MANILA, Aug. 3 (Xinhua) -- Economies in the Pacific are projected to grow collectively by 3.3 percent in 2023 and 2.8 percent in 2024 as the subregion continues to recover from the COVID-19 pandemic, according to the latest Asian Development Bank (ADB) report released on Thursday.
In the Pacific Economic Monitor (PEM), Papua New Guinea (PNG), the subregion's largest economy, is projected to continue growth due to increased output outside the resource sector.
Those tourism-driven economies, such as Fiji, the Cook Islands, and Samoa, will benefit from the lifting of travel restrictions along with increased public investment spending.
"The outlook for the Pacific is subject to downside risks, such as sensitivity to international commodity prices and longstanding vulnerability to disasters," said ADB Director General for the Pacific Leah Gutierrez.
She said the multilateral lender will work with the Pacific economies to "mitigate these risks, restore development gains, and support inclusive, sustainable growth in the subregion."
The PEM is a biannual review by the ADB on economic developments and policy issues of 14 developing economies in the Pacific. The latest review explores the development impact of the pandemic and challenges to recovery and fiscal sustainability. ■