APEC LEADERS BULLISH ABOUT WORLD ECONOMIC OUTLOOK, SAYS PM
There is greater optimism among leaders to forge regional economic integration, says PM
THERE is greater optimism among Asia-Pacific Economic Cooperation (Apec) leaders to forge regional economic integration and cooperation, and distribute wealth to more people in the region, said Prime Minister Datuk Seri Najib Razak.
He described the Apec gathering here as “successful”, after he and other leaders, including United States President Donald Trump and Chinese President Xi Jinping, ended their annual meeting yesterday.
Najb said the 21-member group felt more bullish after International Monetary Fund managing director Christine Lagarde briefed them that the world economy was recovering faster than expected.
“In 2016, the world economy grew 3.2 per cent. It is expected to grow higher to 3.6 per cent this year before rising further to 3.7 per cent in 2018.
“This is good news for all Apec members, as we can continue to integrate the regional economy and enhance cooperation and trade.”
He was sharing with the Malaysian media some key points of the leaders’ sentiment and declaration issued at the end of the two-day summit.
He cited Lagarde’s analogy to illustrate how Apec economies could make a greater push from the rosier economic outlook.
“Now the sun is out. It’s time to take advantage and prepare for the rainy days.”
In other words, Najib said a deficit country, for example, must undertake domestic reforms to address debt so that it had more capacity to drive the economy.
He said the leaders reaffirmed their aspirations towards balanced and inclusive growth in the region through monetary, fiscal and structural policies, individually and collectively.
The leaders were also committed to attaining the Bogor Goals of free and open trade and investment in the region.
Najib also shared his views with leaders and participants at various sessions at the summit. This included the need to ensure more people embraced globalisation, rather than fear it, partially by introducing more initiatives related to the digital economy.
He said the summit had recognised Malaysia’s efforts in building its digital economy, led by the Digital Free Trade Zone.
He said the group had achieved remarkable success since its inception in 1989. This was reflected in the fact that the Apec region now accounted for 65 per cent of global gross domestic product, 51 per cent of global trade and 53.1 per cent of global foreign direct investment.