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Pacific Economic Monitor: December 2014 - Budget Analysis

Publication | December 2014
Pacific Economic Monitor: December 2014 - Budget Analysis

An analysis of 2014 budget outcomes and 2015 plans of ADB's Pacific member countries is the focus of this issue of the Pacific Economic Monitor, also including an analysis of opportunities and challenges from external factors.

An analysis of 2014 budget outcomes and 2015 budget plans of ADB's Pacific developing member countries is the focus of this issue of the Pacific Economic Monitor. The policy briefs in this issue consider longer-run opportunities and challenges facing Pacific economies from changing external conditions.

Highlights

Highlights from this issue of the Pacific Economic Monitor include the following:

  • Robust revenue collections in smaller Pacific economies. Rising rates under a regional vessel day scheme continue to support strong fishing license revenues in Kiribati, the Republic of the Marshall Islands, the Federated States of Micronesia, Nauru, and Tuvalu. Increased economic activity and improved compliance are also pushing tax revenue collections higher in Fiji, Palau, Tonga, and Vanuatu.
  • Limited 2015 expenditure growth planned in larger economies. High revenues have underpinned expanding budget allocations in large resource-rich economies, but low implementation rates limit the development gains. For 2015, Papua New Guinea plans fiscal consolidation to reduce its deficit, while Timor-Leste is budgeting a minimal increase in total expenditure to bring budgeted and actual expenditures closer.
  • Seizing new opportunities. Efforts to utilize scarce public resources more effectively in developing the infrastructure and institutional capacity needed to harness emerging opportunities are explored—focusing on efforts to improve fiscal planning and management.

About the Pacific Economic Monitor

The Pacific Economic Monitor provides an update of developments in Pacific economies and explores topical policy issues. This tri-annual publication is produced by ADB with contributions from development partners and knowledge organizations engaged in economic analysis of the Pacific.

Contents 

  • Highlights
  • The economic setting
  • Country updates
  • Policy briefs
    • Long-run growth forecasts for Asia: Opportunities and challenges for the Pacific economies
    • Fiscal management challenges in Papua New Guinea and Timor-Leste
    • Update on fiscal modeling efforts in the Pacific
  • Economic indicators