Yellen calls for “sustainable growth”

Speaking at the opening of the Asia Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting in San Francisco, US Treasury Secretary Yellen said APEC members represent some of the world’s most dynamic and fastest growing in the world.

Therefore, Yellen pointed out that the steps taken by these countries are important not only for their own economies but also for the solution of the global challenges facing the world, and emphasized the importance of coordination and cooperation between the economies in question to achieve the common goal. The vision of an open, dynamic, resilient and peaceful Asia-Pacific community attracted attention.

“IT WILL REDUCE INEQUALITY…”

Yellen emphasized that finance ministers returned to focusing on long-term priorities in 2023, after a few years in which response and recovery efforts to the Covid-19 epidemic were prioritized, and stated that these include modern supply-side economy, sustainable finance and digital assets. .

Emphasizing that just because these priority areas are long-term oriented does not make addressing them any less urgent, Yellen said:

“We need to further improve our long-term economic prospects by increasing labor supply, innovation and infrastructure investment in ways that reduce inequality and in a sustainable way. We need to get on a path of sustainable growth where we protect our planet while providing our economies with the clean energy they need to grow. “We need to leverage emerging technologies to foster innovation while keeping financial markets safe.”

In Yellen’s bilateral meetings with her counterparts from Indonesia, Mexico, Australia and China, who were in the US as part of the APEC meetings, APEC’s policy objectives and cooperation in regional economic partnerships were discussed. (AA)