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Published on : Tuesday, September 5, 2017
Soon, the World Bank, one of the key international financial institutions will declare its blueprints for Pacific success at the annual meeting of the Pacific Islands Forum on Thursday. It considers tourism as the “crucial economic backbone”.
Taking advantage of the Chinese market alone, it says, tourism has the propensity to generate 65,000 jobs and improve the economy of the Pacific by over $1 billion.
The bank’s Pacific Possible report took three years in the process of the developing believes that “improved internet access and connectivity” could not only boost the output but generate chances for Pacific workers to connect with the global value chains.
Reforms in the information and communications technology have the opportunity to deliver new mobile phone access and affordability to almost 6 million islanders along with new 250,000 jobs and growing regional GDP by $4bn, it explains.
The Pacific Islands Forum summit will take place in Apia, Samoa, on Thursday and Friday.
However, the report cautions that if the region keeps on its current schedule, non-communicable diseases, for which “prevention is possible and achievable” — has the possibility, that by 2040, the region will incur a loss of up to 10 percent of GDP. It also anticipates climate change and natural disasters to keep on hampering the progress and increasing, “negating hard-fought development gains”.
Tags: World Bank