1 October 2013

Pacific economies expected to achieve ADO 2013 growth forecasts.

Growth will be steady for the Pacific, says ADB's biannual Asian Development Outlook 2013 Update:
"Pacific economies as a whole are expected to achieve ADO 2013 growth forecasts. The growth forecasts for the Pacific subregion remain unchanged at 5.2% in 2013 and 5.5% in 2014. Higher growth expectations for the Cook Islands and Fiji in 2013 are offset by lower projections for Kiribati, Nauru, Solomon Islands, and Timor-Leste. Improving consumption and investment indicators in Fiji and unexpectedly large increases in tourism arrivals in the Cook Islands prompt upgrades in their growth forecasts. Downward revisions are led by a modest decline in the 2013 growth forecast for Timor-Leste, where public expenditure is lower than budgeted, and a more significant downgrade in the forecast for Solomon Islands, where production in gold mining, logging, and agriculture are falling short of expectations. The forecast for inflation in 2013 is revised down to 5.7% from 6.1% and in 2014 to 6.0% from 6.3%."