Minister Arkhom Termpittayapaisith’s Statement On The 2022 APEC Finance Ministers’ Meeting

Issued by the 2022 APEC Finance Ministers' Meeting

Bangkok, Thailand, 20 October 2022

Thailand’s Minister of Finance, Arkhom Termpittayapaisith, shared with the APEC region’s finance ministers a statement that reflects the outcomes of the 2022 APEC Finance Ministers’ Meeting.

In his statement, Minister Arkhom summarized the deliberations among APEC ministers with respect to heightened macroeconomic challenges, which includes uneven recovery that may result in widening global inequality, volatility in energy and food prices, remnant effects of the pandemic—which would contribute to supply chain disruptions and surging inflation—as well as the consequent tightening of financial conditions.

Minister Arkhom’s statement reflects the consensus outcomes of the region’s finance ministers in these key areas:

• Sustainable finance
• Digitalization for the digital economy
• Implementing the Cebu Action Plan

Ministers reiterated their commitment to implementing flexible fiscal policies to support inclusive economic growth and job creation. They pledged to use all available policy tools—monetary, fiscal and structural—individually and collectively, to the extent possible, to manage inflationary pressures and steer the global economy back to its growth path.

Ministers also pledged to not adjust exchange rates for competitive purposes, highlighting that strong fundamentals and sound policies are essential to the stability of the international monetary system.

Read the 29th APEC Finance Ministers’ Meeting Statement of the Chair

© Scoop Media