27 Mar 2013

ADB report says Pacific growth softened in 2012

11:08 am on 27 March 2013

A report by the Asian Development Bank reveals Pacific growth softened in 2012 and is expected to moderate further this year, as gains from major investment and public infrastructure projects fade.

The latest Pacific Economic Monitor shows regional growth eased to 7.3 percent last year, down from a post global financial crisis high of 8.3 percent in 2011.

The report forecasts a further slowdown to 5.2 percent this year, before a mild pick up to 5.5 percent emerges in 2014.

The ADB says the 2012 performance was affected by a slightly softer pace of expansion in the larger, resource exporting economies of Papua New Guinea and East Timor, although these economies are still expanding at rates that lead the region.