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International Monetary Fund. Asia and Pacific Dept
A mission was requested by the New Zealand authorities to the Cook Islands to focus on policy options for transitioning to high-income status, financial sector stability and regulatory framework, and debt sustainability.1 It evaluated these issues in the context of the medium-term outlook and against the context of a recently developed fiscal framework. The Cook Islands is a self-governing territory in free association with New Zealand, but it is not an IMF member (Box 1).
International Monetary Fund. Asia and Pacific Dept

tourism and construction, despite the influx of guest workers from the Philippines and other parts of Asia. While no labor force data are available, a measure of the average wage based on contributions to the Cook Islands Superannuation Fund ( Text Figure 2 ) suggest that wages have risen on average about 8 percent per year from 2015 to 2018. 5 Private investment in tourist housing may have increased capacity somewhat, but not sufficiently to ease constraints. Indeed, the government projects that the tourism industry reached maximum capacity in the high season of 2018

International Monetary Fund. Asia and Pacific Dept
This technical assistance mission report underlines efforts to estimate the economic and revenue contributions of the international financial services industry in the Cook Islands. This report discusses the data and methodology used and presents the results. One matter that has been raised is that international companies are exempt from all taxes in the Cook Islands. The economic contribution of the international financial services industry can be measured by the value added of resident institutional units engaged, directly or indirectly, in the production of international financial services in the Cook Islands. The production of international financial services generates income which is distributed to the various agents or groups of agents who use that income to acquire goods and services for consumption now or later. The international financial services industry also contributes indirectly to gross domestic product through two channels. The first channel is through the goods and services that the industry purchases from other suppliers, such as electricity, accounting services, telecommunications, etc.
International Monetary Fund. Asia and Pacific Dept

benefits, and employers’ contributions to the Cook Islands superannuation scheme. 20. GDP is measured in current and constant prices . GDP in current prices records the value of the output produced in the Cook Islands in current New Zealand dollar prices. Constant price GDP takes out the effects of price movements. Constant price GDP is reported in 2016 prices which means that current and constant price GDP are the same for 2016. 21. The Cook Islands’ economy has been growing steadily with current prices GDP increasing from NZ$ 316 million in 2006 to NZ$ 486 million