Cover IMF Staff Country Reports
Samoa: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Samoa
Author:
International Monetary Fund. Asia and Pacific Dept
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2023: Issue 110
Language:
English
Publication Date:
15 Mar 2023
DOI:
https://doi.org/10.5089/9798400236938.002
ISBN:
9798400236938
ISSN:
1934-7685
Pages:
95
Keywords:
APG follow-up assessment; policy area; U.S. dollar; inflation development; development opportunity; Natural disasters; Stress testing; Credit; Global; Asia and Pacific; Australia and New Zealand; Pacific Islands
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After a three-year recession triggered by the COVID-19 pandemic, the economy is recovering, boosted by the reopening of tourism. However, higher global commodity prices briefly raised inflation to double-digit rates. Disciplined fiscal policies, buoyant revenue and remittances, and donor support have contributed to fiscal and external stability. The banking system has remained resilient to the economic downturn, although there has been some deterioration in asset quality. Pressures on correspondent banking relationships continue. With the pandemic-driven decline in investment, as well as rising numbers of seasonal workers abroad, output is projected to remain well below pre-pandemic trends.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2023: Issue 110