APEC Economic Outlook: Global and Regional Growth Predicted - Caution on Risk Factors

The 2002 APEC Economic Outlook report will be presented to Leaders and Ministers of the 21 APEC member economies in Mexico next week. The report details a positive economic outlook for the Asia-Pacific region in the year ahead but warns of potential economic trouble spots.

The main potential impediments to anticipated growth are identified as the impact on financial markets by exchange rate volatility, poor corporate profits and accounting scandals, the potential of rising oil prices and widening external balances.

While the report acknowledges that these threats are minimal, Chair of the APEC Economic Committee, Dr Ahn Choong-Young, warns that "next year's period of APEC led growth is also a time for caution and vigilance."

"The medium term future of the Asia-Pacific region shows signs of an economic recovery," Dr Ahn said.

"So long as programmes aimed at strengthening connections between regional economies continue, the environment for job creation and rising living standards appears strong."

The APEC Ministerial Meeting will be held 23-24 October and the APEC Leader's Meeting takes place 26-27 October in Los Cabos, Mexico.

Other reports to be released by the APEC Economic Committee are "The New Economy in APEC" and "The Benefits of Trade and Investment Liberalization and Facilitation in APEC." Full copies of all reports will be available at the Los Cabos meetings or may be obtained from the APEC Secretariat in Singapore.