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Productivity Key to Economic Growth in Pacific: Report |
| Source: |
radioaustralianews.net.au |
| Source Date: |
Wednesday, July 27, 2011 |
| Focus: |
ICT for MDGs
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| Created: |
Aug 02, 2011 |
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The Pacific region can achieve economic growth of 3 to 5 per cent per year if productivity is improved, an Asian Development Bank study says.
The report, featured in the ADB's latest Pacific Economic Monitor, says raising education standards has significant potential to boost longterm economic growth.
The ADB says all countries in the region could benefit from improving their business environments and infrastructure, and reducing corruption.
Vanuatu is expected to post the highest growth - with 5 per cent per year expected until 2030.
The ADB's chief Pacific economist, Chris Edmond told Pacific Beat the results indicated the Pacifc would "fall further and further behind" its Asian neighbours.
"What we see with the Pacific economies is historically they've accumulated capital labour at much lower rates than their Asian neighbours. And at the same time, the efficiency with which they use those resources has been much, much lower than we see in most countries in the Asia region."
Mr Edmond pointed to Samoa as an example of strong economic growth in the region.
"Samoa's probably the one Pacific island country that has most aggressively reformed its economy, gotten the government out of inappropriate activities and reformed its markets to attract both domestic and foreign investment."
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Productivity Key to Economic Growth in Pacific: Report The Pacific region can achieve economic growth of 3 to 5 per cent per year if productivity is improved an Asian Development Bank study says
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