This annual report outlines how the Pacific Private Sector Development Initiative (PSDI) supported the enabling environment for business and helped foster inclusive private sector-led economic growth in the Pacific during 2021.
A revival in tourism is expected to boost economic growth in the Pacific in 2022 and 2023, but the COVID-19 pandemic, rising commodity prices, and climate change continue to pose risks, according to the Asian Development Bank.
The Pacific region is expected to grow by 4.7% in 2022 and 5.4% in 2023 as most economies emerge from the worst of the pandemic-induced downturn.
Bilateral remittance inflows are countercyclical against the business cycle of a remittance-receiving country relative to a sending country.
A structural shift is taking place in the Pacific islands, as countries move away from fossil fuels in favor of more climate friendly forms of energy.
Across the region, ADB is committed to preparing climate change risk assessments for all its infrastructure investments in the Pacific.
Connectivity in the Pacific has two components: the physical and the digital. ADB has been working with development partners to help people and businesses overcome their isolation.