As global leaders prepare for the 2025 APEC Economic Leaders’ Meeting in the Republic of Korea, experts are revisiting the factors behind the "Asia-Pacific miracle" – the region’s unprecedented economic rise since the 1980s. Political scientist Krzysztof Pelc highlights APEC’s consensus-driven approach as a stabilizing force in today’s fragmented trade landscape, while dissecting the region’s growth formula.
APEC: The Incubator of Ideas
Unlike formal trade blocs, APEC operates as a diplomatic forum without binding treaties. Pelc notes this flexibility enables progress amid global tensions: "Its consensus-based structure creates space for cooperation when protectionism rises." The platform has historically birthed initiatives later adopted globally, from tariff reductions to digital trade frameworks.
Three Pillars of Growth
1. Export-Led Strategies: Nations like the Chinese mainland, Japan, and the ROK leveraged open Western markets while maintaining state support for industries. "They responded to global demand without isolating their economies," Pelc explains.
2. Savings Culture: Household savings rates doubled Western averages, enabling domestic investment in education and infrastructure. This self-funded growth reduced reliance on foreign debt.
3. Absorptive Capacity: High literacy rates and institutional adaptability let the region capitalize on low energy costs and stable trade flows. "Luck matters, but you need prepared societies to catch opportunity like rain," Pelc observes.
Lessons for a Shifting Global Order
As APEC members confront new challenges – from supply chain realignments to green transitions – Pelc suggests the region’s historical strengths remain relevant. The 2025 meeting could test whether APEC’s consensus model can again foster innovative solutions for 21st-century economic hurdles.
