California, United States, IMF explains APEC Finance Ministers Forum The world economy has risk factors. After the Fed increases the policy interest rate, world GDP expands at 3 percent in 2023, seriously raising the level of the carbon market.
Mr. Pornchai Teerawet, Director of the Fiscal Policy Office As a spokesman for the Ministry of Finance, he announced that Mr. Kritsada Chinavicharana, Deputy Minister of Finance Attended the 30th APEC Finance Ministers’ Meeting (APEC FMM) and other meetings. Related (meetings) there were representatives from international organizations such as the Organization for Economic Co-operation and Development (OECD), the International Monetary Fund. World Bank Group and the Asian Development Bank (ADB) joined in discussing economic issues. modern supply economics Finance for Sustainable Development and digital assets Under the main topic (Theme) is “Create a future that is ready to embrace change and sustainable for everyone.”
The IMF has reported that the world economy continues to grow but is beginning to show signs of slowing down slightly. In 2023, GDP is expected to expand at 3 percent per year and 2.9 percent in 2024. Inflation rates have moderated from the previous year. Core inflation remains high. Return to the target range by 2025. The world economy still has risk factors from increasing the US policy interest rate. In addition, increasing the US policy interest rate causes the US dollar to weaken. Continuously strengthening and has created volatility in financial markets around the world. The IMF views risk factors Chinese economy slows from problems in the real estate sector and a reduction in consumer confidence
APEC members should jointly implement monetary and fiscal policies to support and promote the development of economic foundations for sustainable recovery. Focusing on maintaining financial stability The government sector must support Joint investment in quality infrastructure Sustainable and environmentally friendly infrastructure and clean energy infrastructure Creating incentives for the private sector and various stakeholders to carry out related activities that lead to systematic trading of carbon credits. APEC economies should cooperate with international organizations to develop international voluntary carbon markets. and exchange operating and supervision guidelines with each other in order to upgrade the voluntary carbon market of each economic zone to be connected and have the same level of standards.
Discussion on the issue of digital assets (Digital Assets) The meeting was aware of the development of digital assets in the past. and new technological innovations, APEC economies can take advantage of blockchain technology to create smart contracts. can do by yourself Taking care of cyber security as well as enhancing sufficient financial knowledge for those wishing to invest in digital assets. Therefore, APEC economic members should cooperate with international organizations. To promote the creation of a flexible, comprehensive and innovative digital asset ecosystem, possibly starting with central bank-operated digital assets first.
Results of discussions between APEC Finance Ministers and the APEC Business Advisory Council (ABAC). The meeting discussed finance for sustainable development. To meet the goal of reducing greenhouse gases in order to aim for a low-carbon society and environmental goals. Fundraising from the financial sector Incentives for investors Setting criteria for selecting green projects (Green Projects), promoting standards for grouping economic activities that take into account the environment, defining green investments (Green Taxonomy), setting carbon credit trading prices.
Deputy Minister of Economy and Finance The Republic of Peru has asked Thailand to help support Peru’s hosting of APEC in 2024, with the Deputy Minister of Finance saying he is pleased to support it. And thanks to Peru for continuing the important issues that Thailand has raised in Thailand’s hosting of APEC in 2022, namely finance for sustainable development. Digital economy development Proposes that Thailand and Peru strengthen cooperation on the basis of the Thailand-Peru Free Trade Agreement, possibly considering expanding areas of cooperation to the service sector. Including financial services.
Source: Thai News Agency