Amid the current pandemic, comes good news that the APEC (Asia Pacific Economic Community) region has posted a 6.1 percent increase in economic growth in the first quarter of 2021, which lays the groundwork for Thailand’s role as Chair next year.
According to an updated report by the APEC Policy Support Unit, the region’s economy rebounded strongly from a 2 percent decline in the first quarter of 2020, putting the region on track to achieve growth expectations for the year, now estimated at 6.4 percent, or slightly higher than the earlier prediction.
The news has delighted Thai policy makers as well as the private sector. One senior economist at the Ministry of Commerce said today that if this trajectory continues unabated, Thailand will have a successful APEC chair. Prime Minister Prayut Chan-Ocha recently chaired the second meeting of the National Committee on the Preparation of the APEC Economic Leaders’ Meeting and Related Meetings in 2022.
The relevant government agencies and the private sector are developing initiatives and projects, in coordination with other member economies and regional partners, to ensure tangible outcomes and benefits for people and businesses.
Among the objectives are plans to build capacity in a digital economy, sustainable transportation, renewable energy, low carbon emissions, innovative waste management, and structural reform to promote inclusive economic participation and access to opportunities.
In the near term, the APEC Policy Support Unit still sees sustained stimulus measures by governments driving the region’s economic growth. Private consumption will also get a boost as consumers are expected to draw on their accumulated savings, bolstered in part by cash transfers and wide-ranging subsidies to households.
“Vaccination programs and rollout still drive economic growth and the recovery progress in the region,” said Dr Denis Hew, Director of the APEC Policy Support Unit.
“We are still seeing a disparity in access to vaccination coverage across APEC; economies with faster rollouts and sustained fiscal support will recover faster and be stronger, while economies that struggle with vaccine access and have limited fiscal space will take more time to recover due to these uncertainties,” explained Dr Hew.
Vaccination coverage across APEC is noticeably varied, ranging from 148 doses per 100 residents to a low of only one dose per 100 residents. As a result, the number of fully vaccinated people across economies varies greatly, from as low as 0.2 percent to as high as 72 percent of the population as of mid-August.
As of August 16, Thailand has administered at least 24,100,630 doses of vaccine so far, representing 17.3 per cent of the population.
In connection with next year’s APEC role, the Ministry of Foreign Affairs of Thailand and Silpakorn University are co-organizing an APEC 2022 Thailand Logo Competition under the Fifth National Youth Design Awards to promote youthful engagement in the APEC hosting as well as the Thai creative economy. Young designers submitted close to 600 APEC 2022 logo designs. The winning one will be used throughout Thailand’s period as host.
(NNT)- Article by Kavi Chongkittavorn
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