The Asian Development Bank and the Government of Papua New Guinea have signed a $325 million loan to help fund tranche 2 of the Sustainable Highlands Highway Investment Program, a key transport development connecting some.
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Pacific Economic Outlook Weakens, But Vaccination Progress Provides Optimism ADB
News Release | 29 July 2021
MANILA, PHILIPPINES (29 July 2021) Despite a weakening economic growth forecast for the Pacific, recent progress in vaccination rollouts and stronger public health measures are providing optimism for the safe reopening of borders in the near term, according to the latest issue of the Asian Development Bank’s (ADB)
After a pandemic-induced contraction of 5.8% in 2020, the economies of ADB’s 14 Pacific developing member countries (DMCs) are forecast to grow by 0.3% in 2021 and 4.0% in 2022. The growth is expected on the back of the outlook for Papua New Guinea (PNG), the subregion’s largest economy, where a modest recovery is projected this year before strengthening in 2022.
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Manila: Despite a weakening economic growth forecast for the Pacific, recent progress in vaccination rollouts and stronger public health measures are providing optimism for the safe reopening of borders in the near term, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM) launched today.
After a pandemic-induced contraction of 5.8% in 2020, the economies of ADB’s 14 Pacific developing member countries (DMCs) are forecast to grow by 0.3% in 2021 and 4.0% in 2022. The growth is expected on the back of the outlook for Papua New Guinea (PNG), the subregion’s largest economy, where a modest recovery is projected this year before strengthening in 2022.