29 Apr 2008

Forecast upbeat about Guam economy, CNMI set to suffer

3:09 pm on 29 April 2008

A new forecast predicts steady economic growth for Guam and tough times ahead for the Northern Marianas.

The forecast was made by the First Hawaiian Bank, one of the biggest banks in the territories.

Our correspondent in the Marianas, Mark Rabago, reports.

"Because of the [military] build up in Guam, they have a very rosy economic forecast. Previous reports say 15 billion US dollars will be poured into the US territory and that would bring economic growth. In contrast, the CNMI, is experiencing some downdrips from the economic standpoint. The closure of garment factories and the downsizing of its garment industry because of a World Trade Organisation 2004 documentation has really put a down to the status [of the CNMI]."

Mark Rabago