APEC call for the importance of Chinese/India economy growth

The Asia-Pacific Economic Cooperation (APEC) members currently account for over 60 percent of the world’s economic growth and the group have indicated the need for trade protection to be removed.

APEC groups, established in 1989 include: Australia, Brunei, Canada, Chile, China, China’s Hong Kong, Chinese Taipei, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, South Korea, Thailand, the United States and Vietnam.

The Pacific ring trade community has indicated that India and China are integral players in determining the length of the global economic slowdown.

Bob Buckle of the 21-nation APEC said that rich and developed economies are only expected to grow by up to 0.1 percent during 2008, whilst the developing countries across the world are expecting to pull together a 5 percent growth rate.

APEC’s predictions now focus on the fact that by early 2009 the emerging economies including China and India who will account for the whole of the world’s 2.2 percent economic growth.

This is a position that is also espoused by the International Monetary Fund as both China and India’s economies have grown in double digits for the last 15 years, as a result of continued investment and their domestic consumption, as together they account for 40 percent of the world’s population.

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