Vanuatu and ADB
In the Spotlight
Amid the threat of a weakening global economy dampening growth prospects in the Pacific, Vanuatu’s growth outlook of 4% for 2015 remains strong, according to ADB's Pacific Economic Monitor.
The growth outlook for developing Asia and the Pacific remains steady, even though momentum slowed in the second half of 2014, but the declining oil prices represent a golden opportunity for many beneficial reforms, ADB says in a new report.
ADB-wide sovereign approvals in the Pacific has risen substantially since 2010, reaching almost $1.8 billion in 2013. ADB is assessing and updating the Pacific Approach, which will continue to guide its operations in the region.
Engaging the private sector through public-private partnerships and privatization improves the performance and service delivery of state-owned enterprises, according to a new report by ADB.
The Vanuatu economy has seen steady growth over the past decade—a rarity in the Pacific.
ADB's country partnership strategy, 2010–2014 and its country operations business plan, 2014–2016 aligns with the government's Priorities and Action Agenda 2006–2015. Assistance is focused on transport, by providing support for improved connectivity to markets and social services; urban development, through expanding access to sanitation and drainage facilities and improved urban infrastructure; and energy, by supporting greater energy efficiency and renewable energy sources.
0.26(2013) Population in millions
2.3%(2008-2013) Average annual population growth rate
12.7%(2010) Population living below the national poverty line