PECC's State of the Region 2024-2025
- Canada-ASEAN Business Council (CABC)
- Jul 18
- 1 min read
Pacific Economic Cooperation Council's State of the Region 2024-2025
The Asia-Pacific region is projected to grow at 3.4 percent in 2024, four basis points higher than forecasts made in early 2023. Looking further ahead, over the 2-3 years, growth is expected to moderate to 2.9 percent over the next few years as shown in Figure 1. This is about one percentage point lower than growth between the Global Financial Crisis and the Covid-19 pandemic. The forecast for the region’s GDP growth has improved since the forecast was made in October last year. Looking further ahead and broader measures of growth, while the region made considerable success increasing GDP per capita and reducing poverty over the past three decades, the trade driven growth model is increasingly fragile as discussed below, moreover, in spite of the overall benefits of trade, there is a perception that income inequality has been rising, with many blaming globalizations.
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