Pacific Island Economies
The Pacific island region has considerable potential for development, especially in the areas of tourism, fisheries, forestry, mining, and agriculture. However, these countries face many challenges to developing their economies and raising living standards, including their small size, distance from major markets, and vulnerability to natural disasters. The first half of this book provides an assessment of regional issues. The second half includes country-specific chapters, which provide an overview of each countries' economic performance since independence and the main challenges ahead.
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adjustment agricultural assistance Australia Australian dollar average balance of payments budget capital Caribbean central bank commercial Compact II copra costs country’s 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 population private sector activity private sector development public debt public enterprises public sector real GDP growth reduce region remained remittances RERF 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