Resident Representative Office in the Pacific Islands
This web page presents information about the work of the IMF in Pacific Islands Countries, including the activities of the IMF Regional Resident Representative Office based in Suva, Fiji. Additional information can be found on the IMF country pages for Fiji, Kiribati, Marshall Islands, Micronesia, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu, including IMF reports and Executive Board documents that deal with issues in Pacific Island Countries.
News — Highlights
IMF Pledges Continued Commitment to Partner with Small Island Developing States in their Pursuit of Sustainable Economic Development
Pacific Islands and the IMF
Press Release: The Federated States of Micronesia Begins Participation in the IMF’s General Data Dissemination System
Republic of Fiji: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for the Republic of Fiji
November 12, 2014
Series: Country Report No. 14/321
Statement by the Hon. Tom Murdoch, Governor of the IMF and the World Bank Group for Kiribati, on behalf of Kiribati, Federated States of Micronesia, Republic of Marshall Islands, Republic of Palau, Samoa, Solomon Islands, Tuvalu and Vanuatu
October 10, 2014
PDF File Size: 199Kb
Regional Economic Outlook: Asia and Pacific
Despite a weaker-than-expected first half of the year, the outlook for the Asia and Pacific region remains solid. The ongoing global recovery, while tepid, should support Asia's exports. Meanwhile, favorable financial and labor market conditions, as well as broadly accommodative policies, will continue to underpin domestic demand. GDP is forecast to grow by 5.5 percent for the third consecutive year in 2014, rising slightly to 5.6 percent in 2015. Financial dislocations associated with higher global interest rates, and protracted weak growth in advanced and emerging market economies are the main downside risks to the outlook. A sharper-than-anticipated downturn in China's real estate sector and less-effective-than-envisaged Abenomics in Japan would also adversely affect regional growth prospects. Geopolitical tensions could also disrupt trade and financial flows, with adverse effects on growth. Policymakers in the region should capitalize on the outlook to gradually rebuild policy space and push ahead with structural reforms to deliver sustainable growth. While there is no one-size-fits-all approach, fiscal consolidation should generally continue in a calibrated manner, especially where debt levels are higher, and monetary normalization should proceed particularly where inflation pressures are high or building up.