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Economic growth in APEC region: Analysis

According to the latest APEC Regional Trends Analysis, APEC economies continue to strengthen but their growth and more equitable distribution of the benefits hinge on the fate of market openness and integration in the Asia-Pacific.

Director of the APEC Policy Support Unit on the trade and inclusive policy outlook for PNG and the broader region, Dr Dennis Hew, revealed that APEC GDP growth surged to 4.1 percent in 2017 from 3.4 percent in 2016.

However, he said high growth is expected to be maintained in 2018 and 2019.

Inclusive growth among APEC economies

Chairman Dr Osbourne Sanida simplified this by saying it is about how more and more people can be engaged in the production of goods and services for economic growth.

Dr Sanida, when addressing the delegates, called for team work from all APEC economies as ‘no economy is an island’.

He said all economies are connected and through digital innovations, we can achieve inclusive economic growth in the region.

“When talking about connectivity we must note that Papua New Guinea, as with any other APEC economy, is not an island.