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International Monetary Fund

This 2002 Article IV Consultation highlights that despite frequent shocks and an uncertain policy environment in Vanuatu, macroeconomic stability has been maintained. Real GDP growth was 2½ percent in 2000 owing to an agriculture-led recovery. However, the economy contracted by 2 percent in 2001, owing to the effects of several major cyclones and a global downturn in agriculture and tourism. Inflation remained subdued, increasing from 2½ percent in 2000 to 3¾ percent in 2001. The current account surplus declined from 2 percent of GDP in 2000 to ¾ percent in 2001.

International Monetary Fund
This Selected Issues paper focuses on the reasons for the historically weak performance of Vanuatu. Among the key factors, growth has been hindered by substantial barriers to private sector development. Impediments include political uncertainty, high costs of doing business, poor and costly infrastructure, incomplete secured transactions framework, and weak land and property rights. Although these problems are not uncommon in the Pacific island region, Vanuatu’s progress in these structural reforms has been particularly slow, deterring foreign investment and reducing external competitiveness.
International Monetary Fund
This 2002 Article IV Consultation highlights that despite frequent shocks and an uncertain policy environment in Vanuatu, macroeconomic stability has been maintained. Real GDP growth was 2½ percent in 2000 owing to an agriculture-led recovery. However, the economy contracted by 2 percent in 2001, owing to the effects of several major cyclones and a global downturn in agriculture and tourism. Inflation remained subdued, increasing from 2½ percent in 2000 to 3¾ percent in 2001. The current account surplus declined from 2 percent of GDP in 2000 to ¾ percent in 2001.
International Monetary Fund
This Selected Issues paper on Samoa reviews limitations to the existing framework of monetary policy, and suggests ways to improve its effectiveness. It examines current instruments at the disposal of the central bank to conduct monetary policy, before showing why monetary policy execution can be sometimes difficult. It also shows that such problems are not uncommon in economies with shallow financial markets. The paper also takes stock of developments since the early 1990s, and asks what major impediments to sustained private development remain.
International Monetary Fund

This 2002 Article IV Consultation highlights that despite frequent shocks and an uncertain policy environment in Vanuatu, macroeconomic stability has been maintained. Real GDP growth was 2½ percent in 2000 owing to an agriculture-led recovery. However, the economy contracted by 2 percent in 2001, owing to the effects of several major cyclones and a global downturn in agriculture and tourism. Inflation remained subdued, increasing from 2½ percent in 2000 to 3¾ percent in 2001. The current account surplus declined from 2 percent of GDP in 2000 to ¾ percent in 2001.

International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

International Monetary Fund

This 2002 Article IV Consultation highlights that despite frequent shocks and an uncertain policy environment in Vanuatu, macroeconomic stability has been maintained. Real GDP growth was 2½ percent in 2000 owing to an agriculture-led recovery. However, the economy contracted by 2 percent in 2001, owing to the effects of several major cyclones and a global downturn in agriculture and tourism. Inflation remained subdued, increasing from 2½ percent in 2000 to 3¾ percent in 2001. The current account surplus declined from 2 percent of GDP in 2000 to ¾ percent in 2001.