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17 Nov 2022

International Economy

APEC CEO Summit 2022 showcases global visions of business leaders of APEC member economies (Current Issue No.3362)


    During APEC 2022, hosted by Thailand, close attention must be paid to the APEC CEO Summit 2022 because it provides leading business leaders of APEC member economies an opportunity to showcase their visions. The program of the APEC CEO Summit focuses on the openness to trade and investment, as well as food security and energy, plus the use of technology in business, public health, and gender equality. APEC 2022, therefore, presents the private sector an important opportunity to propose guidelines for the design of policies that will help  drive the economy towards sustainable and inclusive growth.  
    All issues on the agendas of the APEC CEO Summit 2022 are imperative for future development. However, amid a number of challenges facing the Thai economy, including growth constraint and the demographic problem, i.e., Thailand is an aging society, we at KResearch view that the private sector should undertake immediate improvements in two main issues, namely inclusive growth and gender equity; otherwise, such issues may have serious repercussions on the economy and business over the coming years. For inclusive growth, allowing all sectors within the economy to grow sustainably will help distribute income more fairly, and reduce income disparity, thus helping spur sustainable economic growth, which is one of the goals of APEC 2022 Thailand. Regarding gender equality, providing equal opportunities for women to play a role in the labor market will significantly help offset future labor shortages, and enhance manufacturing efficiency when Thailand and other APEC member economies are moving towards an aged society over the next few years. Visions of the private sector are seen as being in line with those of the Thai government led by the Office of the National Economic and Social Development Council and the Bank of Thailand. These Thai agencies have placed emphasis on related issues in their future operational plans, with the aim of paving the way for Thailand to achieve sustainable growth in various areas.  
    Additionally, It is important to keep an eye on the roles of the public sector at the APEC Leader Summit 2022, as the "Open, Connect, Balance" concept will be promoted in economic, trade, investment issues, sustainable growth through the BCG Economy Model, food and energy security, as well as public health. Close attention must also be paid to the 2022 Leaders' Declaration for it aims to push forward ongoing cooperation among member economies to achieve these common goals. Meanwhile, APEC 2022 Thailand also presents an important opportunity for the Thai leader to showcase Thailand’s global visions, particularly those related to trade, investment, geopolitics, and climate change (especially issues that may affect food and energy security in the future). During November 2022, important meetings such as the ASEAN Leaders' Summit, The G20, COP 27 and APEC 2022 all place emphasis on stances of member states on key global issues. Political conflicts between the US and China eased somewhat during the G20. Regarding the Russia-Ukraine war, since this issue is relatively complex, each country tends to will put their national interest as priority.  
     Various agendas at APEC 2020 are based on important visions of the private sector via the APEC CEO Summit 2022 and those of the public sector through the APEC Leader Summit. If views of business leaders of  APEC member economies are included as an integral part of the public policies, this will be benefit economic development at the national, regional and international levels, going forward.