Pacific Island Economies, Page 117
International Monetary Fund, Aug 28, 2006 - Business & Economics - 170 pages
The Pacific island region has considerable potential for development, especially in the areas of tourism, fisheries, forestry, mining, and agriculture. With these resources and the continued substantial economic assistance from donors that is expected, it is feasible to lift these countries' medium-term economic growth record, improve human development indicators, and reduce poverty. Experience since independence demonstrates that the traditional way of life can be preserved, even while the processes of development create modern institutions and help to meet changing aspirations. The Pacific island countries face many challenges in developing their economies and raising living standards, including their small size, distance from major markets, and vulnerability to natural disasters. Successfully overcoming these challenges will require the continuation of macroeconomic stability and increased emphasis on the structural reforms to which island governments are committed, including improved public sector efficiency and greater private sector activity. While recognizing that important economic, political, and cultural differences exist between the islands, there are a range of policy recommendations that are widely applicable throughout the region. The first half of this book provides an assessment of regional issues that are currently being addressed by economic policymakers. The country-specific chapters, which comprise the second half of the book, provide in each case a broad overview of the main factors affecting the countries' individual economic performance since independence and the main challenges that lie ahead.--Publisher's description.
What people are saying - Write a review
We haven't found any reviews in the usual places.
Other editions - View all
adjustment agricultural assistance Australia Australian dollar average balance of payments budget capital Caribbean central bank commercial Compact II copra costs currency union decline deficits domestic ECCU countries economic growth Economic Outlook database expenditure export Fiji fiscal consolidation fishing floating exchange rate foreign IMF staff estimates implementation imports improved income increased independence Indo-Fijian inflation infrastructure Kiribati land levels limited macroeconomic Marshall Islands medium-term ment Micronesia monetary policy overall Pacific island countries Pacific Islands Forum Palau Papua New Guinea percent annually percent of GDP political population private sector activity private sector development public debt public enterprises public sector real GDP growth reduce region remained remittances reserves revenue Samoa shocks Solomon Islands Source spending strengthen structural reform sustainable terms of trade tion Tonga tourism trust fund U.S. dollar United Vanuatu wage bill World Economic Outlook Zealand