Apec posts strong growth in first quarter

“Vaccination programmes and rollout still drive economic growth and the recovery progress in the region. We are still seeing a disparity in access to vaccination coverage across Apec; economies with faster rollouts and sustained fiscal support will recover faster and stronger, while economies that struggle with vaccine access and have limited fiscal space will take more time to recover due to these uncertainties,” said Apec PSU director Dr Denis Hew.

KUALA LUMPUR: The Asia-Pacific Economic Cooperation (Apec) region posted a 6.1% increase in economic growth in the first quarter (Q1) of 2021, bouncing back strongly from a 2% decline in Q1 of 2020.

According to the latest update from the Apec Policy Support Unit (PSU), the forum’s research and analysis arm, this number comfortably puts the region on track to achieve growth expectations for 2021, which is estimated at 6.4%.