According to reports from the policy support department of the Asia-Pacific Economic Cooperation (APEC), the growth rate of the economies in the Asia-Pacific region (APR) is expected to slow down to 2.8% in 2024 from 3.3% by the end of 2023. Analysts attribute the half-a-point slowdown in the APR's economic growth rate to various factors. Notably, the prolonged tension in the trade relations between the US and China is among the major concerns. In addition, analysts noted China's sluggish economic recovery following extended lockdowns. Furthermore, the tightening of monetary policies by leading central banks significantly impacts the region's economic growth. Against this backdrop, economists anticipate that regulators might increase interest rates. APEC analysts believe that between 2025 and 2026, the APR's GDP growth rates will remain below the global average. During this period, the economic growth in Asian countries is expected to be around 2.9%, compared to 3.5%–3.6% in the rest of the world. APEC currently includes 21 countries, such as the USA, China, South Korea, and Russia. In late September 2023, currency strategists at the Asian Development Bank (ADB) predicted that the APR's economic growth rate would slow down to 4.7% by the end of the year. This slowdown is attributed to China's real estate sector debt crisis and a decrease in global demand for Asian products. This situation is expected to adversely affect the local manufacturing industry.
