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Resilience and Growth in the Small States of the Pacific

Author/Editor: Patrizia Tumbarello | Ezequiel Cabezon | Yiqun Wu
Authorized for Distribution: May 22, 2013
Electronic Access: Free Full Text (PDF file size is 1,361KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: The small states of the Asia and Pacific region face unique challenges in raising their growth potential and living standards relative to other small states due to their small populations, geographical isolation and dispersion, narrow export and production bases, exposure to shocks, and heavy reliance on aid. Higher fixed government costs, low access to credit by the private sector, and capacity constraints are also key challenges. The econometric analysis confirms that the Pacific Island Countries (PICs) have underperformed relative to their peers over the last 20 years. Although these countries often face more limited policy tools, policies do matter and can further help build resilience and raise potential growth, as evidenced in the recent business cycle. The Asia and Pacific small states should continue rebuilding buffers and improve the composition of public spending in order to foster inclusive growth. Regional solutions should also continue to be pursued.
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Series: Working Paper No. 13/123
Subject(s): Small states | Asia | Pacific Island Countries | Economic growth | Aid flows | Credit | Access to capital markets | Private sector | Fiscal policy | Cross country analysis
    Published:   May 22, 2013        
    ISBN/ISSN:   9781484339190/1018-5941   Format:   Paper
    Stock No:   WPIEA2013123   Pages:   29
    Price:   US$18.00
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