- POSTED: 04 Oct 2013 16:26
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The Pacific Economic Cooperation Council (PECC) said the US shutdown and political stalemate pose risks to Asia-Pacific growth.
SINGAPORE: The Pacific Economic Cooperation Council (PECC) said the US shutdown and political stalemate pose risks to Asia-Pacific growth.
In its annual State of the Region report released on the sidelines of the APEC Summit in Bali, Indonesia, PECC said failure to come up with a package of economic and budget measures in the US was rated the 5th highest risk to growth by 560 regional opinion leaders.
PECC added that the survey was conducted two months ago, and that the US government shutdown would have ranked much higher if the survey was done today.
In a statement, its Secretary-General Eduardo Pedrosa said: "At this time of economic volatility throughout the world, if these domestic political problems continue for much longer, they have potentially far-reaching consequences beyond the US as seen by our survey results."
PECC is an official non-government observer of the APEC process. It comprises senior individuals from business and industry, government, academic and other intellectual circles.
According the PECC report, China's is cited as the top risk to growth as a result of visible economic slowdown.
The study found that over 60 per cent of respondents predicted that China would register weaker growth over the next 12 months.