Call to counter global economic crisis in the Pacific
PRESS STATEMENT 66/09
30th October 2009
CALL TO COUNTER GLOBAL ECONOMIC CRISIS IN THE PACIFIC
The 2009 Forum Economic Ministers’ meeting (FEMM) has concluded in Rarotonga, Cook Islands, with a call to counter the effects of the global economic crisis and agreement on policy measures to address both short-term and long-term impacts.
In his introductory remarks to the meeting, Secretary General of the Pacific Islands Forum, Tuiloma Neroni Slade said the impact of the global economic crisis on the small economies of the region was significant.
“For the Pacific region, major economic drivers such as export revenue, investment, tourism receipts and remittances were affected. Estimates suggest that overall growth in the region will decline significantly in 2009.
“The prospect of the global economic crisis diverting the region from meeting national priorities, the Pacific Plan priorities, and ultimately achieving the objectives of the Millennium Development Goals, cannot be discounted, and must be counted resolutely and now,” Mr Slade said.
He raised concerns that the recovery underway in other regions may be slow to reach Pacific island economies. This means countries will need to address the negative impacts of the crisis for some time to come. “Work to strengthen economic management systems and to ensure long-term resilience must continue,” Mr Slade said.
He also said that efforts to formulate and coordinate responsive measures must be strengthened if the long-term impacts are to be addressed.
“For the longer-term, I believe that the regional strategy must focus on building resilience through strengthened capacity, better coordination of action, economic integration and improving standards of governance and leadership,” he said.
The Deputy Prime Minister and Minister for Finance of the Cook Islands, Sir Terepai Maoate, KBE, the Chairperson of the 2009 Forum Economic Ministers’ Meeting, said that the Forum Economic Ministers Meeting helped Pacific island countries to address the crisis by sharing their experiences and learning to be better prepared for economic shocks. “This can be further strengthened if we all work as a strong and coherent team to tackle this together,” he said.
Ministers considered a range of policy options to stimulate and support economies during this challenging period, and agreed to specific regional initiatives for implementation, including in the areas of statistics, customs, and financial sector development.
More detail on the meeting is contained in the Forum Economic Action Plan 2009 which can be accessed through this link:
http://www.forumsec.org/_resources/article/files/2009_FEMM_Action_Plan_Final.pdf
(Ends)
For more information on the FEMM 2009, contact Dr Chakriya Bowman, Director, Economic Governance, on email chakriyab@forumsec.org.fj, and Mr Sanjesh Naidu, the Forum Secretariat’s Economic Adviser on phone 682 25822 or email sanjeshn@forumsec.org.fj
30th October 2009
CALL TO COUNTER GLOBAL ECONOMIC CRISIS IN THE PACIFIC
The 2009 Forum Economic Ministers’ meeting (FEMM) has concluded in Rarotonga, Cook Islands, with a call to counter the effects of the global economic crisis and agreement on policy measures to address both short-term and long-term impacts.
In his introductory remarks to the meeting, Secretary General of the Pacific Islands Forum, Tuiloma Neroni Slade said the impact of the global economic crisis on the small economies of the region was significant.
“For the Pacific region, major economic drivers such as export revenue, investment, tourism receipts and remittances were affected. Estimates suggest that overall growth in the region will decline significantly in 2009.
“The prospect of the global economic crisis diverting the region from meeting national priorities, the Pacific Plan priorities, and ultimately achieving the objectives of the Millennium Development Goals, cannot be discounted, and must be counted resolutely and now,” Mr Slade said.
He raised concerns that the recovery underway in other regions may be slow to reach Pacific island economies. This means countries will need to address the negative impacts of the crisis for some time to come. “Work to strengthen economic management systems and to ensure long-term resilience must continue,” Mr Slade said.
He also said that efforts to formulate and coordinate responsive measures must be strengthened if the long-term impacts are to be addressed.
“For the longer-term, I believe that the regional strategy must focus on building resilience through strengthened capacity, better coordination of action, economic integration and improving standards of governance and leadership,” he said.
The Deputy Prime Minister and Minister for Finance of the Cook Islands, Sir Terepai Maoate, KBE, the Chairperson of the 2009 Forum Economic Ministers’ Meeting, said that the Forum Economic Ministers Meeting helped Pacific island countries to address the crisis by sharing their experiences and learning to be better prepared for economic shocks. “This can be further strengthened if we all work as a strong and coherent team to tackle this together,” he said.
Ministers considered a range of policy options to stimulate and support economies during this challenging period, and agreed to specific regional initiatives for implementation, including in the areas of statistics, customs, and financial sector development.
More detail on the meeting is contained in the Forum Economic Action Plan 2009 which can be accessed through this link:
http://www.forumsec.org/_resources/article/files/2009_FEMM_Action_Plan_Final.pdf
(Ends)
For more information on the FEMM 2009, contact Dr Chakriya Bowman, Director, Economic Governance, on email chakriyab@forumsec.org.fj, and Mr Sanjesh Naidu, the Forum Secretariat’s Economic Adviser on phone 682 25822 or email sanjeshn@forumsec.org.fj
