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Private Group Sees APEC Growth Slowing
Economic growth in the Asia-Pacific region in 2001 is likely to ease down from the highs achieved in 2000, according to Pacific Economic Outlook (PEO) forecasts.
PEO forecasters working within the individual economies have come up with a set of expectations pointing to a soft landing for next year, according to Prof. Ross Garnaut, coordinator of the PEO Forecast Project Group.
The PEO is produced by the Pacific Economic Cooperation Council (PECC), a unique tripartite partnership of senior individuals from business and industry, government, academia and other intellectual circles who participate in their private capacity.
Speaking at a press conference at the sideline of the APEC meeting, Garnaut said for 2000, the weighted average for real GDP growth is now expected to be 5.6 percent, the highest since 1988, while the rate will drop to 4.2 percent in 2001.
Garnaut, however, noted that higher oil prices might be a major threat to price stability and economic growth in the Pacific region. He said the higher oil prices are partly the consequence of stronger growth in the region's economies with their large share of world oil use.
Released at the same event was the Pacific Food Outlook 2000-2001, also produced by PECC.
Walter Armbruster, chairman of the Pacific Food Outlook (PFA), said the fundamental challenge facing the Pacific region will be to raise food system productivity at a pace matching population growth and rising affluence.
With limits to expanded land resources, technology will play an important future role not only in raising yields at the farm level but also in reducing losses, enhancing quality and freshness, and increasing the speed of product delivery to consumers.
Armbruster said technology development and its application in the food system depends on many factors, including strong public commitment, public and private sector linkages, and a variety of supportive programs and policies, such as education, infrastructure development and extension.
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