World economic growth could slow in 2024, Paul Chan says

According to Financial Secretary Paul Chan on Sunday (Nov. 19), representatives at the APEC summit in the US  generally expect that global economic growth in 2023 would accelerate more quickly than it will in the next year.

"Representatives generally believe that high interest rates will remain for a longer period of time, and that global economic growth in 2024 will be slower than this year, with higher downside risks. The medium- to long-term outlook is still weak, and it may take two to three years for many countries to return to their pre-pandemic growth trajectory," Chan, who represented Hong Kong at the APEC meetings in San Francisco, wrote on his weekly blog.

The financial secretary also noted that talks between President Xi Jinping and his US counterpart Joe Biden on the sidelines of the APEC leaders' summit have become a global focus.

"The representatives of all member states were very concerned about the meeting between the leaders of the two countries. Inside and outside the venue, many representatives expressed their pleasure and anticipation for the meeting and the promotion of more communication in the future," he said.

Separately, Chan noted many Apec members called for a more inclusive environment for development, as well as updates to the rules to accommodate the rapid development of the digital economy and e-commerce.

"They have realized that in promoting economic development, while making the pie bigger, it is also necessary to pay attention to how to split the pie, so that the people can truly share the fruits of economic development."

"Only in this way can development be sustained and society be stable and prosperous in the long term," he said.