APEC slashes 2022 growth forecast to 3.2% for Asia-Pacific region

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The Asia-Pacific Economic Cooperation group (APEC) has said it expects the region’s economic performance to be weaker this year. It has cut its GDP growth forecast to 3.2%, shaving a full percentage point off its last projection three months ago. APEC said the war in Ukraine is the key reason for slowing growth. Other factors include rising interest rates, the ongoing COVID-19 pandemic and increasing public debt. Inflation in the region has risen to average 4.5% in Q1 — up from 1.8% a year earlier.

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