{
  "title": "The Pacific Speed of Growth: How Fast Can It Be and What Determines It?",
  "publication": "IMF Working Papers, May 9, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/the-pacific-speed-of-growth-how-fast-can-it-be-and-what-determines-it-40521",
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  "summary": "This study aims to test within a relatively homogeneous group of small states what differentiates the growth performance of Pacific island countries (PICs) from their peers.",
  "sections": [
    {
      "heading": "Executive summary and research question",
      "content": "- Objective: Test within a relatively homogeneous group of small states what differentiates the growth performance of Pacific island countries (PICs) from their peers.\n- Core conclusion: Geography-related disadvantages and policy-related factors have resulted in growth rates in PICs that are much lower than in other small states."
    },
    {
      "heading": "Key empirical findings",
      "content": "- Geography and distance:\n  - PICs are disadvantaged by distance compared with other small island states.\n  - Rising international transport costs are examined as a contributor to slower growth over the past decade.\n- Trade and external environment:\n  - PICs are hampered by lower exports compared with other small island states.\n  - Unfavorable developments in the external trade environment may have contributed to PICs’ slower growth over the past decade.\n  - Real exchange rate appreciation is examined for its role in slower growth.\n- Investment and domestic factors:\n  - Lower investment in PICs relative to other small island states is identified as a drag on growth.\n- Offsetting factors:\n  - Greater political stability in PICs has helped offset some disadvantages.\n  - Catch-up effects from lower initial incomes have supported growth.\n  - Slower population growth in PICs has helped offset some geographic and policy disadvantages."
    },
    {
      "heading": "Policy-relevant interpretation",
      "content": "- Net effect: Policy-related shortcomings, in combination with geography-related disadvantages, explain much of the slower growth performance in PICs relative to other small states.\n- Areas for policy focus implied by the analysis:\n  - Strengthen policies to raise investment levels.\n  - Enhance export performance and resilience to adverse external trade developments.\n  - Address vulnerabilities to transport-cost increases and remoteness (implicit policy leverage points include connectivity and trade facilitation).\n  - Consider macroeconomic policies responsive to real exchange rate dynamics."
    },
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      "content": "- Authors: Yongzheng Yang, Hong Chen, Shiu raj Singh, Baljeet Singh\n- Date: May 9, 2013\n- Series: IMF Working Papers, Working Paper No. 2013/104\n- Pages: 44\n- DOI: https://doi.org/10.5089/9781484399040.001\n- ISBN: 9781484399040\n- ISSN: 1018-5941\n- Subjects: Competition; Exports; Financial markets; Foreign exchange; Imports; International trade; National accounts; Real exchange rates; Transportation\n- Keywords: aid; Asia and Pacific; Australia and New Zealand; Competition; convergence; economic recovery; Exports; financial crisis; Global; growth; growth performance; growth rebound; Imports; investment exports; Pacific island countries; Pacific Islands; PIC economy; PIC export; PIC government; PIC growth rebound; Real exchange rates; remoteness; small states; trade pattern; Transportation; visitor arrival; volatility; WP\n\nIMF Working Paper No. 2013/104 (May 9, 2013), Pages: 44, DOI: https://doi.org/10.5089/9781484399040.001, ISBN: 9781484399040, ISSN: 1018-5941.\n\n---\n\n Content in this bundle\n\n- wp13104\n  - wp13104 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp13104 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-pacific-speed-of-growth-how-fast-can-it-be-and-what-determines-it-40521"
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    "Authors: Yongzheng Yang, Hong Chen, Shiu raj Singh, Baljeet Singh",
    "Published: May 9, 2013",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484399040.001",
    "Objective: Test within a relatively homogeneous group of small states what differentiates the growth performance of Pacific island countries (PICs) from their peers.",
    "Core conclusion: Geography-related disadvantages and policy-related factors have resulted in growth rates in PICs that are much lower than in other small states.",
    "Geography and distance:",
    "Trade and external environment:",
    "Investment and domestic factors:",
    "Offsetting factors:",
    "Net effect: Policy-related shortcomings, in combination with geography-related disadvantages, explain much of the slower growth performance in PICs relative to other small states.",
    "Areas for policy focus implied by the analysis:",
    "Authors: Yongzheng Yang, Hong Chen, Shiu raj Singh, Baljeet Singh",
    "Date: May 9, 2013",
    "Series: IMF Working Papers, Working Paper No. 2013/104",
    "Pages: 44",
    "DOI: https://doi.org/10.5089/9781484399040.001",
    "ISBN: 9781484399040",
    "ISSN: 1018-5941",
    "Subjects: Competition; Exports; Financial markets; Foreign exchange; Imports; International trade; National accounts; Real exchange rates; Transportation",
    "Keywords: aid; Asia and Pacific; Australia and New Zealand; Competition; convergence; economic recovery; Exports; financial crisis; Global; growth; growth performance; growth rebound; Imports; investment exports; Pacific island countries; Pacific Islands; PIC economy; PIC export; PIC government; PIC growth rebound; Real exchange rates; remoteness; small states; trade pattern; Transportation; visitor arrival; volatility; WP",
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