Special Lecture on “Current Global Economic Situation and the Role of APEC” by Dr. Alan Bollard, Executive Director, the APEC Secretariat, Singapore

On 18 June 2014, the Department of International Economic Affairs, Ministry of Foreign Affairs, organized a special lecture on “Current Global Economic Situation and the Role of APEC.” The lecture was conducted by Dr. Alan Bollard, Executive Director, the APEC Secretariat, Singapore. 

Dr. Bollard provided an overall picture of the Asia-Pacific Economic Cooperation (APEC) and analyzed that the economic recovery of APEC member economies in the post-2008 Financial Crisis has been satisfactory. However, intra-grouping trade has faltered recently. Therefore, it is indispensable for developed economies to rebuild competiveness while developing economies must seek new economic growth drivers. Restructuring growth by stimulating domestic consumption rather than external demand is a good example. Furthermore, Dr. Bollard proposed three approaches to achieve this objective, namely, regional economic integration; infrastructure and connectivity; productivity and other drivers.

Nonetheless, Dr. Bollard reviewed that 21 member economies of APEC should not only strive for quantitative growth, but growth that is inclusive, qualitative and sustainable. On  Thailand, Dr. Bollard urged the country to avoid the middle income trap in order to move up as a high income country.

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                                                                                      18 June 2014