APEC Economic Recovery More PrevalentEconomic recovery in the APEC region is now more prevalent with APEC's total gross domestic product (GDP) officially predicted to grow at 4.3 percent in 2000, APEC Economic Committee Chair Mitsuru Taniuchi said Saturday in Bandar Seri Begawan.All the Asian economies hardest hit by the Asian crisis (Indonesia), the Philippines, Malaysia, South Korea and Thailand ade a V-shaped recovery in 1999 and remains on track through 2000£¬Mitsuru Taniuchi£¬ who is deputy director-general of coordination bureau of the economic planning agency of Japan, said at a press briefing on the Economic Committee 2000 APEC Outlook report due to be presented to APEC ministers Sunday. The three developed member economies (the US, Canada and Australia) have continued strong growth of around 4 percent, he said. Three Latin American economies (Chile, Mexico and Peru) are growing strong at 4-6 percent in 2000 fuelled by buoyant exports and recovery in consumer confidence, the official said. "The overall prospects for next year are as encouraging as this year," Taniuchi said, adding, however, the pace of overall economic growth in the APEC region will likely slow down to about 3.5 percent in 2001 due largely to the moderation of growth in the US to a more sustainable pace. The report assesses the emerging trend towards forming regional trade arrangements (RTAs) or the "new regionalism." "The key question is whether the new regionalism is a building block or a stumbling block for multilateralism," the APEC official said. There is a good case that the new regionalism opens up new opportunities to advance multilateral trade liberalization, he said. |
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