Post-crisis development should focus on new growth engines: PECC

SINGAPORE, Nov. 11 (Xinhua) -- New growth engines should be the focus in the post-crisis development, a report released by the Pacific Economic Cooperation Council (PECC) said Wednesday.

The annual report, entitled State of the Region 2009-2010, was prepared by the PECC for APEC meeting review.

The four areas of new growth engines are identified as economic integration, green economy, investments in people and knowledge and productivity.

These engines mean increasing investment in energy conservation, clean energy research, energy efficient vehicles, educational programs, health care system, and technology and reforms to drive gains in productivity.

The report said these selected growth engines could address important trends in the world, such as population aging and other social and environmental priorities, and use government expenditures and other incentives to stimulate investment.

"The APEC can make a difference now where it has failed the last time an economic crisis hit the region during 1997-1998," said Jusuf Wanandi, co-chair of the PECC.

The APEC Leaders Week kicked off here in Singapore on Sunday, bringing together 21 members located around the Pacific Ocean in an annual event focused on economic growth, free trade and investment.

It is expected that when leaders of the 21 APEC members meet on Nov. 14-15, they will focus on how to secure an economic recovery and fight trade protectionism.