22 Jan 2008

Samoa GDP grows nearly five per cent

9:58 am on 22 January 2008

Prime Minister Tuilaepa Sailele Malielegaoi has told Parliament that Samoa's economy grew by 4.5% in 2006-2007 with a Gross Domestic Product of almost 482 million US dollars.

The Prime Minister said figures provided by economists from the World Bank, International Monetary Fund and Asian Development Bank showed the country's economy had grown.

He said that of 40 million dollars targeted for development, just over 14 million was funded by loans and the balance came from aid.

The Samoa Observer quotes the Prime Minister saying that stopping aid will lead to a decline in development which in turn will result in a downward spiral for the economy and standard of living.

Tuilaepa said increasing taxes and duties was the only other way to maintain the country's present standard of living.