The coronavirus disease 2019 (Covid 19) pandemic sent economic growth in the Asia-Pacific Economic Cooperation (APEC) down by 3.7 percent in the first six months of 2020.
The regional economy is also projected to contract by 2.5 percent yearlong, representing an output loss of $1.8 trillion.
It will be the foremost time that the region’s economy will contract in three decades, according to a report by the APEC Policy Support Unit issued by the APEC Secretariat recently.
“The APEC was formed more than 30 years ago and has seen economic recessions, financial crises, commodity price volatility, pandemics, and terrorist attacks. Yet, in terms of economic losses, this has been a year like no other,” Director of the APEC Policy Support Unit Denis Hew said.
Unemployment rates among APEC economies have climbed owing to the economic fallout from coronavirus disease 2019 (Covid-19), averaging 4.8 percent as of September 2020, with over 74 million people seeking work, while consumption, trade, and investments have reversed to contractions that are larger than expected.
Household consumption shrunk by 7.1 percent during the first half of 2020 from an average growth rate of three percent in the first half of 2019.