MANILA -- The research arm of the Asia-Pacific Economic Cooperation (APEC) said growth in the region may slow down, citing trade restrictions, inflation, and the lingering effects of El Niño.

APEC's study said the region's growth in the first quarter was at 3.9 percent, down from 5.8 percent in the same period last year.

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Data from the World Trade Organization showed that the number of trade restrictive measures being enforced in APEC has reached 480 as of May.

Anti-dumping measures and countervailing duties also reached 947 in APEC.

The study called on governments to manage inflation, even prices in the region may go down by 4.4 percent by the end of 2023 and 2.9 percent in 2024.

"Maintaining monetary policy agility is important to be able to adjust policies when necessary," the study said.

The paper also called on states to reduce carbon emissions by promoting sustainable modes of transportation, improving energy efficiency, and transitioning to renewable energy, among others, in order to help mitigate climate change.

"Although the interlinkages between macroeconomic conditions and climate change are complex, it is becoming increasingly clear that more frequent and severe natural disasters could devastate economies by disrupting supply chains, creating financial risks, damaging infrastructure, and increasing spending on relief and recovery efforts," it said.

APEC also called on governments to restore fiscal space by reducing non-essential expenditures and streamlining public services.

"Economies can also implement a targeted approach by supporting the vulnerable and prioritizing productive spending such as investments in infrastructure, education and healthcare to boost productivity," the report added.

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