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To help overcome remoteness, Pacific economies are looking to improve economic integration not only through ICT and transport network investments, but also by promoting greater competition and private investment. Enhancing connectivity is crucial to the Pacific and its people, who constantly contend with the challenges of geographic isolation and remoteness. Physical connectivity through air and maritime links brings people, goods, and services to and from the Pacific while digital connectivity through information and communication technology (ICT) integrates the region with the rest of the world. This section tackles Pacific developing member countries' efforts to enhance connectivity by expanding internet and other ICT connections, improving and maintaining transport networks, and strengthening investment facilitation. Ultimately, the goal of connectivity is to link Pacific peoples with each other, and enable them to access goods and important social services, as well as economic opportunities, locally and globally.
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 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).
The Pacific's economic outlook remains solid despite the global slowdown. While social development gains in the region have been steady, some big challenges remain. This issue of the Pacific Economic Monitor begins with an overview of international and regional economic developments. It features 13 articles and policy briefs that explore socioeconomic development in the Pacific, particularly on social protection, education, elderly care, health care and health financing, pension schemes, water and sanitation, nutrition, employment, and financial inclusion.
This edition of the Pacific Economic Monitor discusses the impacts of COVID-19 and provides an overview of other current economic and development issues in Pacific developing member countries of ADB.
This issue highlights the economic prospects of the Pacific developing member countries (Pacific DMCs) and stresses the importance of improving the quality and access to basic and sustainable utilities in the Pacific DMCs. Access to electricity is low in the Pacific, particularly in the more remote and less developed parts of the subregion. Factors contributing to this include dependence on costly fossil fuels for power generation, inadequate investment in infrastructure, and electricity services that may be beyond the means of poorer rural households. To help address these challenges, most Pacific governments are taking steps to shift toward renewable energy and ultimately meet ambitious targets under international climate change commitments. Further, they have made strategic investments in more effi cient transmission networks, and better collection and payment systems.
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 issue of the Pacific Economic Monitor updates the 2015 and 2016 GDP growth and inflation projections for ADB's Pacific developing member countries. The policy briefs included in this issue focus on disasters in the Pacific.
This publication provides an update on developments in Pacific economies, explores topical policy issues in the region over the years, and presents global forecasts for 2019. It includes an outline of the economic setting, as well as country economic issues and specific policy briefs for 14 Pacific economies. This includes analysis of critical development challenges including connectivity, climate change and disaster resilience, tourism, fisheries, and public sector management. The December 2018 issue also focuses on debt sustainability amid clear financing needs to help address remaining infrastructure and services gaps in the Pacific.