Pacific growth

World Bank optimistic about Pacific growth

The document, 'Pacific Possible', has been launched at the Pacific Islands Forum in Samoa.

The Bank said the document had been three years in the making, and was the culmination of extensive consultations with Pacific Island and Pacific Rim governments, non-governmental organisations, academics and individuals across the region.

It has identified tourism, fisheries, the knowledge economy and labour mobility as key areas offering opportunities.

The report also mentions deep sea mining, yet advises caution.

Boosting connectivity will strengthen services in the Pacific

According to the Asian Development Bank, a drop in the Pacific's growth is due to the slowdown in Papua New Guinea.

ADB's Director General for Pacific Carmela Locsin said improved information communication technology is no longer a luxury, but a necessity.

Recovery in the larger economies is expected to see regional growth at 3.3% in 2018.

However, the price prospects for Pacific exports are mixed and inbound tourism may slow down.

The ADB Pacific Department notes the Pacific countries' remoteness is a fundamental constraint to economic development.

Key to Pacific growth in its growing working age pop.

The UN Development Programme report says Asia-Pacific countries now have more working-aged people and fewer dependents than at any point in history.

According to RNZI, the report recommends that states with younger populations invest in basic capabilities by moving to improve education and healthcare and improving the transition from school to work.