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The Pacific Islands' economic growth is expected to slow to 3.6% in 2024, down from 5.8% in 2023, as the post-pandemic recovery fades. A recent World Bank report highlights a significant slowdown in Fiji, which contributes half of the region's output.
Key Economic Challenges
The report cites weakening investment, increasing climate risks, and structural challenges as major hurdles. Over the past 15 years, investment has decreased in seven out of 11 Pacific Island countries. Without immediate action, the region risks falling further behind in poverty reduction and economic development.
Natural disasters continue to take a toll, with annual damages averaging 1.5% of the region’s GDP. Many Pacific nations are caught in a cycle of rebuilding after disasters like cyclones, hindering long-term growth.
Fiji and Vanuatu Struggle
Fiji's growth is projected to slow to 3% in 2024, with public debt rising to 79% of GDP, a third higher than pre-pandemic levels. Vanuatu's economy is also under pressure, with the liquidation of Air Vanuatu causing growth to drop to 0.9%.
Investment Opportunities
The World Bank report calls for increased investment in key areas such as sustainable tourism, agriculture, and digital connectivity. Despite large maritime zones, Pacific Islands have yet to capitalize fully on sustainable fishing and marine biotechnology. Addressing high internet costs and poor speeds is critical for future development.
Senior World Bank economist Dana Vorisek emphasized the need for reforms in digital payments and remittance systems, which could significantly boost the region’s economy.
