APEC economies vow efforts to curb inflation, support sustainable growth

BANGKOK, Oct. 20 (Xinhua) -- Finance ministers and senior representatives from the Asia-Pacific Economic Cooperation (APEC) economies wrapped up a meeting here Thursday, pledging efforts to manage inflationary pressures and support sustainable development.

During the two-day APEC Finance Ministers' Meeting 2022, participants discussed issues including easing inflationary pressure, redirecting stimulus measures from COVID-19 to long-term growth drivers and maintaining fiscal sustainability.

"We need to deepen our cooperation in developing strategic, measured and innovative responses in order to keep the world economy steady and propel it forward, especially in the areas which require our collective action, such as climate change, sustainable development and digital connectivity," said Thailand's Minister of Finance Arkhom Termpittayapaisith, who chaired the meeting.

At the meeting, held under the theme of "Advancing Digitalization, Achieving Sustainability," Arkhom stressed the importance of striking a balance between growth and taking care of the environment, highlighting that digitalization and sustainability "will be the key to APEC's prosperity."

Ministers reiterated their commitment to implementing flexible fiscal policies to support inclusive economic growth and job creation. They pledged to use all available policy tools to the extent possible to manage inflationary pressures and steer the global economy back to its growth path.

They urged efforts to strengthen economic and financial resilience while keeping public debt on a sustainable path. They also pledged to not adjust exchange rates for competitive purposes.