COOK ISLANDS ADVISED OF REDUCED ECONOMIC GROWTH FORECASTS

admin's picture

AVARUA, Rarotonga, Cook Islands (April 23, 2002 – Radio Australia)---The Asian Development Bank has cut back its economic growth forecast for the Cook Islands.

It now believes the Cooks’ Gross Domestic Product will not meet the bank’s earlier forecast growth of 3.3 percent this year, but will ease to an annual growth rate of 2.5 percent for the next several years.

The higher growth rate was based on the country's vibrant tourism and black pearl industries. But the Asian Development Bank’s earlier forecast was made before last year’s Sept. 11 terrorist attacks on the U.S. A gloomier global outlook since then warrants the reduced growth rate, the bank concluded.

For additional reports from Radio Australia, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio Australia.

Rate this article: 
No votes yet

Add new comment