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APEC economy to reduce by 2.7 percent in 2020 due to COVID-19

The Asia-Pacific Economic Cooperation (APEC) region is expected to post a 2.7 percent economic decline in 2020 due to the impact of COVID-19
APEC economy to reduce by 2.7 percent in 2020 due to COVID-19 ảnh 1People in Kualar Lumpur, Malaysia, wear face masks to prevent the spread of COVID-19 (Photo: Xinhua/VNA)

Hanoi (VNA) – The Asia-Pacific Economic Cooperation (APEC) region isexpected to post a 2.7 percent economic decline in 2020 due to the impact ofCOVID-19.

Thiswill be the most significant fall since the near-zero growth rate logged in2009 during the global financial crisis, according to the APEC Secretariat.

Lastyear, the 21-member region recorded an economic growth of 3.6 percent.

The region'sunemployment rate is projected to rise to 5.4 percent in 2020 from 3.8 percentin 2019, or an additional 23.5 million workers being unemployed in 2020,according to a report released by the APEC Secretariat.

An economic reboundis forecast for 2021, with the anticipated growth of 6.3 percent, higher thanthe projected global economic growth of 5.8 percent.

This rebound, however, depends on the effectiveness ofcontainment mechanisms to avoid a second wave of the COVID-19 pandemic as wellas measures to stipulate economy.

APEC is comprisedof Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, theRepublic of Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, thePhilippines, Russia, Singapore, Taiwan, Thailand, the US and Vietnam./.
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#COVID-19 #Asia-Pacific Economic Cooperation (APEC) #economic decline #Vietnamplus #Vietnam News Agency
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