In the Spotlight
The economies of the Cook Islands, Fiji, Palau, Samoa, and Vanuatu are the Pacific countries likely to feel the brunt of the COVID-19 pandemic, according to a new report by ADB released today.
ADB will invest over $1 billion worth of energy projects in the Pacific from 2019 to 2021 to increase renewable energy generation and improve access to affordable and sustainable electricity in the subregion. Read more
The 2019 growth forecast for the Pacific subregion has been raised from 3.5% to 4.2%, driven mainly by higher liquefied natural gas production in Papua New Guinea and increased construction expenditure in Samoa and Solomon Islands, as well as lower-than-projected economic decline in Nauru. Read more
The project has substantially delivered basic financial knowledge to huge numbers of rural people in Papua New Guinea. It has allowed people, particularly women, the opportunity to open bank accounts, do mobile banking from market gardens, and, overall, get better access to financial services.