Pacific Economic Monitor - December 2021

The Pacific region is expected to contract by 0.6% in 2021 but to grow by 4.7% in 2022. To reopen and rebuild, it will depend on promoting fiscal sustainability, strengthening economic management, and regional cooperation to revitalize tourism.

Format: Paperback / softback
Length: 48 pages
Publication date: 30 March 2022
Publisher: Asian Development Bank

The Pacific region is anticipated to experience a contraction of 0.6% in 2021, followed by a growth of 4.7% in 2022. In order to reopen and rebuild effectively, the region must prioritize several key aspects. Firstly, it is crucial to ensure the safe resumption of travel while prioritizing health protection measures. A resilient recovery will also depend on promoting fiscal sustainability and strengthening economic management, including through regional cooperation to revitalize tourism.

To achieve this, the Pacific region can take several steps. Firstly, it is essential to invest in healthcare infrastructure and resources to enhance disease surveillance and response capabilities. This will help mitigate the impact of future health crises and ensure the well-being of citizens.

Secondly, the region should prioritize fiscal sustainability by implementing sound economic policies and reducing debt levels. This will help create a stable economic environment and provide opportunities for investment and growth.

Thirdly, regional cooperation is crucial in promoting a resilient recovery. The Pacific region can work together to enhance trade and investment flows, facilitate cross-border infrastructure development, and promote tourism. This will help diversify the region's economy and create job opportunities.

Furthermore, the region should focus on digital transformation and innovation to drive economic growth. This can include investing in technology infrastructure, promoting digital literacy, and fostering entrepreneurship. By embracing digital technologies, the Pacific region can become more competitive and resilient in the global economy.

In conclusion, the Pacific region faces significant challenges in its recovery from the COVID-19 pandemic. However, by prioritizing healthcare infrastructure, fiscal sustainability, regional cooperation, digital transformation, and innovation, the region can reopen and rebuild effectively. This will help create a more prosperous and sustainable future for its citizens.

Weight: 333g
Dimension: 298 x 216 (mm)
ISBN-13: 9789292692292