Security was tight in Singapore as leaders from 21 Asia-Pacific economies, accounting for more than half of the world's economic output, prepared to meet later this week.

Societe Generale Chief Economist for Asia Glenn Maguire, said APEC economies will play a key role in the global recovery from the financial crisis.

[Glenn Maguire, Societe Generale Chief Economist for Asia]:
"The Asia-Pacific leaders will find themselves facing several unique policy challenges that they weren't facing at any time in the past. And that is - that they are at the vanguard of this recovery dynamic that brings with it some unique responsibilities. They essentially have stewardship for now how the global economy will recover."

The APEC summit comes after a finance ministers and central bankers G20 meeting in Scotland. But Maguire says APEC will be where the action is.

[Glenn Maguire, Societe Generale Chief Economist for Asia]:
"The G-20 has elevated itself to be the forum where a lot of the key issues of the new financial architecture and the new infrastructure of the post-crisis, financial system in the post-crisis economy will be addressed. But the reality is - it's the APEC forum and the Asia-Pacific economies where most of the economic growth and the economic reality and the economic traction is actually going to come from."

APEC members, which include the U.S., Japan and China, the world's No.1, 2 and 3 economies, are expected to pledge to keep stimulus policies in place, as well as push for a global trade deal next year.