Tonga lockdown restrictions eased
Lockdown restrictions in Tonga will be eased with businesses able to operate for three days starting on Saturday, Tuesday, and Thursday, said the Prime Minister Hu’akavameiliku Siasoi Sovaleni. This means businesses
Economy
Millons lost during Solomon Islands lockdowns
Solomon Islands has lost millions of dollars in tax revenue as a result of the recent COVID-19 lockdowns imposed at the beginning of community transmission last month. Prime Minister Manasseh Sogavare announced the
Solomon Islands’ juggling act
By Georgina Kekea Solomon Islands was COVID-19 free until December 2021. Despite recording positive cases in isolation centres, the spread to the community was avoided. It was not until January 2022 that Prime Minister
Low vax rates threaten PNG economy
By Kevin McQuillan COVID-19 will remain a threat to the Papua New Guinea economy throughout 2022, due to the low rate of vaccination and poor health infrastructure, compounded by a lacklustre foreign investment climate.
COVID behind Fiji economy’s ‘severe recession’, but ratings agency predicts economy to start recovering next year
COVID-related restrictions and a relatively large fiscal deficit has prompted S&P Global to lower its rating of the Fiji economy from BB-minus to B+, although it expects the Fiji economy to recover next year.
Vanuatu at 41
Vanuatu was again able to throw the need for social distancing and mask-wearing to the wind as its people sang and danced to celebrate 41 years of Independence on July 30. Unlike its neighbours—Australia, New
Pacific islands: Economic outlook
COVID-19 continues to wreak havoc on the region’s economies- but what is the Pacific islands’ economic outlook for the remainder 2021? ANZ economists Kishti Sen & Tom Kenny have this overview. The
Business briefs: Digicel Pacific “an attractive asset”
The CEO of Australian telco Telstra says Digicel Pacific is an attractive asset. Andy Penn has told the Australian Financial Review that talks continue on potentially acquiring Digicel Pacific. “We would only do it
Vanuatu: taking the pandemic in its economic stride
Economic data out of Vanuatu indicates that the country’s economy has been less affected than expected by the COVID-19 pandemic. No doubt there has been real economic pain. But the latest GDP figures show a fall of
Nauru determined to back Deep Sea Mining
With the COVID-19 Pandemic maintaining its crippling grip on the Pacific, legislators have struggled to find alternative sources of income to buoy national economies. On the rocky outcrop of Nauru in the Central
Debt traps and doing business
Tourism may be the poster child of the Pacific’s post-COVID economic crisis, but it’s not the only sector that has suffered. A stark example of the challenges that border closures are causing came in reports from
Fiji, the World Bank and debt
When Fiji’s Minister for Economy delivers his budget address this evening many eyes will be on figures around the country’s debt-to GDP ratios. This week, Pacific Islands Forum Economic Ministers were preoccupied
Economist says Guam’s economic future remains unpredictable
Guam’s post-lockdown economic activity may have returned to “some semblance of normalcy or some notion of what it was before,” but unpredictable variables are clouding the long-term outlook for the island, Bank of
Cook Islands passes budget
Cook Islands parliament has passed what Prime Minister Mark Brown has dubbed “a budget of revival.” The US$212 million budget includes an additional US7.7 million allocation for government agencies than was
PNG economy may recover when second LNG project begins, but debt will rise
Ratings agency, S&P Global Ratings expects the Papua New Guinea to recover when the second LNG project commences next year, but has maintained a Negative outlook for the economy. In its latest review of the South
Fiji GDP down 9.7%: Reserve Bank
The Reserve Bank of Fiji reports that for the first nine months of the current fiscal year, Fiji’s government recorded a net deficit of F$905.0 million (-9.7% of GDP). Government expenditure ($2,256 million) almost
World Tuna Day: What does it mean for the Pacific?
Recent years have seen a power shift, with Pacific Islands Nations gaining greater control and revenue returns from their Tuna fisheries. This has been the result of cooperation and hard work. This article will show
Jobs, consumption, investment continue to be subdued:RBF
The Reserve Bank of Fiji says recent locally transmitted cases and containment measures will prolong already subdued economic activity in the country. The RBF’s April statement reports that visitor arrivals were
ADB predicts modest growth for Pacific economies this year
The Asian Development Bank expects Pacific Island economies to return to positive growth this year, although at different rates, and with a great deal riding on successful vaccine roll-outs. Pacific economies contracted
Tuvalu’s digital ambitions
By Dionisia Tabureguci Tuvalu has become the first country in the world to choose Bitcoin Satoshi Vision (BSV) blockchain to help it migrate to a fully digital economy, a move that may see it also adopt Bitcoin
Fiji’s PS Konrote resigns
The most senior civil servant in Fiji’s Ministry of Economy, Makereta Konrote, has resigned from the post. Konrote’s resignation comes at a critical time, as Fiji’s Minister of Economy remains in Singapore for
Fiji business briefs: Reserve Bank outlook, Fiji TV, childcare opportunity costs
The Reserve Bank of Fiji Governor says Fiji could see a marginal economic recovery if borders open towards the end of the year. Ariff Ali says economic recovery will depend on fiscal support provided by the government
Fiji jobs, lending, tax revenue down
The Reserve Bank of Fiji has released another series of sobering figures, and says the coronavirus pandemic shows little sign of abating going into 2021. The Bank has recorded declines in jobs, government tax revenue,