set to post a sharp recovery this year thanks to unprecedented policy support and the remarkable innovation and manufacture of vaccines.

The region is expected to grow by 6.1 percent in 2021 and 5.1 percent in 2022. PECC’s annual survey of the regional policy community (run from 12 August to 17 September) shows a sense of optimism among respondents with 55 percent expecting stronger economic growth for the world economy next year.

However, the divergent recovery from the crisis is evident in forecasts as well as in the views of respondents for specific economies and sub-regions. Respondents are far more optimistic about the prospects for growth for those economies that had achieved higher levels of vaccination at the time they were surveyed, notably, the United States and China. This underscores the importanc...

PECC Statement to APEC Finance Ministers

 Dr Richard Cantor, International Co-Chair represented PECC at the APEC Finance Ministers Meeting held on 22 October 2021. At their meeting Finance Ministers from the Asia-Pacific shared views on responding to COVID-19 for a sustainable and inclusive recovery and the use of fiscal policy and budget management to address ongoing challenges.

Dr Cantor, also the chair of the USPECC committee and the Chief Credit Officer for Moody’s Corporation and Moody’s Investors Service shared highlights from PECC’s forthcoming State of the Region report with the region’s Finance Ministers. With economic growth returning to the region, our respondents are fairly optimistic. However, expectations for growth diverged significantly between economies, with respondents most optimistic about the growth prospects for economies with relatively high vaccination rates.

He underscored that achieving regional and global goals to reduce carbon requires major structural changes of the economy and major coordi...

CTPECC: The 36th Pacific Economic Community Seminar: Economic Transformation and the Future of Work in the Asia-Pacific after the Pandemic

The COVID-19 is bringing the globe and the Asia-Pacific irreversible changes in terms of our economy and social interactions, on which our regional order and agenda for cooperation is underpinned. Supply chains of strategic significance are about to be restructured, while people call for a more sustainable way to recover with new technologies that imply both opportunities and risks. New patterns of regional governance will definitely emerge as the changes evolve.

The 36th Pacific Economic Community Seminar entitled "Economic Transformation and Future of Work in the Asia-Pacific after the pandemic" organized by Chinese Taipei Pacific Economic Cooperation Committee (CTPECC) will be held in Taipei on 14 October 2021.

The objective of this seminar is to address the regional significance and challenges on economic transformation and the preparation of future work under the “prospect of regional governance in the post-pandemic era”.

Speakers and attendees from PECC member committees will ...

PECC mourns the death of Senator Adlai Stevenson III

PECC mourns the death of Senator Adlai Stevenson III, who passed away on 6 September 2021 at the age of 90. He was a past president of the U.S. Committee of the Pacific Economic Cooperation Council. He served in the US Senate from 1970 to 1981 representing the state of Illinois.

Adlai E. Stevenson III, served in numerous business and public policy related capacities, including Chairman of SC&M Investment Management Company, founder and a Director of Hua Mei Capital Company (the first Sino US financial intermediary and Chairman of Midwest US China Association. He was the author of the Black Book which records American politics and history as his family knew it over five generations of active engagement starting with Lincoln in central Illinois. In May 2016, the Black Book was published by the China Academy of Social Sciences Press in China and renamed: American History and the Story of the Black Book. (http://www.adlai3.com)

“Former Senator Adlai Stevenson was a visionary and dedi...

28th PECC General Meeting Concludes

The 28th PECC General Meeting concluded on 22nd July 2021. The event was hosted by the New Zealand Committee of the Pacific Economic Cooperation Council (NZPECC) on the theme of “Implementing the Putrajaya Vision: Revitalising the Regional Economy and Ensuring Sustainable and Inclusive Societies”. The 2- days conference provided valuable insights and in-depth discussions from distinguished speakers and panellists, focusing on 4 key themes:

1. Challenges of the COVID recovery: Managing COVID and the Challenges of Reviving Regional Growth
2. Rebuilding Support for Open Trade
3. The Emerging Issues in the Digital Economy
4. Climate Change

The Pacific Economic Cooperation Council elected Ambassador Zhan Yongxin, Chair of the China National Committee for Pacific Economic Cooperation (CNCPEC) as International Co-Chair. Prior to joining CNCPEC, Amb. Zhan held various governmental positions such as Second Secretary, Department of International Organizations and Conferences, MFA, and Ambassador ...