Summary

<p>This joint report by Australia and New Zealand asseses the impact of the global recession on the Pacific and sets out critical policy components for an effective regional response.</p>

Description

The impact of the global recession in the Pacific has been mainly felt through lower prices and demand for commodities, pressure on tourism and falls in remittance flows and in the value of offshore national trust funds.

The report highlights that the global recession has exposed a range of underlying structural weaknesses in many Pacific Island countries which have exacerbated the impact of the recession and constrained countries' ability to respond. A number of countries were already stressed as a result of the high food and fuel prices of 2008 with high inflation, falling foreign reserves and unsustainable budget deficits.

Surviving the Global Recession: Strengthening Economic Growth and Resilience in the Pacific [PDF 4770kb]

Surviving the Global Recession: Strengthening Economic Growth and Resilience in the Pacific - low bandwidth version [PDF 1000kb]