With its wide-ranging economic impact, the COVID-19 pandemic posed an unprecedented challenge to governments and businesses all over the world. Vigorous responses from governments and central banks have succeeded in averting a major global crisis, but the pandemic and the responses to it have left various medium and long-term challenges in their wake. However, there are also opportunities that can be seized to find new paths to stronger growth. The pandemic has highlighted the importance of digital technology and provided a strong political impetus to address policies that can enable its wider application. The imperative to stimulate recovery through the financing of infrastructure offers opportunities to invest in a more sustainable future.
Many initiatives proposed by business that the APEC Finance Ministers have endorsed over the years were focused on reforms that can expand access to finance, modernize financial markets and enhance resilience and sustainability. This Progress Report covers the work and achievements of the Asia-Pacific Financial Forum (APFF), the Asia-Pacific Financial Inclusion Forum (APFIF) and the Asia-Pacific Infrastructure Partnership (APIP) in promoting the implementation of these reforms since the last APEC Finance Ministers’ Meeting until the present and provides information on planned activities until the end of 2021. It focuses on three areas: (a) sustainable finance; (b) inclusive finance; and (d) financial resilience.
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