Tuvalu 2021 Article Iv Consultation Press Release Staff Report And Statement By The Executive Director For Tuvalu
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| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 95 |
| Release | : 2021-08-04 |
| Genre | : Business & Economics |
| ISBN | : 1513591479 |
Swift implementation of containment measures, limited spillovers from tourism, and COVID-related fiscal spending financed by buoyant fishing revenues and donor grants have allowed Tuvalu—a fragile Pacific micro-state—avoid a recession in 2020. The economy is expected to expand by 2.5 percent in 2021, supported by fiscal expenditures and resumption of infrastructure projects. But significant challenges remain: Tuvalu is vulnerable to the effects of climate change, its economy is dominated by the public sector, and its revenue base is narrow. Uncertainty around donor commitments complicates fiscal planning.
| Author | : International Monetary Fund. Asia and Pacific Dept |
| Publisher | : International Monetary Fund |
| Total Pages | : 81 |
| Release | : 2023-07-21 |
| Genre | : Business & Economics |
| ISBN | : |
The 2023 Article IV Consultation discusses that a successful vaccination strategy allowed Tuvalu to lift coronavirus disease (COVID) containment measures at the end of 2022, but the economic cost of the pandemic has been significant. Real gross domestic product growth was -4.3 percent in 2020, with at-the-border containment measures leading to delays in much-needed infrastructure projects. Growth is expected to accelerate as the lifting of COVID restrictions leads to the resumption of construction activity, shipping bottlenecks ease and the trade and hospitality sectors recover. Tuvalu is among the countries most vulnerable to the effects of climate change; its remote economy is dominated by the public sector; and its revenue base is narrow, with reliance on donor commitments further complicating fiscal planning. The economic setback due to the pandemic makes addressing these significant structural challenges more difficult. The report recommends promoting fiscal sustainability and building buffers by mobilizing revenues and rationalizing current expenditures.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 81 |
| Release | : 2021-11 |
| Genre | : Business & Economics |
| ISBN | : 1616350938 |
The COVID-19 pandemic and related containment measures have put severe strains on the economy. The economic policy response has been strong and generally appropriate, helping counter the negative effects of the pandemic. Nevertheless, as the international borders remain shut, the economic contraction is likely to deepen in FY2021. A slow recovery is expected for FY2022 driven by a gradual border reopening. The FSM is facing significant medium-term uncertainty, owing to the possible expiration of grants and other assistance provided under the Compact Agreement with the United States. The FSM is also highly vulnerable to climate change-induced natural disasters.
| Author | : International Monetary Fund. Asia and Pacific Dept |
| Publisher | : International Monetary Fund |
| Total Pages | : 65 |
| Release | : 2018-07-03 |
| Genre | : Business & Economics |
| ISBN | : 148436628X |
Tuvalu is a fragile micro state. The country’s remoteness, narrow production base, and weak banking sector constrain private sector activity, leaving public expenditure as the main source of growth. The DSA finds that Tuvalu remains at high risk of debt distress.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 66 |
| Release | : 2021-12-03 |
| Genre | : Business & Economics |
| ISBN | : 1616356146 |
Fiji has been among the hardest hit by the pandemic—with infection rates at one point among the highest in the world. Despite swift action by the government to close borders, protect the population, and mitigate the worst economic effects, the economic contraction was the worst in Fiji’s history. The crisis has come at a heavy social cost, including large-scale layoffs, surging unemployment, and high non-performing loans. Multilateral and bilateral support has been critical in helping Fiji weather the worst of the crisis and has facilitated a strong government response—including rapid acceleration of the government vaccination program underpinning Fiji’s reopening to international tourism.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 67 |
| Release | : 2022-02-07 |
| Genre | : Business & Economics |
| ISBN | : |
Early and decisive measures successfully prevented an outbreak of COVID-19 in Nauru, and as of January 2022 there have been no COVID-19 cases on the island. Strong pandemic policy measures supported the economy, which continued to expand in FY20 and FY21. Nauru’s remoteness and size constrain potential growth and it is severely exposed to the negative effects of climate change on sea levels and the ocean stock of tuna. Development challenges are exacerbated by limited capacity and a high incidence of non-communicable diseases (NCDs).
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 78 |
| Release | : 2021-05-27 |
| Genre | : Business & Economics |
| ISBN | : 1513572865 |
Strong and timely containment measures have successfully prevented a domestic COVID-19 outbreak but have also weighed on economic activity. The real GDP is estimated to have contracted by 3.3 percent in FY2020 and is projected to further decline by another 1.5 percent in FY 2021 due to continued travel restrictions. Economic activity is expected to pick up in FY2022, as COVID-related restrictions will be relaxed gradually. The government is currently negotiating the renewal of Compact of Free Association (COFA) financial provisions with the United States, but terms remain uncertain. The government is considering to repeal the SOV Act and a bill on establishing a Digital Economic Zone was submitted to the Parliament recently.
| Author | : International Monetary |
| Publisher | : International Monetary Fund |
| Total Pages | : 84 |
| Release | : 2021-07-14 |
| Genre | : Business & Economics |
| ISBN | : 1513593250 |
Although Timor-Leste has made considerable progress in many areas since its independence in 2002, it faces significant medium-term challenges. The nation has pressing development needs, young institutions, and is highly dependent on oil. Oil revenues from active fields, which have been the main source of funding for government spending, are drying up. The non-oil private sector economy remains underdeveloped and lack of good jobs and high youth unemployment are serious concerns.
| Author | : International Monetary Fund. Asia and Pacific Dept |
| Publisher | : International Monetary Fund |
| Total Pages | : 84 |
| Release | : 2023-11-28 |
| Genre | : Business & Economics |
| ISBN | : |
Nauru faces structural challenges due to its small size and remoteness, and is highly dependent on imports. The narrow revenue base comprises fishing license fees, residual phosphate processing, and revenue from the Regional Processing Center (RPC). Nauru is vulnerable to the negative effects of climate change, as the population inhabit in a narrow coastal area. The health and economic impact of the pandemic has been limited in Nauru, thanks to successful vaccination and containment strategies
| Author | : International Monetary Fund. Asia and Pacific Dept |
| Publisher | : International Monetary Fund |
| Total Pages | : 81 |
| Release | : 2024-03-04 |
| Genre | : Business & Economics |
| ISBN | : |
Economic growth has been volatile since the Covid-19 pandemic, and inflation reached decade-high levels mainly due to higher prices of imported food and energy. High vulnerability to climate change is also intensifying food security concerns. Despite the weak domestic economy, the fiscal and external current accounts posted large surpluses, partly thanks to foreign grants and taxes paid by foreign firms. The high uncertainty around medium-term external financing and economic prospects diminished significantly with the signing of a new Compact of Free Association (COFA) agreement between the FSM and the United States government, which includes larger grants for the next 20 years and will enable much needed public investment and reforms. However, the agreement still needs to be ratified by the US Congress.
