Micronesia, Federated States of

Asian Development Outlook 2009 Update: Federated States of Micronesia

Updated GDP estimates for Federated States of Micronesia in FY2008 (ended 30 September 2008) now show a sharper GDP contraction of 2.9%, compared with a 1.0% decline in ADO 2009. Nevertheless, the outlook has improved because of a pickup in externally funded infrastructure projects. Tourism and remittance inflows are sluggish, largely owing to recessions in the US and Japan. GDP is now expected to grow by about 0.5% in FY2009, revised from a March forecast for a slight contraction, and also expand by about 0.5% in FY2010.

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