Publication: Pacific Economic Update, October 2024: Diminishing Growth amid Global Uncertainty: Ramping up Investment in the Pacific
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2024-10-15
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2024-10-15
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The World Bank’s Pacific Economic Update provides an assessment of the economies of 11 Pacific Island countries (PIC-11) in part 1 and highlights the potential of investment to broaden the economic horizons of the region in part 2. In 2024, growth across PIC-11 economies is estimated to have slowed significantly to 3.6 percent, following a robust 5.8 percent expansion in 2023. This slowdown reflects the diminishing impact of the post-pandemic recovery, particularly in Fiji, which accounts for over half of the output of the PIC-11. Fiji’s growth is projected to decelerate to 3.1 percent, down sharply from 8 percent in 2023, as economic activity returns to pre-pandemic levels. Meanwhile, Solomon Islands is expected to see more moderate growth of 2.5 percent, compared to 3 percent in 2023, due to structural challenges limiting the economy’s capacity to sustain higher growth rates.
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“World Bank. 2024. Pacific Economic Update, October 2024: Diminishing Growth amid Global Uncertainty: Ramping up Investment in the Pacific. © World Bank. http://hdl.handle.net/10986/42246 License: CC BY-NC 3.0 IGO.”
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