{
  "title": "Tonga: 2016 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Tonga",
  "publication": "IMF Staff Country Reports, June 21, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/tonga-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-43992",
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  "summary": "This paper discusses recent economic developments, economic outlook, risks, and challenges in Tonga. The Tongan economy has been rebounding since a contraction in FY2013. Growth accelerated from 2.1 percent in FY2014 to 3.",
  "publishDate": "2016-06-21",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Recent economic developments",
      "content": "- The Tongan economy has been rebounding since a contraction in FY2013.\n- Growth accelerated from 2.1 percent in FY2014 to 3.7 percent in FY2015.\n- Growth in FY2015 was supported by:\n  - construction,\n  - tourism,\n  - strong remittances,\n  - strong private credit.\n- These gains occurred notwithstanding weather-related disruptions to agricultural production."
    },
    {
      "heading": "Economic outlook and projections",
      "content": "- FY2016 real GDP growth is projected to remain relatively strong at 3.1 percent.\n- Projected drivers for FY2016:\n  - a recovery in agriculture,\n  - an increase in construction activity in preparation for the South Pacific Games."
    },
    {
      "heading": "Risks and channels of external influence",
      "content": "- A protracted period of slower growth in advanced and emerging market economies, particularly in Australia and New Zealand, could weigh on Tonga.\n- Channels through which external weakness could affect Tonga:\n  - aid,\n  - remittances,\n  - tourism."
    },
    {
      "heading": "Key takeaway findings",
      "content": "- Post-FY2013 rebound is evident with sequential acceleration to 3.7 percent in FY2015.\n- Continued near-term strength projected (3.1 percent in FY2016) backed by agriculture recovery and construction for major sporting event preparations.\n- External vulnerabilities concentrated on economic conditions in Australia and New Zealand and their transmission via aid, remittances, and tourism.\n\nInternational Monetary Fund. \"Tonga: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tonga\", June 21, 2016.\n\n---\n\n Content in this bundle\n\n- cr16178\n  - cr16178 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr16178 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/tonga-2016-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-43992"
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    "Published: June 21, 2016",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498311816.002",
    "The Tongan economy has been rebounding since a contraction in FY2013.",
    "Growth accelerated from 2.1 percent in FY2014 to 3.7 percent in FY2015.",
    "Growth in FY2015 was supported by:",
    "These gains occurred notwithstanding weather-related disruptions to agricultural production.",
    "FY2016 real GDP growth is projected to remain relatively strong at 3.1 percent.",
    "Projected drivers for FY2016:",
    "A protracted period of slower growth in advanced and emerging market economies, particularly in Australia and New Zealand, could weigh on Tonga.",
    "Channels through which external weakness could affect Tonga:",
    "Post-FY2013 rebound is evident with sequential acceleration to 3.7 percent in FY2015.",
    "Continued near-term strength projected (3.1 percent in FY2016) backed by agriculture recovery and construction for major sporting event preparations.",
    "External vulnerabilities concentrated on economic conditions in Australia and New Zealand and their transmission via aid, remittances, and tourism.",
    "**_cr16178**"
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