State of the Region Report 2010



State of Region 2010-2011

SOTR-2010-coverEven as the economic recovery from the downturn of 2009 gathers momentum across much of Asia-Pacific, there is great uncertainty in the region about the durability of the recovery. The risk of another economic downturn stems less from a renewed bout of financial sector problems than from a failure of international economic cooperation. The forthcoming G20 and APEC Summits provide an opportunity for leaders of major economies to address the current unsustainable pattern of global flows and to step back from the brink of currency and trade wars.


default State of the Region Report 2010 default


i Message from the Co-Chairs of PECC

ii Message from the Coordinator

iii Executive Summary

Chapter 1: Sustaining Global Growth

  • Progress Towards Strong, Sustainable and Balanced Growth
    • Figure 1: Real GDP Growth, IMF October 2010
  • Macroeconomic Exit Strategies
    • Table 1: Unemployment Rates
  • Addressing Global Imbalances
    • Figure 2: Current Account Imbalances
    • Figure 3: Asia-Pacific Exchange Rate Movements
    • Table 2: Foreign Exchange Reserves minus gold (US$ billion)
    • Table 3A: Upside Scenario: Employment and Output Gains by region (IMF Mutual Assessment, June 2010)
    • Table 3B: Downside Scenario: Employment and Output Losses
  • Financial Regulatory Reforms
  • Safeguarding Trade Liberalization and Concluding the Doha Round
  • Delivering Action
  • APEC
  • Conclusion

Chapter 2: Survey of Opinion Leaders

  • Priority Issues for Yokohama 
  • Optimism on the Wane
    • Chart 1: Expectations for growth of the global economy
    • Chart 2: What are your expectations for economic growth by economy
    • Chart 3: What is the likelihood of another global recession in the next 12 months?
  • Risks to Growth
    • Table 1: Risks to Growth
  • Balanced and Sustainable Growth and Responses to the Global Economic Crisis
    • Table 2: Policy Objectives for Achieving Sustained Growth in the Asia-Pacific over the next 5 years
    • Chart 4: Rebalancing growth towards greater emphasis on domestic demand in East Asian economies
    • Table 3: Actions to Rebalance Growth in the Asia-Pacific
    • Table 4: Components of Structural Reform
    • Table 5: Challenges to Structural Reform 
  • Regional Economic Integration and Cooperation 
    • Table 6: Challenges to doing business in the Asia-Pacific
    • Chart 5: Bogor Goals and New Agenda
    • Chart 6: Regional economic integration should be pursued on multiple tracks
    • Chart 7: Regional and Global Institutions
  • Importance of APEC Activities 
    • Table 7: Importance of Various APEC Activities

Chapter 3: A Composite Index of Economic Integration in the Asia-Pacific

  • Intra-regional Trade Share, Asia-Pacific
    • Figure 1: Trade Share in AP Region
  • Intra-regional FDI Share, Asia-Pacific 
    • Figure 2: Intra-AP FDI Share within AP Region
  • Intra-regional Tourist Inflow, Asia-Pacific
    • Figure 3: Share of Intra-AP Tourists Inflow
  • Updated Convergence Index: 1990-2007
    • Figure 4: Updated Convergence Index: 1990-2007
  • Updated Composite Index: 1990-2007 
    • Figure 5: Updated Composite Index: 1990-2007
    • Table 1: Comparison of 2006 and 2007 Composite Index
  • How to Read the PECC Index of Asia-Pacific Economic Integration 
  • Technical Note on the Composite Index of Asia-Pacific Economic Integration 

Member Committees

Associate & Institutional Members


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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

Project Team 2010


Yuen Pau Woo, President and CEO of the Asia Pacific Foundation of Canada

Editorial Committee

Yuen Pau Woo (CANCPEC/ President & CEO, Asia Pacific Foundation of Canada)

Ian Buchanan (AUSPECC/ Senior Advisor, Booz Allen Hamilton)

David Hong (CTPECC/ President, Taiwan Institute of Economic Research)

Charles E. Morrison (PECC Co-Chair/ USAPC/ President, East-West Center)

Yoshiji Nogami (JANCPEC/ President, Japan Institute of International Affairs)

Tan Khee Giap (SINCPEC/ Associate Professor, National University of Singapore)

Jusuf Wanandi (PECC Co-Chair/ INCPEC/ Member, Board of Trustees, Centre for Strategic and International Studies, Indonesia)

Manfred Wilhelmy (CHILPEC/ Director, Chile Pacific Foundation)

Soogil Young (KOPEC/ President, National Strategy Institute, Korea)

Wu Zhenglong (CNCPEC)

Eduardo Pedrosa (Secretary General, PECC International Secretariat)