The Asian Development Bank has launched its latest report, ‘Pacific Economic Monitor’.
The report analyses challenges that have significantly affected many Pacific Island nations, in particular ADB’s Pacific member countries.
Member countries include Cook Islands, Fiji, Kiribati, Marshalls Islands, Micronesia, Nauru, Palau, Samoa, Solomon Islands, Timor Leste, Tonga, Tuvalu, Vanuatu and Papua New Guinea.
The report highlights the developments of each country’s economy and explores their fiscal outcome for 2015, and 2016 budget plans based on these outcomes, for a better sustainable future.
While current low commodity prices has affected some of the larger countries, some have benefitted from an increase in fishing licenses as most of these nations are heavily dependent on the sea resources.
Highlights of the reports include;
- Larger Pacific economies experiencing fiscal crunch
- Windfall financed increases in public spending for smaller economies
- Tourism trends and opportunities
The report was produced by ADB with contributions from development partners and organisation that are engaged in the economic analysis of the Pacific.