economy

The outlook is detailed in the World Bank’s inaugural Pacific Economic Update report launched in Suva, Fiji last month.

The report is a first in a new series, February 2023’s Pacific Economic Update describes a regional economy unevenly impacted by multiple shocks.

It also highlights a comprehensive assessment and forward-projection of 11 Pacific Island country economies including Samoa.

According to the report, Covid-19 and its related restrictions represented an immense challenge for the Pacific since 2020.

Hipkins and new Deputy Prime Minister Carmel Sepuloni will take the reins on Wednesday, following Jacinda Ardern's sudden announcement last week she was quitting after a challenging five years in the top role.

This is according to the Samoa Bureau of Statistics.

Economic activity, as measured by Gross Domestic Product or GDP, increased by 4-point-7 per cent in the September 2022 quarter, recording total GDP in real terms of $501-point-2 million tala.

Taxes and subsidies recorded for this period was the main contributor to total GDP growth; it went up by 23-point-5 per cent reports RNZ Pacific.

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.

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.

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.”
 

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.

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.

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.

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.