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The Tongan Economy: Recent Developments

The Tongan Economy: Recent Developments. September 2012. Real Economic Growth is Slow. Annual private remittances have fallen by T$100m since 2008. Annual Export receipts have fallen by T$20m since 2007. (12 months total : Quarterly). Inflation has fallen.

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The Tongan Economy: Recent Developments

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  1. The Tongan Economy:Recent Developments September 2012

  2. Real Economic Growth is Slow

  3. Annual private remittances have fallen by T$100m since 2008

  4. Annual Export receipts have fallen by T$20m since 2007 (12 months total : Quarterly)

  5. Inflation has fallen

  6. The Tongan economy needs stimulus

  7. Foreign reserves rising but supported by donor funding

  8. Liquidity not a constraint

  9. Credit growth still negative

  10. Asset quality deteriorating

  11. Public debt has risen

  12. NRBT SurveyFindings • Lack of market access • High Cost of fuel • High input costs (other than fuel)

  13. Key Economic Challenges • Raising actual and potential economic growth • Reducing public debt when demands on public spending are significant • Maintaining foreign exchange reserves when donor support wanes • Building a diverse and dynamic industrial base in the face of declining remittances • Building and maintaining momentum for economic reforms

  14. Key downside risks for Tonga Slower economic growth at our trading partners Higher oil prices Higher food prices, particularly from New Zealand Worsening govt. debt position Natural Disasters

  15. Thank youMālō ‘aupito

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