Resource rich economies dwarf the region: ADB

By PETER SOLO KINJAP in SUVA

THE resource rich economies in the Pacific Region has dwarfed the entire region’s economic performance to slowing its growth, says Emma Veve, Director (Pacific) of Asian Development Bank (ADB) at the 2016 Pacific Update Conference today in Suva, Fiji.

Ms Eve in presenting the report said while Pacific economic performance overall stems as steady, smaller island nations bucks with tourism as being dwarfed by those resource-driven economies within the region.

ADB Director Edimon Ginting says environment still supports the vibrate of the economy and the livelihood of the populace and thus tourism is essentially linked to agriculture.
Ginting said this generates income and sustainability. He said Fiji is a service sector economy with tailoring, tourism and agriculture.

Meanwhile, Fiji’s Attorney-General and Minister for Economy Hon. Aiyaz Sayed-Khaiyum said Fiji is happy to host the 2016 Pacific Update Conference, in Suva Fiji. The Minister acknowledged the contribution and participation of the University of South Pacific (USP), Australian National University (ANU), ADB Institute and ADB to facilitate the conference and its significance of policy debates and discussions therein.

He officiated the two-day conference at Laucala Campus, University of South Pacific with a participants of more than 200 academics, policy-makers and development practitioners attending.

Presenters were from Australia, Papua New Guinea (PNG) , Fiji, Tonga, Solomon Island, Kiribati, Republic of Marshall Islands (RMI), Vanuatu and Samoa.
The meeting will continue tomorrow with the following topics to be discussed and debated; Labour Market Development and Remittances, Sovereign Wealth and Public Trust Funds, Information and Communication Technology and Health and Non-Communicable Diseases (NCDs). It will end tomorrow at 5:30pm Fiji time.