APEC economies forecast 6% growth in 2021 with high inflation

The Asia Pacific Economic Cooperation Forum (APEC), which includes the United States, China, Chile, Peru and 17 other countries, forecasts a growth for their economies of 6% during 2021 while warning of the rise in inflation, reports the block that celebrates its summit of leaders on Friday.

In the first half of the year, the group registered a joint growth of 8% of the Gross Domestic Product (GDP) compared to the contraction of 3.7% that it registered during the same period of 2020, points out in a statement the APEC when influencing the uncertainties economic due to the pandemic.

Analysts also forecast 4.9% growth for next year in anticipation of the reversal of the fiscal and monetary support measures implemented by the different countries to keep their economies running.

APEC, which this Monday begins its week of telematic meetings under the rotating presidency of New Zealand with the meeting between trade and foreign ministers, underlines in its statement: “worrying rise in inflation“, With a rate of 2.6% in the first nine months of the year, which”if not addressed”Could affect recovery.

The director for the Support Policy of the APEC, Denis Hew, asks for his part “urgently address unequal access to vaccines to avoid a two-speed recovery“By specifying that”it is essential that economic, trade and health policies are intertwined”.

Forum APEC, which this year organizes New Zealand and that this Friday celebrates the meeting of leaders, represents 60% of world GDP and more than half of global trade, forms a market of about 2.85 billion consumers -40% of the world population- and aims to establish a free trade zone between the 21 member economies.

The economies that make up the APEC, founded in 1989, are: Australia, Brunei, Canada, Chile, China, South Korea, the United States, the Philippines, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Russia, Singapore, Taiwan, Thailand and Vietnam.