ADB: Resource-Rich Pacific Economies Thrive While Others Lag

Posted July 17th, 2011 at 10:25 pm (UTC-5)
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The Asian Development Bank released a report Monday saying resource-rich Pacific economies will expand strongly this year, while the rest of the region is set to remain subdued.

The report projects growth in the Pacific region will reach 6.4 percent in 2011 before moderating to 5.5 percent in 2012.

The oil exporting economies of Papua New Guinea and East Timor are expected to grow 8.5 percent and 10 percent respectively, while the Solomon Islands should experience growth of 7.5 percent driven by increased logging and the resumption of gold mining.

The 11 other Pacific economies are expected to experience much lower GDP growth at 1.5 percent in 2011 and 1.9 percent in 2012.