Pacific rim economies in doldrums, sapped by inflation, war

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Economies in the Asia-Pacific are forecast to hit the doldrums this year as decades-high inflation and the war in Ukraine add to uncertainty and the aftereffects of the pandemic. A report on Pacific Rim economies by the Asia Pacific Economic Cooperation forum says growth in the region will likely fall by more than half this year to 2.5%. It says trade has weakened this year after rebounding from a pandemic slump last year. Weaker growth in the U.S. and China is a big factor, though other economies are also slowing. More than half of the 21 APEC members have raised rates or otherwise tightened monetary policy to counter inflation, which now averages 5.4% for the region.