Asia–Pacific

For example, the Asia-Pacific Economic Cooperation (APEC) includes five economies (Canada, Chile, Mexico, Peru, and the United States) in the New World (more standardly referred to as the Western Hemisphere).

Despite the heterogeneity of the regions' economies, most individual nations within the zone are emerging markets experiencing significant growth.

[1][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] In a wider context, the following countries and territories can also be included in the Asia–Pacific region: 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.

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.

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.