Most Pacific economies seen shrinking: ADB
Manilla: The economies of most South Pacific
islands are expected to contract this year due to weak tourism
and remittances, the Asian Development Bank said on Monday.
The global economy is showing signs of stabilizing, but
the full impact from the downturn in the US, Australia and New
Zealand has yet to hit 14 island nations in the region
monitored by the Manila-based lender.
Excluding the resource-rich Papua New Guinea and East
Timor, economic growth in the Pacific is forecast to contract
by 0.4 this year after posting 5.1 percent growth last year,
the ADB said in a report.
Including those two nations, where the discovery of oil
and other commodities are lifting growth prospects, regional
economic growth will expand 2.8 percent, it said.
Five other major economies, the Cook Islands, Fiji,
Palau, Samoa and Tonga are all expected to contract. No growth
is projected in the Solomon Islands because of falling log
Australian tourists have begun returning to Fiji, but
growth in tourism was seen to be slowing elsewhere until next
year. Inflation has eased across the region except in Fiji,
although the recent rise in crude prices may push up inflation
for the rest of year.
More from India
More from World
More from Sports
More from Entertaiment
- Dengue cases on the rise in Delhi - Is the govt waiting for another epidemic?
- JNU student accuses fellow PhD scholar and AISA member of rape
- Sukhoi 30MKI posted in Arunachal Pradesh; Kiren Rijiju lauds development
- Olympic medalist PV Sindhu returns to Hyderabad; receives grand welcome
- Twelve-year-old ISIS suicide bomber caught and arrested in Iraq
- Welshman Gareth Bale fires Real Madrid past Real Sociadad 3-0 in the opening encounter
- Rio Olympics bid farewell as athletes sign-off with a colorful closing ceremony
- Athletes’ Report Card: See how the Indian athletes performed at the 2016 Olympic Games
- Over 400 flights grounded as Tokyo prepares to take a direct hit from typhoon
- Kamal Haasan to be conferred French award