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BRIEFAugust 8, 2023

Pacific Economic Update - Recovering in the Midst of Uncertainty, August 2023

Pacific Economic Update August 2023
Pacific Economic Update August 2023

August 2023: Pacific Economic Update

Download report | Highlights (pdf)

Special Focus: Harnessing the Benefits of Pacific Migration

The World Bank’s Pacific Economic Update provides a twice-yearly assessment of 11 Pacific Island economies: the Federated States of Micronesia (FSM), Fiji, Kiribati, Nauru, Palau, Republic of the Marshall Islands (RMI), Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.

This August 2023 Pacific Economic Update describes a return to growth for the region, largely due to the resumption of tourism, higher public investment and construction.

However, risks remain amid fragile global economic conditions. While global conditions have gradually improved progress on reducing inflation in major economies has proven to be more challenging than expected.

The new Pacific Economic Update also includes a special analysis of international labour migration, which was an important income source for the region during the pandemic. The report emphasizes that there is a significant opportunity for Pacific countries to maximize its benefit.