APEC cuts economic growth forecast

The Asia-Pacific Economic Cooperation on Thursday announced a significant cut in its growth forecast for the region for this year and urged action to eliminate policy uncertainty as trade officials of the bloc began a two-day meeting in South Korea.

Economic growth in the APEC region is expected to level at 2.6 percent in 2025 and to 2.7 percent in 2026, according to a report released by the APEC Policy Support Unit. This marks a sharp drop from the 3.1-3.3 percent growth figures forecast previously in March, and the 3.6 percent actual growth recorded in 2024.

"From tariff hikes and retaliatory measures to the suspension of trade facilitation procedures and the proliferation of nontariff barriers, we are witnessing an environment that is not conducive to trade," said Carlos Kuriyama, director of the APEC Policy Support Unit.