Talk:Economy of Samoa

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Economy Struggles in Samoa

John Kerin states in, Pacific Region Growth stays slow that the global economy is struggling right now and this affects all countries throughout the Pacific. "Global economic growth is expected to stay low for some time..." (Kerin 2009). He is explaining that the global economy is in a financial crisis right now and this will directly affect Samoas economy. They are predicted to contract 1 percent over the next year. One of Samoas main resource for income is tourism and the downward ways of the global economy will result in less tourism throughout the world resulting in a shrinking Samoan economy. Another big factor is that Samoa recently went through a tsunami and the reconstruction bill alone is estimated at 90 million minimum. This will not only take a large chunk of Samoans government money but the destruction to the country will deter future tourist from wanting to make a visit and the reconstruction will take at least 2 years to be completed. Overall, Samoa is not in an economic crisis , however, they have many struggles ahead of them.

Every 5 years their is a economic census meeting carried out with the U.S. Census Bureau to help discuss new ways of improving Samoas economy, according to the article, Samoa's weak economy will be raised with Federal Officials. Two of the issues that are the focus points will be lack of new investment and new job opportunities. David Robinson, the chamber chairman says,"Another issue is rising inflation and a shrinking population."(Wiseman 2012). The goal of the meeting will be to produce new ways of making money such as raising the minimum wage. Between 2000 to 2010 the population fell by 3.1 percent and issues such as this will lead to a failing economy unless new strategies of investment and introduced.

In IMF board hails Samoa's economic performance the staff reporter states that from 2010 to present Samoa's economic growth has expanded by 2 percent. The reconstruction from the destruction of a tsunamis had been fast and efficent and the budget has stayed on target which has led to this growth in the economy. However, as of late the growth is slowing down as reconstruction activity winds down. The foreign reserves have declined and because the world is in an economic struggle the chances of economic growth is small.

References

(2012, July 4). IMF board hails Samoa's economic performance. Daily The Pak Banker

Kerin, J. (2009, November 9). Pacific region growth stays slow. Australian Financial Review

Wiseman, D. (2012, August 21). Samoa's weak economy will be raised with federal officials. Radio New Zealand News International

Caseyhealy (talk) 04:45, 3 October 2012 (UTC)Casey Healy[reply]