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Most Pacific Economies Still Recovering from GFC: Survey |
| Source: |
radioaustralianews.net.au |
| Source Date: |
Friday, May 06, 2011 |
| Focus: |
ICT for MDGs
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| Created: |
May 10, 2011 |
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An annual United Nations survey says most Pacific economies are still recovering from the global financial crisis of two years ago.
The 2011 Economic and Social Survey of Asia and the Pacific says Papua New Guinea was the region's standout, with seven per cent growth in 2010.
Solomon Islands and Palau also expanded economically, but most economies in the region were stagnant.
The chief economist from the UN agency that conducted the survey, Dr Nagesh Kumar, says most Pacific economies are dependent on imports.
He has told Radio Australia's Pacific Beat program, Pacific governments will need to look to Asia where the outlook is brighter.
"Advanced economies in the West will continue to remain sluggish for a while as they deal with the global imbalances but Asia Pacific is, or has become, a growth driver in the global economy so this is something which Pacific economies can benefit from," he said.
Dr Kumar says deepening of linkages with economies around them is the way forward for the Pacific.
He says part of that diversification could involve investing more in agriculture.
"These economies, being very sparsely populated, can develop agriculture, especially the niche markers such as organic agriculture and sustainable agriculture," he said.
"In the context of the rising food prices they could reap very rich harvests."
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