Tonga: Economic Survey 2009

The Tongan economy was well on its way to recovery from the effects of the riots and the oversized rise in public sector salaries of 2005 when it was hit by three new shocks: an inflation surge in 2007-08 due to price rises for imported food and fuels; the bursting of a bank credit 'bubble'; and the global financial crisis. Nevertheless, GDP growth has remained positive, as the subsistence sector is sheltered, and foreign financial assistance has supported construction activity and permitted an expansionary stance of fiscal policy. The macroeconomic picture is one of stability, with inflation back to low levels and the budget and the balance of payments showing overall surpluses. The economy remains vulnerable, however, and Tonga still does not appear to be within reach of a sustainable development path. The government will need-with the help of donor countries-to mobilise the private sector in key areas and tackle the main obstacles to development. Regional cooperation should also be strengthened, especially through consolidation and harmonisation. Pursuing these goals while maintaining the momentum for constitutional reform will be a major challenge

An educated, healthy and wealthy Vanuatu

After a decade of stagnation, Vanuatu has recorded six years of rapid growth since 2003, due mainly to growth in the tourism and construction sectors fostered by successful reforms, political and macroeconomic stability and donors' assistance. With a population growing by 2.8 per cent annually and emigration possibilities still very limited, Vanuatu has no choice but to aim for continued fast growth. Tourism is the clearest choice for such growth, but more rapid growth in agriculture would have the greatest impact on poverty reduction and employment. Faster growth in agriculture and elsewhere will require further infrastructure building, a political and business climate favourable to foreign investment and reforms in some key areas on which private sector development depends

New Caledonia: problems and promises- a survey

This survey points to the heavy dependence of New Caledonia on French aid and nickel mining and processing. The main challenges are the diversification of production while minimising disruptions to traditional ways of life, reduction of the role of government, and improvement in the labour market and international competitiveness more generally

Managing commodity price fluctuations in Vietnam’s coffee industry

The coffee tree was introduced into Vietnam by the French during the 1850s. Production, however, was relatively insignificant until after re-unification in 1975, when the policy of constructing “new economic zones” resulted in migration from the densely populated northern and coastal areas to the central highlands whose soil and climate conditions are suitable for coffee-growing..

Book Review: The People Trade: Pacific island laborers and New Caledonia, 1865-1930

No abstract availabl

The Financial Sector in Vanuatu: reform and new challenges

The financial sector in Vanuatu is relatively large for a country at its level of development. In 1998, financial services, including insurance, accounted for 7.5 per cent of GDP and 10.6 per cent of foreign exchange receipts from exports of good and services. About half of this was contributed by the offshore centre, the largest in the region. This survey describes the structure of the financial sector and the weaknesses which necessitated a major reform and restructuring effort. The offshore centre is analysed, and outstanding issues for the future of the financial sector are discussed

Managing commodity price fluctuations in Vietnam's Coffee Industry

Not available