The global economic phenomena such as the US-China trade tensions will have implications on economies in the Pacific region.
This was highlighted by Nauru’s Finance Minister and Chair of the 2019 Forum Economic Ministers Meeting (FEMM), David Adeang during the meeting at the Pacific Islands Forum Secretariat in Suva, Fiji Thursday.
Speaking during his opening address, Adeang told economic and forum ministers from the region that their meeting was held during a critical time when the global economy continued to face strong headwinds by the heightened intensity in the US-China trade tensions and the geopolitical tensions in the Middle East.
“According to the recent G20 meetings, ‘global growth appears to be stabilizing and is generally projected to pick up moderately later this year and into 2020. However, growth remains low and risks remain tilted to the downside.”
‘The latest World Economic Outlook update released by the IMF this week also attests to this short-term global economic outlook,’ he said.
‘This global economic phenomenon will have implications for our economies in the Pacific region. Given that the Pacific economies are small and open, a significant challenge for honourable ministers and our policy makers is how to effectively navigate the potential flow-on negative impacts of global economies shocks on our economies through linkages such as trade, tourism, remittances, foreign direct investments and official development assistance,” Adeang said.
Photo source: Twitter/Albon Ishoda