Samoa Economy well placed to continue momentum – ANZ

Apia, Samoa – 25 July 2024 – Samoa’s economic outlook remains positive off the back of strong visitor numbers in 2023 and the country set to host its biggest event in decades later this year, a report by ANZ Bank says.

The report, by ANZ International Economist for the Pacific, Kishti Sen, shows the economy is gaining ground following the Covid years.

Inflation is down and reserves are strong, and interest rates are moving into more neutral territory. GDP grew by 10.2% in 2023 and is forecast to grow a further 7.4% in 2024.

Samoa generally enjoys a burst of growth off the back of events and this year the country will host the Commonwealth Heads of Government meeting (CHOGM) in October, the most significant event in 60 years.

ANZ Samoa Country Head Sucharu Tandon says it’s an exciting time for Samoa and ANZ is well placed to support the growth the country is experiencing.

“ANZ has been in Samoa for over 30 years. With a positive economic outlook, stability in remittance contribution, increase in female formal employment, and ramp-up of work on private sector projects, Samoa is well placed to continue its growth momentum,” he says.

“We have a deep understanding of the Samoan market, culture, and can help local and international business start, run, grow in Samoa, and move goods and capital around the region.”