{
  "title": "Tonga: 2009 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Tonga",
  "publication": "IMF Staff Country Reports, September 22, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/tonga-2009-article-iv-consultation-staff-report-staff-supplement-public-information-notice-23297",
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  "summary": "Tonga’s growth is likely to be low in the near term as remittances remain constrained by global economic conditions. The staff report for Tonga’s 2009 Article IV Consultation highlights economic developments and policies.",
  "publishDate": "2009-09-22",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Tonga’s growth is likely to be low in the near term as remittances remain constrained by global economic conditions.\n- Reconstruction of the central business district and increased subsistence agriculture are likely to cushion downward pressures on the economy.\n- Risks are tilted to the downside, mainly owing to increasing unemployment in remittance-sending economies and rising oil prices.\n- The drawdown of the large reconstruction loan will lead to high risk debt levels over the medium term."
    },
    {
      "heading": "Economic outlook and channels",
      "content": "- Remittances: constrained by global economic conditions, contributing to low near-term growth.\n- Reconstruction spending: rebuilding the central business district expected to support activity.\n- Agriculture: increased subsistence agriculture expected to cushion negative impacts.\n- External shocks: rising oil prices represent a downside pressure."
    },
    {
      "heading": "Risks and vulnerabilities",
      "content": "- Primary downside risks:\n  - Increasing unemployment in remittance-sending economies.\n  - Rising oil prices.\n- Fiscal/external vulnerability:\n  - Drawdown of the large reconstruction loan will raise public debt to high risk levels over the medium term.\n\n---\n\n Content in this bundle\n\n- cr09292\n  - cr09292 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr09292 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/tonga-2009-article-iv-consultation-staff-report-staff-supplement-public-information-notice-23297"
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    "Published: September 22, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451837513.002",
    "Tonga’s growth is likely to be low in the near term as remittances remain constrained by global economic conditions.",
    "Reconstruction of the central business district and increased subsistence agriculture are likely to cushion downward pressures on the economy.",
    "Risks are tilted to the downside, mainly owing to increasing unemployment in remittance-sending economies and rising oil prices.",
    "The drawdown of the large reconstruction loan will lead to high risk debt levels over the medium term.",
    "Remittances: constrained by global economic conditions, contributing to low near-term growth.",
    "Reconstruction spending: rebuilding the central business district expected to support activity.",
    "Agriculture: increased subsistence agriculture expected to cushion negative impacts.",
    "External shocks: rising oil prices represent a downside pressure.",
    "Primary downside risks:",
    "Fiscal/external vulnerability:",
    "**_cr09292**"
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