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ADB forecasts continued pandemic recovery for Pacific economies in 2023, 2024

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MANILA, 5th August, 2023 (WAM) – Economies in the Pacific are projected to grow collectively by 3.3% in 2023 and 2.8% in 2024 as the subregion continues to recover from the COVID-19 pandemic, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor (PEM).

“The lifting of the last pandemic mobility restrictions has enabled economic activity, such as tourism and implementation of public infrastructure projects, to resume in earnest,” said ADB Director General for the Pacific Leah Gutierrez.

“The outlook for the Pacific is subject to downside risks, such as sensitivity to international commodity prices and longstanding vulnerability to disasters, but ADB continues to work closely with government counterparts across the Pacific to help mitigate these risks, restore development gains, and support inclusive, sustainable growth in the subregion.”

Other short-term downside risks to the Pacific’s outlook include uncertainties around the resumption of stalled public investment projects and the uneven recovery of the crucial tourism sector, exacerbated by possible economic scarring from the pandemic.

The latest PEM explores the development impact of the pandemic and challenges to recovery and fiscal sustainability.

Topical policy briefs in the PEM highlight key findings from two ADB-supported reports, Women’s Economic Empowerment in the Pacific Region and Finding Balance 2023: Benchmarking Performance and Building Climate Resilience in Pacific State-Owned Enterprises, while presenting efforts in Solomon Islands to meet local demand for wood products as log exports slowed.

The PEM is ADB’s biannual review of economic developments and policy issues in ADB’s 14 developing member countries in the Pacific.

Tariq Al Fahaam

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