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Pacific to Return to Positive Growth in 2021 ADB
News Release | 28 April 2021
MANILA, PHILIPPINES (28 April 2021) The Pacific is forecast to return to positive growth in 2021, according to a new report by the Asian Development Bank (ADB) released today.
But the region’s outlook remains subject to significant risks, and there is considerable variability across the 14 Pacific developing member countries (DMCs). The DMC economies were estimated to have contracted by 5.8% in 2020 as the coronavirus disease (COVID-19) pandemic directly impacted tourism and trade flows and affected construction activity, according to the
Asian Development Outlook (ADO) 2021, ADB’s flagship economic publication. Recovery of 1.4% is forecast for 2021, contingent on improvements in tourism numbers, commencement of delayed construction projects, and resumption of labor mobility and cross-border trade.
ADB further downgrades Pacific growth expectations ADB further downgrades Pacific growth expectations Dec 17, 2020
The Asian Development Bank had originally forecast a 4.3% decline in July of this year.
“Vaccine procurement and distribution, safe travel arrangements, and continuing to strengthen health and social protection systems will all be key to ensuring the region’s recovery is sustainable,” said ADB Director General for the Pacific Leah Gutierrez.
For now the ADB is projecting growth of 1.3% for the region next year, but its Pacific Economic Monitor released today states that depends on early lifting of trael and trade restrictions.
The ADB predicts
Papua New Guinea’s economy will contract by 2.9% in Papua New Guinea, with low growth of 2.5% in 2021.
Health, Social Protection to Underpin Sustainable Recovery from COVID-19
News Release | 15 December 2020
MANILA, PHILIPPINES (15 December 2020) Growth in the Pacific subregion for 2020 has been further downgraded as the impact of the coronavirus disease (COVID-19) pandemic continues to squeeze the region’s economies.
The Asian Development Bank’s (ADB)
Pacific Economic Monitor launched today has downgraded the Pacific’s growth for this year to a contraction of 6.1%, down from the 4.3% decline forecast in July.
“It will be a balancing act to keep Pacific economies moving during the COVID-19 recovery period,” said ADB Director General for the Pacific Leah Gutierrez. “Vaccine procurement and distribution, safe travel arrangements, and continuing to strengthen health and social protection systems will all be key to ensuring the region’s recovery is sustainable.”
medcom.id
Jakarta: Growth in the Pacific for 2020 has been further downgraded as the impact of the covid-19 pandemic continues to squeeze the region’s economies.
The Asian Development Bank’s (ADB) Pacific Economic Monitor launched today has downgraded the Pacific’s growth for this year to a contraction of 6.1%, down from the 4.3% decline forecast in July.
It will be a balancing act to keep Pacific economies moving during the covid-19 recovery period. Vaccine procurement and distribution, safe travel arrangements, and continuing to strengthen health and social protection systems will all be key to ensuring the region’s recovery is sustainable, said ADB Director General for the Pacific Leah Gutierrez in a press release on Tuesday.