by Marie Kauna – EMTV Online, Port Moresby
Asian Development Bank on Tuesday released its 2015 Annual Development Outlook Report. The report covered Pacific Island Countries.
The economic performance and growth of Fiji, Solomon Islands, Papua New Guinea, Vanuatu and other island countries were assessed.
Forecasts were made based on each of the country’s growth this year. Long term policies to help the growing countries build wealth and protect their economic growth were also evaluated.
According to the ADB report, Fiji will experience its fifth consecutive year of growth. New private investments in the country are expected to fuel the country’s economic growth.
ADB’s Pacific Economist Chris Edmonds said “Fiji is a good new story for the Pacific region; they successfully got through their elections, there is increasing engagement of the parliament and policy making….and it has embraced a package of reforms that look very promising”.
Cook Islands, Tonga and Samoa expect stronger growth this year with slight slowing next year.
Papua New Guinea will see full impact of its new liquid natural gas exports this year and experience a 15% economic growth.
ADB’s Pacific Economist Chris Edmonds said “in general, 2015 is looking to be an ‘up’ year for most of these countries and added that “most other Pacific countries also have a good year ahead”.