MANILA, Aug 14 (Bernama-Xinhua) -- The Asian Development Bank (ADB) forecasts that the Pacific subregion's economy will grow by 3.3 per cent in 2024 and 4 per cent in 2025, reported Xinhua.
According to the ADB's Pacific Economic Monitor (PEM), this growth will be driven by a rebound in resource extraction in Papua New Guinea, steady tourism in most tourism-dependent economies, and stimulus from public infrastructure projects.
However, the report also cautioned about several downside risks, including labour shortages, reduced fiscal space, continued exposure to disaster risk, and volatility in global commodity prices and supply chains.
The latest PEM, a biannual review by the ADB on economic developments and policy issues of 14 developing economies in the Pacific, explores various aspects of building resilience in the Pacific.
The report spotlights building resilient infrastructure, bolstering climate resilience, and strengthening public financial management within the unique Pacific context.
Another policy brief highlights the need to understand the vulnerability and fragility of Pacific small island developing states to develop solutions for resilience.
--BERNAMA-XINHUA
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