16-October-2024
Economy News
 
Growth Across Pacific Slows as Post-Pandemic Rebound Fades, Says World Bank
15-Oct-2024

Growth across the Pacific Islands is expected to slow to 3.6% this year, down from 5.8% in 2023, as a post-pandemic rebound fades and Fiji, contributing half of the region's output, slowed significantly, the World Bank said on Tuesday. A long-term slowdown was caused by weaker investment, increasing climate risks, and structural challenges, a report said. Without immediate action to ramp up investment, Pacific Island nations may struggle to reduce poverty and generate new economic opportunities, it added. The Washington-based global lender said investment had shrunk on average across Pacific Island countries in seven out of the past 15 years.

News Source:- https://money.usnews.com/investing/news/articles/2024-10-14/growth-across-pacific-slows-as-post-pandemic-rebound-fades-says-world-bank