APEC economy to be reduced by 2.7 per cent in 2020

A report by the Asia-Pacific Economic Cooperation (APEC) Secretariat stated that the Asia-Pacific Economic Cooperation (APEC) region has been expected to post an economic decline by 2.7 percent in 2020 because of the Coronavirus pandemic.

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Key-Points

The report recorded a 3.6% economic growth in the APEC region.

The unemployment rate in the region has been projected to rise to 5.4% in 2020 from 3.8% in 2019, which means an additional 23.5 million workers being unemployed in 2020.

An economic rebound is a forecast for the year 2021, with the anticipated growth of 6.3%, higher than the projected global economic growth of 5.8%.

It states that the rebound depends on the effectiveness of containment mechanisms to avoid a second wave of the COVID-19 pandemic and measures to stimulate the economy.