economy

ADB highlights need to maintain stimulus and support for Samoa's tourism-dependent economy

The Asian Development Outlook (ADO) 2021, ADB’s flagship annual economic analysis, projects the economies of the Cook Islands, Samoa, and Tonga will continue to decline in 2021 with economic contraction and fiscal deficits deepening.

The report predicts the resumption of international travel will see gross domestic product (GDP) growth return to positive in each country in 2022, but their economies will still be smaller than before the outbreak of the pandemic.

Samoa Central Bank requested to continue easing monetary policy stance

In its latest review, the Central Bank said the closure of borders due to the global coronavirus pandemic has had an adverse impact on the economy.

There were lower monthly tourist arrivals recorded for January to March of 2020 with zero arrivals since April as well as a slowdown in tourism related activities.

The Central Bank of Samoa will continue to closely monitor and manage international reserves as uncertainties around the coronavirus global pandemic remain.

COVID-19 quarantine a blessing in disguise for Samoa’s hotel industry

SHA President, Tupa'i Saleimoa Vaai said it is a temporary relief but it is a blessing in disguise.

“Right now our industry is in a lot of economic pain and the decision by Government to house our stranded arrivals in hotels, is a helping hand reaching out to us in our time of desperate need,” Tupa’i said.

“We have some income circulating in the industry again not just for hotels but for catering services responsible for feeding the detained travellers.”
 

Central Bank of Sāmoa committed to ensure the stability of the financial system

And the CBS is expecting this to be much larger than the adverse effects of the 2019 measles outbreak on the Samoan economy.

According to the Central Bank of Samoa, the trickle-down adverse effects of the COVID-19 through the cessation of the tourism activities and the adverse impact on the associated support services has substantial implications on the broader economy and the general public.

Why these Indian state elections matter to the whole world

As vote counts trickled in from five state elections on Saturday, one result loomed large: that of central India's Uttar Pradesh, home to more than 200 million people. The staggered five-week vote in that state alone marks the biggest election in the world in 2017.

Modi's ruling Bharatiya Janata Party, or the BJP, looks poised to take about 75% of the 403 seats on offer in Uttar Pradesh.

PNG Government expects over a billion in GST

Government estimates project GST to haul in K1,484.7 million (K1.5 billion) of the overall Tax on Goods and Services predicted revenue of K2,762.2 million (K2.8 billion).

The Tax on Goods and Services will also comprise of K691.1 million in Excise Duty, Import Excise of K300.3 million and K180.5 million in Gaming Machine Turnover Tax.

The Government states that the gradual increase in commodity prices and in the agriculture and mining sector in 2017 are expected to support income and spending on goods and services in the economy.

Prime Minister Tulilaepa says Samoa is financially secure

In a Ministerial statement in the 15th parliaments’ final session before the March general elections, Tuilaepa “clarified and corrected the Oppositions Party’s accusations that Government loans from international banks have reached a billion dollars.”

The Opposition has also claimed during their weekly press conferences, that Samoa’s economy has dwindled due to Governments negligence.

Governments urged to consider legislative response to virtual currencies

This was one of several recommendations issued today by a Commonwealth working group set up to address  these currencies.  

After a three-day conference in London, the newly-formed Commonwealth Virtual Currencies Working Group concluded that virtual currencies have the potential to benefit countries and drive development.