Countries in the Pacific should step up their efforts to adapt to more extreme weather conditions and mitigate disaster risks to improve the region’s economic growth and development prospects, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor launched today.
“Many Pacific countries have taken steps to improve resilience, such as integrating climate change adaptation and disaster risk reduction into their national policies, climate-proofing infrastructure, and building financial resilience,” said Carmela Locsin, Director General of ADB’s Pacific Department. “This is very good news, but more innovative approaches and greater institutional capacity can help to respond comprehensively to climate change risks.”
The subregion’s growth outlook for 2018 is adjusted downward slightly to 3.2%, due largely to dampened economic prospects for some of the North Pacific and small island economies. As a positive development, visitor arrivals in the Cook Islands and Fiji—the two largest South Pacific tourist destinations—have recorded strong growth in 2017. Samoa and Vanuatu also saw solid growth from their tourism markets.
