Posted on 08 March 2024
Despite the setbacks, the World Bank stresses the importance of targeted policies and investments to support sustainable growth and resilience in the region. Strengthening governance, promoting private sector development, and enhancing human capital are identified as crucial strategies to mitigate the impact of the slowdown and foster long-term prosperity in the Pacific Island countries. As the region navigates these challenges, intensive efforts from governments, development partners, and local communities will be essential to sustain economic progress and improve livelihoods for all.
The Pacific Island countries are bracing for a slowdown in economic growth in 2024, according to a recent report by the World Bank. After experiencing a post-pandemic rebound, the region is now facing challenges as growth momentum wanes. Factors such as declining investment, limited fiscal space, and external pressures are contributing to the deceleration in economic activity across the Pacific.
Source: The World Bank
Photo: Kahuroa via Wikimedia Commons