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]
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]
American Samoa (United States)
Australia
Cook Islands
Fiji
French Polynesia (France)
Guam (United States)
Kiribati
Marshall Islands
Micronesia (Federated States of)
Nauru
New Caledonia (France)
New Zealand
Niue
Northern Mariana Islands (United States)
Palau
Papua New Guinea
Samoa
Solomon Islands
Tonga
Tuvalu
VanuatuIn a wider context, the following countries and territories can also be included in the Asia–Pacific region:
Baker Island (United States)
Clipperton Island (France) Coral Sea Islands (Australia) Howland Island (United States) Jarvis Island (United States) Johnston Atoll (United States) Kingman Reef (United States)
Midway Atoll (United States)
Norfolk Island (Australia) Palmyra Atoll (United States)
Pitcairn Islands (United Kingdom)
Tokelau (New Zealand)
Wake Island (United States)
Wallis and Futuna (France)
Chuuk State (Micronesia)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]
APEJ (Asia-Pacific Excluding Japan) and EEMEA (Eastern Europe, Middle East, and Africa) will grow their combined share of this figure from 17 percent to 22 percent during the same period, as North America's share adjusts from 53 percent to 46 percent.
