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ADB predicts modest growth for Pacific economies this year ADB predicts modest growth for Pacific economies this year May 03, 2021
The Asian Development Bank expects Pacific Island economies to return to positive growth this year, although at different rates, and with a great deal riding on successful vaccine roll-outs.
Pacific economies contracted by an estimated 5.8% last year due to the effect of the coronavirus pandemic on tourism and trade flows, and construction activity. The region s economies are forecast to recovery to 1.4% this year, and 3.8% in 2022, although this is “contingent on improvements in tourism numbers, commencement of delayed construction projects, and resumption of labor mobility and cross-border trade,” according to the ADB.
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.