APEC economy to reduce by 2.7% in 2020

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News:According to the APEC Secretariat, Asia-Pacific Economic Cooperation (APEC) region is expected to post a 2.7% economic decline in 2020 due to the impact of COVID-19.

Facts:

  • Asia-Pacific Economic Cooperation(APEC): It is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.
  • Aim: To create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.
  • Members:  21 members 
  • Headquarters: Singapore
  • India is not a member of APEC.
  • Bogor Goals: These are a set of goals agreed by APEC members in 1994 in Bogor,Indonesia with the aim of free and open trade and investment in the Asia-Pacific by the year 2020.