APEC business leaders discuss path to sustained recovery, growth

This photo taken on Nov. 12, 2022 shows the Queen Sirikit National Convention Center in Bangkok, Thailand. The 29th Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting will be held in Bangkok, Thailand, on Nov. 18-19. (Xinhua/Wang Teng)

The ABAC called on APEC members to implement monetary policy to keep inflation under control, confront the food security crisis, and eliminate restrictions to the movement of essential goods and services.

BANGKOK, Nov. 17 (Xinhua) -- Business leaders from the APEC Business Advisory Council (ABAC) on Wednesday discussed the path to achieving a speedy and sustained recovery, and regaining the momentum for sustainable, inclusive, and resilient growth.

The ABAC, with its main mandate of delivering recommendations and advising APEC members on the business sector's concerns and important issues, released a Report to APEC Economic Leaders, as well as a report for the business sector.

The APEC Economic Leaders' Meeting is scheduled to be held in the Thai capital on Friday and Saturday under the theme of "Open, Connect, Balance."

Kriengkrai Thiennukul, the ABAC chairman, said obstacles, including food and energy instability, impacts from the COVID-19 pandemic, supply chain disruption, and increasing pressure from inflation, are crippling the region in achieving APEC's mission to become an open, dynamic, resilient, and peaceful Asia-Pacific community by 2040, according to an ABAC statement.

A staff member walks at the media center of APEC 2022 in Bangkok, Thailand, Nov. 14, 2022. (Xinhua/Wang Teng)

In the report, the ABAC called on APEC members to implement monetary policy to keep inflation under control, and fiscal policy to head off a wage-price spiral over the short term. It also highlighted the need to confront the food security crisis, and eliminate restrictions to the movement of essential goods and services critical to fighting the pandemic.

To achieve sustainable and inclusive growth, the APEC economies should advance toward sustainability, deepen regional economic integration, and foster an enabling environment through digitalization, said Thiennukul.

For the business sector, a report titled "Asia Pacific's Time: Responding to the New Reality" was delivered by PwC, the knowledge partner of this year's APEC CEO Summit to be hosted and chaired by the ABAC on Thursday and Friday.

It outlined five aligned and mutually reinforcing success factors, namely supply chains, regional enterprise growth, digital economy, workforce, and the evolving ESG (Environmental, Social, and Governance) landscape, which will drive differentiation and competitiveness for businesses to prosper in the region.

ABAC Executive Director 2022 and ABAC Thailand Alternate Member Montri Mahapreukpong stressed the importance of information support from the private sector for the business sector, a primary economic, trade, and investment driver in the Asia-Pacific region.