Tongan Politics Analysis 3:Tongan Economic Transformation:Look to Singapore

Wrapping up the official Royal Visit, HM met with Dr. Amy Khor, Singapore’s Minister of Health (see Analysis 1, on health); Dr. Muhammad Faishal Ibrahim, Minister of Education, and Social and Family Development (see Analysis 2, on education).

On the economic front, HM “received briefings on Singapore’s experience in heritage preservation, tourism development, and port management,” says a news release from the Ministry of Foreign Affairs. This exposure to Singapore’s phenomenal successes in economics is vital statistics for a Tongan economic transformation.

Tonga’s economy growing, financial system sound says Reserve Bank in report to Cabinet

That’s the news from the National Reserve Bank of Tonga, which says that Tonga has enjoyed a year of economic growth and there is more good financial news to come.

The Reserve Bank said the kingdom experienced 2.5% real GDP growth in 2014/15 and can expect stronger growth of 3.3% in the next financial year.

Governments urged to consider legislative response to virtual currencies

This was one of several recommendations issued today by a Commonwealth working group set up to address  these currencies.  

After a three-day conference in London, the newly-formed Commonwealth Virtual Currencies Working Group concluded that virtual currencies have the potential to benefit countries and drive development.