Asia–Pacific

The Asia–Pacific (APAC)^[1] is the region of the world adjoining the western Pacific Ocean. The region's precise boundaries vary depending on context, but countries and territories in Australasia, East Asia, and Southeast Asia are often included. In a wider context, Central Asia, North Asia, the Pacific Islands, South Asia, West Asia (excluding the Arabian Peninsula and the Levant), and even Pacific-adjoining countries in the Americas can be included. For example, the Asia-Pacific Economic Cooperation (APEC) includes five countries (Canada, Chile, Mexico, Peru, and the United States) in the New World. The term has become popular since the late 1980s in commerce, finance, and politics. Despite the heterogeneity of the regions' economies, most individual nations within the zone are emerging markets experiencing rapid growth. Sometimes, the notion of "Asia–Pacific excluding Japan" (APEJ) is considered useful.^[2]

Related regions

Central and Eastern Asia (CEA)
Eastern Asia – some companies separate their Eastern Asian business from the rest of Asia, and refer to the Oriental region separately from the Western/Central Asia region
Oceania
South-eastern Asia
Southern Asia
Western Asia

List of countries and territories by subregion

In accordance with the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Asia–Pacific region includes a total of 51 countries and seven territories grouped into five subregions:^[3]

East and North East Asia (ENEA)

North and Central Asia (NCA)

South and South West Asia (SSWA)

South East Asia (SEA) – ASEAN

The Pacific (PACIFIC)

In a wider context, the following countries and territories can also be included in the Asia–Pacific region:

Asia

North America

Oceania

South America

Economic Overview

The World Bank's April 2024 update indicates that the growth rate for the Asia-Pacific region, excluding China, is expected to slightly increase to 4.6% in 2024, up from 4.4% in 2023. This underscores a diverse economic resilience against global pressures. Meanwhile, global trade growth, which was minimal at 0.2% in 2023, is projected to improve to 2.3% in 2024, crucial for the region's export-oriented economies. However, private investment remains below pre-pandemic levels due to higher debt levels and rising interest rates, signaling a cautious investment climate. The region faces significant challenges from both external factors, such as high core inflation and modest global trade recovery, and domestic issues like increased debt and political uncertainties, potentially hindering economic growth. Additionally, a hypothetical 1% decline in GDP growth in the US or China could reduce GDP growth in other developing Asia-Pacific economies by approximately 0.5% and 0.3%, respectively. The increase in trade-distorting measures, which have tripled since 2019 among G-20 countries, reflects a trend towards protective industrial policies, although other East Asia-Pacific countries, except for China and Indonesia, have been less involved in these measures.^[4]^[5]

References

External links

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