Navigating the Global Storm: A Policy Brief on the Global Financial Crisis
The global financial crisis emerged at an alarming rate. A global credit squeeze led to large falls in international stock markets and the world economy is weakening rapidly. The Pacific is largely shielded from the most immediate effects of the crisis, but it is not immune. This Policy Brief provides early advice on what the global financial crisis could mean for the Pacific and what it could do to lessen its adverse impacts. The key response should be to reinvigorate structural reform, which is crucial to achieving sustained economic growth.
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affected Asian Development Bank assets Australian dollar Bank of Hawaii central banks Compact of Free Cook Islands Credit ratings currency terms decline developing member countries donor downturn ease exchange rate fall in world Figure Fiji Islands financial institutions financial markets fiscal global credit global financial crisis Government Accountability Office immediate effects impact imports inflation international competitiveness international financial International Monetary Fund international stock key source Kiribati less Fiji GDP levels loans Marshall Islands Micronesia monetary policy mortgage National Provident Fund Navigating the Global number of Pacific Oct 05 Oct offshore investments Pacific Bank Pacific DMCs Pacific Island economies Pacific's banking system Palau Papua New Guinea PNG's Policy Brief price boom reduce remittances risk Samoa sector September 2008 Solomon Islands Structural reform subprime superannuation funds Timor-Leste tourism activity Tuvalu Trust Fund Vanuatu weaken world commodity prices World Economic world oil world stock markets Zealand dollar