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.