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This issue of the Pacific Economic Monitor explores how the region can reopen and rebuild. Besides safely resuming travel and protecting health, a resilient recovery will depend on promoting fiscal sustainability and strengthening economic management, including regional cooperation to revitalize tourism.
The Pacific region is expected to contract by 0.6% in 2021, and to grow by 4.7% in 2022. This issue of the Pacific Economic Monitor explores how the region can reopen and rebuild.
This issue explores how Pacific developing member countries can strengthen their post-pandemic social protection systems to help address long-standing development concerns and boost resilience to further shocks. It assesses individual countries’ economies and outlines ways they could improve their social protection systems, despite depleted resources. Exploring megatrends facing the subregion, including population ageing and migration, it shows how investing in universal social protection policies can have a long-term impact on reducing poverty, vulnerability, and social exclusion.
This edition of the Pacific Economic Monitor discusses the outlook for 2021 and key issues for recovery from the coronavirus disease (COVID-19) crisis, including vaccine procurement and distribution.
The Pacific region is expected to grow by 4.7% in 2022 and 5.4% in 2023 as most economies emerge from the worst of the pandemic-induced downturn. This issue of the Pacific Economic Monitor focuses on building and financing resilience to climate change and disasters. It also explores the impacts on the region of the Russian invasion of Ukraine, such as higher commodity prices.
This issue of the Pacific Economic Monitor discusses current and critical policy issues confronting ADB's Pacific developing member countries. The theme of the policy briefs in this issue is niche market development.
The Pacific is expected to recover with moderate growth of 1.4% in 2021 and 3.8% in 2022, with tourism and widespread vaccination playing key roles. This issue of the Pacific Economic Monitor provides insights on experiences and lessons of Pacific island countries in striking a delicate balance between health and economic concerns. It also outlines ADB's new development strategy to help the region address the impacts of the coronavirus disease (COVID-19).
Pacific economies are bouncing back as tourism recovers and infrastructure projects resume, but inflationary pressures and vulnerability to natural hazards remain downside risks. This edition of the Pacific Economic Monitor tracks the rebound of some tourism-dependent economies; explores new opportunities from agriculture, digitalization, and fisheries; and analyzes ways to mitigate fiscal risks and support sustainable economic growth. It highlights how policies can better support women entrepreneurs and how strengthening fiscal reserves can help countries recover more quickly from shocks.
This latest issue of the Pacific Economic Monitor highlights the gains of Pacific developing member countries (Pacific DMCs) and the challenges that the Pacific DMCs continue to face including the impacts of climate change. The Pacific is among those parts of the world most vulnerable to weather-related disasters. To illustrate, 5 of the top 15 countries with the highest risk, and 10 of the top 30 facing the largest potential economic losses from disasters, are in the subregion. With climate change bringing additional risks from global sea level rise---and potentially heightening vulnerability to more intense, frequent, and prolonged extreme weather events---Pacific economies are stepping up adaptation efforts to brace for future adverse impacts. These include climate-proofing vital infrastructure assets, strengthening disaster risk management, and expanding social safety nets to build resilience to disasters. Further, a number of Pacific economies are promoting green urban development to move toward more sustainable green cities. Careful monitoring and planning will also be required to manage important income flows, including fishing license fees and tourism-related revenues, amid climate-related volatilities and to maintain adequate fiscal buffers for disaster response.
The world economy is experiencing a very strong but uneven recovery, with many emerging market and developing economies facing obstacles to vaccination. The global outlook remains uncertain, with major risks around the path of the pandemic and the possibility of financial stress amid large debt loads. Policy makers face a difficult balancing act as they seek to nurture the recovery while safeguarding price stability and fiscal sustainability. A comprehensive set of policies will be required to promote a strong recovery that mitigates inequality and enhances environmental sustainability, ultimately putting economies on a path of green, resilient, and inclusive development. Prominent among the necessary policies are efforts to lower trade costs so that trade can once again become a robust engine of growth. This year marks the 30th anniversary of the Global Economic Prospects. The Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). Each edition includes analytical pieces on topical policy challenges faced by these economies.