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Ms. Shari Boyce, Mr. Sergei Dodzin, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Abstract

This issue of the Asia & Pacific Small States Monitor focuses on the challenges facing Asia and Pacific small states associated with natural disasters and climate change. Most tourism-oriented economies experienced a robust increase in arrivals, partly reflecting country-specific factors. Among commodity exporters (Bhutan, Solomon Islands, and Timor-Leste) and other Asia and Pacific small states, growth remains uneven: robust activity in Bhutan was driven mainly by hydropower-related construction activities; Solomon Islands experienced a continuing decline of logging stocks and a short-term disruption of gold production; and Timor-Leste’s ongoing depletion of oil reserves has led to a tighter budget constraint and lower government spending in the non-oil sector.

Ms. Shari Boyce, Mr. Sergei Dodzin, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Abstract

Context: Bhutan is a small, until recently fast-growing, lower middle-income country with deep economic ties to India and a peg to the Indian rupee. Growth in Bhutan was robust during the last Five-Year Plan (2008/09 to 2012/13), driven by the development of the hydropower sector (exporting electricity to India) and a credit-fueled private consumption boom.

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
This 2002 Article IV Consultation highlights that the economic activity in Tonga rebounded modestly in 2001/02, as real GDP growth accelerated from about ½ percent in 2000/01 (fiscal year July–June) to 1½ percent in 2001/02. Conditions in agriculture improved owing to record-high prices for squash and vanilla. Construction rebounded sharply with the assistance provided by the international community to rebuild structures destroyed by Cyclone Waka. Tourism and the service sector have been sluggish during most of the past two years.
International Monetary Fund
The statistical data on real gross domestic product, agricultural products, indicators of economic activity, consumer price index, population and labor market of Tonga has been detailed. The data on central government revenue, and current expenditure, national debt, Tonga trust fund, public sector enterprises, monetary survey, accounts of the national reserve bank, bank credit by sector, accounts of the Tonga development bank, interest rate structure, exports by major commodity, imports by commodity, category, and sector, external debt and debt service, and related economic indices have been presented.
International Monetary Fund
This report provides the IMF's projections and estimates on Tonga's real and nominal gross domestic product by sector of origin; production of manufactured goods; tourism statistics; central government fiscal operations and revenue; central government current expenditure by economic and functional classifications; monetary survey; Tonga trust fund; banking survey; accounts of the national reserve bank of Tonga; accounts of the Tonga development bank; balance of payments summary; public debt outstanding; interest rate structure during 1996/97–2000/01; public enterprise sector; and so on.
International Monetary Fund
This paper describes economic developments in Tonga during the 1990s. From 1993 to 1996, financial policies were quite expansionary. Following the licensing of two new banks, credit growth accelerated in 1994. The National Reserve Bank of Tonga initially adopted an accommodating stance, but in December 1995, tightened monetary policy significantly. Hampered by its poor profitability in the use of indirect monetary instruments, it relied on an increase in reserve requirements. Meanwhile, fiscal policy had added further to demand pressures with the recurrent budget surplus declining, owing to a cost-of-living adjustment to government wages.
Ms. Shari Boyce, Mr. Sergei Dodzin, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Abstract

By Adam Gorajek, Head of the Economics Department at the National Reserve Bank of Tonga (NRBT) during May 2012-May 2014. This article is based on research conducted in the NRBT.

Ms. Shari Boyce, Mr. Sergei Dodzin, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Abstract

This issue of the Asia & Pacific Small States Monitor focuses on the challenges facing Asia and Pacific small states associated with natural disasters and climate change. Most tourism-oriented economies experienced a robust increase in arrivals, partly reflecting country-specific factors. Among commodity exporters (Bhutan, Solomon Islands, and Timor-Leste) and other Asia and Pacific small states, growth remains uneven: robust activity in Bhutan was driven mainly by hydropower-related construction activities; Solomon Islands experienced a continuing decline of logging stocks and a short-term disruption of gold production; and Timor-Leste’s ongoing depletion of oil reserves has led to a tighter budget constraint and lower government spending in the non-oil sector.