Asia-Pacific region remains global growth engine amid rising trade uncertainty: experts

Experts have highlighted the Asia-Pacific region's pivotal role in driving global growth amid rising trade tensions and policy uncertainty, as the Republic of Korea (ROK) prepares to host the 32nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting.

In a China Global Television Network (CGTN) panel discussion, experts and scholars explored APEC's evolving role and the region's impact on the global economy.

The latest projections from the International Monetary Fund (IMF) show that the Asia-Pacific's economy is expected to grow 4.5 percent this year. However, the growth is expected to slow down to 4.1 percent in 2026 amid the negative impacts of tariffs.

Choi Jae-Rim, Professor of Economics at Yonsei University, echoed the IMF's forecast and emphasized APEC's role as a vigilant observer of shifting trade dynamics.

"The escalating trade tensions and rising trade policy uncertainties cause significant risk to the Asia Pacific's economic growth, potentially slowing down momentum in the coming years. This rising trade policy uncertainty reduces firm-level investment and R and D expenditures. As such, trade disputes can disrupt supply chains, increase costs and reduce investment confidence, which may particularly affect export-dependent economies -- (South) Korea, especially in this region. So I think APEC's role is to act as the region's sharp observer," Choi said.

Steven Barnett, former IMF senior resident representative in China, emphasized the Asia-Pacific region's indispensable role in global growth, noting its strong development record.

"Asia Pacific region has really been a key driver of global growth. China and (South) Korea actually provide good examples of this. Thanks to the remarkable development in Korea from 1980, to the latest data, (South) Korea became an advanced economy and income per person grew to 88 percent of the advanced economy average. A truly remarkable record of development and a rare example of a country busting through the middle-income trap and actually rising to advanced economy status. In 1980, China was less than 3 percent of the advanced economy average. And in the latest data, China is little over 38 percent, again, remarkable development. So what can the region do going forward? Basically, continue to have sustainable and robust growth at home -- one of the best things it can do for the global economy," said Barnett.

The 32nd APEC Economic Leaders' Meeting will be held in Gyeongju of the ROK from Friday to Saturday. It will run under the theme "Building a Sustainable Tomorrow: Connect, Innovate, Prosper".

Asia-Pacific region remains global growth engine amid rising trade uncertainty: experts

Asia-Pacific region remains global growth engine amid rising trade uncertainty: experts

Asia-Pacific region remains global growth engine amid rising trade uncertainty: experts

Asia-Pacific region remains global growth engine amid rising trade uncertainty: experts

China successfully launched a remote sensing satellite from the Taiyuan Satellite Launch Center in north China's Shanxi Province on Sunday.

The Yaogan-50 02 satellite was launched at 21:22 Beijing time aboard a modified Long March-6 carrier rocket and has entered its planned orbit. The launch mission was a complete success.

The satellite will be mainly used for land survey, crop yield estimation, and disaster prevention and relief.

This launch marked the 633rd flight mission of the Long March carrier rocket series.

China launches new remote sensing satellite