APEC Leaders Meet in South Korea Amid Global Economic Uncertainty
APEC leaders gathered in South Korea on Friday for the 32nd Asia-Pacific Economic Cooperation (APEC) Leaders' Meeting, aimed at strengthening economic cooperation and charting a common path to a sustainable future. President of the Republic of Korea (ROK) Lee Jae-myung emphasized the need for closer cooperation and solidarity in the region to overcome new challenges, including the technological revolution associated with artificial intelligence. The meeting is taking place against a backdrop of growing uncertainty in the international economic environment and the resurgence of protectionism and unilateralism.
Key Takeaways:
- The APEC meeting is focused on promoting regional connectivity, innovation-driven growth, and a more sustainable future for the Asia-Pacific region, under the theme "Building a Sustainable Tomorrow."
- President Lee Jae-myung noted that global economic uncertainty is growing, with trade and investment slowing, and the technological revolution associated with artificial intelligence bringing both challenges and opportunities.
- APEC members face numerous structural challenges, including accelerating population aging, widening development gaps, uneven digital transformation, and the rising costs of transitioning to a green economy.
- APEC members will collectively account for over 60 percent of global GDP in 2025, with economic growth in the region expected to reach 3.1 percent this year.
- The APEC Regional Trends Analysis report warns that growth could slow to 2.9% in 2026 due to rising public debt and weakening temporary factors.
- Founded in 1989, APEC has become a dynamic engine of economic growth and one of the most important regional forums in the Asia-Pacific region.
Statistics:
- APEC members will collectively account for over 60 percent of global GDP in 2025.
- Economic growth in the region is expected to reach 3.1 percent this year, with a forecast of 2.9% in 2026.
- APEC Growth Forecast: 3.1% (2024), 2.9% (2026).
Sources:
- Xinhua - State Council News, Oct. 31
- APEC Regional Trends Analysis Report