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ADB Predicts Strong Growth for Vanuatu |
| Source: |
radioaustralianews.net.au |
| Source Date: |
Friday, March 16, 2012 |
| Focus: |
ICT for MDGs
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| Country: |
Vanuatu |
| Created: |
Mar 20, 2012 |
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Vanuatu's construction industry has helped the country maintain one of the best economic growth rates in the Pacific region, according to data from the Asian Development Bank.
The latest figures show the economy grew 4.3 per cent in 2011, and is expected to grow 4.5 per cent this year.
ADB economist Milo Lucich said long-term construction projects were helping to keep the economy afloat.
"The funding has already been provided in many cases so they won't be affected by any possible global slowdown," he said.
Mr Lucich said the development bank expected tourist numbers to increase in 2012 following "fairly modest" figures in recent years.
He said strong cruise ship arrivals, an increase in flights and one-off events such as the meeting of African, Caribbean, and Pacific Group of States, had all contributed to the pick up.
The ADB said Vanuatu had also benefited from strong prices for agricultural exports and low inflation.
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ADB Predicts Strong Growth for Vanuatu Vanuatu's construction industry has helped the country maintain one of the best economic growth rates in the Pacific region according to data from the Asian Development Bank
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