State of the Region


Message from the Coordinator

In recent years it has become tempting to describe the economic outlook in terms of uncertainty and volatility. This year is no exception. Since the crisis broke the level of uncertainty about the future has increased to the extent that forecasts need to be adjusted almost as soon as they are released. However, they are important to the extent that they guide policy-makers in terms of the general direction of the economy and the adjustments that need to take place.

The State of the Region report in 2009 included a summary of the work of a PECC task force on the region’s response to the economic crisis. This included some baseline estimates of what ‘rebalanced growth’ would look like in the region. Three years on, some of these adjustments do seem to be taking place, notably improved external sector in the United States and reduced reliance on exports to drive growth in surplus economies. As the region and the world continue to face the risk of a double-dip recession it seems premature to try to undertake a comprehensive progress report. Nonetheless, the underlying concepts in the new growth strategy underpin much of our thinking in this report.

This year’s report is focused on the pathways to achieving deeper regional economic integration – one of recommended engines for growth in the post-crisis environment. This year’s survey included questions on different priorities for regional trade agreements as well as the likely success and suitability of various initiatives for achieving the goal of Free Trade Area of the Asia-Pacific. Chapter 3 takes a close look at two of the pathways for achieving greater regional economic integration. Chapter 4 looks at the actual state of economic integration as well as regional convergence.

One aspect of the report that has been evolving is PECC’s annual survey of opinion leaders. This is something unique to the report that provides a benchmark for policy-makers to gauge the impact of their work and a sense of priority on the many issues that the region is confronting. I would like to thank the PECC member committees who make tremendous efforts each year to tap into their networks to seek the views of their members on developments in the region. I would also like to thank and acknowledge the contribution of other regional groups and associations who have volunteered to help us widen our reach to a broader set of stakeholders this year, especially: Asia Inc Forum, the Asia-Pacific Research and Training Network on Trade (ARTNeT Secretariat), Confederation of Asia- Pacific Chambers of Commerce and Industry (CACCI), the National Business Center for APEC (Moscow), National Center for APEC (Seattle), Russian International Affairs Council and the ESCAP Secretariat.

There are many people we wish to thank who have made this report possible. The contributors to the report, Bobby Mariano, Petri Petri, Vo Tri Thanh, Bo Chen, Thaung Tun, Liu Minquan, and Hossain Shanawez. The report would not be possible without the guidance and support of the editorial committee. The staff at the PECC International Secretariat, the survey team, especially Betty Ip, Nor Jibani and Bonnie Chiu, and Jessica Yom who looks after the production of the report. I would also like to acknowledge my predecessor as coordinator, Yuen Pau Woo who had been the coordinator of Pacific Economic Outlook from 2005 and oversaw the transformation of the outlook into the State of the Region report.

While we make efforts to ensure that the views of PECC members are taken into account, as with all PECC reports, we consider the State of the Region as a submission to the Council. The opinions and facts contained in this report are the sole responsibility of contributors and editorial committee, and do not necessarily reflect those of the member committees of PECC, nor the institutions that they represent.

Eduardo Pedrosa
Secretary General & Report Coordinator

<< Previous

Next >>

You can also log in with your social media account by clicking the icons below


Pacific Currents

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

COVID-19: Experiences from best practices in Asia show a path forward in the fight against the coronavirus
Jeffrey Reeves
Vice-President of Research for the Asia Pacific Foundation of Canada

Wuhan Dispatch: Part 2: Sharing Best Practices Around Testing and Treatment
Jeffrey Reeves
Vice-President of Research for the Asia Pacific Foundation of Canada

Wuhan Dispatch: Part 1: Establishing a Dialogue Between Canadian and Chinese Health-care Professionals
Jeffrey Reeves
Vice-President of Research for the Asia Pacific Foundation of Canada

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)

G20 comes to the fore again
Jorge Heine
Research Professor, Pardee School of Global Studies, Boston University; Non-resident senior research fellow at the Center for China and Globalization in Beijing

Tackling COVID-19 Together: A Bottom-Up Approach to Trade Policy
Simon J. Evenett
Economics Professor at the University of St. Gallen, Switzerland and Global Trade Alert

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

International Trade at a Time of Covid-19
Roy Santana
Expert on tariffs and customs issues at the WTO; occasional lecturer

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