22 Nov 2005

French report describes range of economic conditions in Pacific dependencies

10:24 am on 22 November 2005

The three French Pacific dependencies' economic situations have been analysed as ranging from "favourable" to "disrupted", mainly because of recent developments on the political or economic scenes.

The report comes from the French Overseas Money Supply Institute, which is has the power of a central bank with regards to the French Pacific Franc.

New Caledonia's general economic climate was dominated by major nickel mining-related projects and regarded as "favourable".

In French Polynesia, a process of tax and social reforms, currently initiated by a new government, the general mood was described as "expectative".

In Wallis and Futuna, the institute said recent social tensions, including a power struggle between rival chiefly clans have "strongly disrupted" overall economic activity.