Staff Reporters\/<\/p>\n
Apia, SAMOA \u2013 19 April 2024 –<\/strong> The resurgence of Samoa\u2019s tourism sector post Covid is projects GDP growth of 4.2 per cent in 2024, moderating slightly to 4.0 per cent in 2025.<\/p>\n According to the Asian Development Bank, the tourism sector, a vital component of Samoa\u2019s economy, is showing signs of resilience as it approaches pre-pandemic visitor levels reaching 76.1 per cent of 2018-2019 financial year levels.<\/p>\n The latest data from the Asian Development Bank shows that tourism receipts has reached 78 per cent of their pre-pandemic value.<\/p>\n This resurgence in tourism activity has played a pivotal role in narrowing the current account deficit from 13.5 per cent of GDP in 2022 to 4.9 per cent in 2023.<\/p>\n However, challenges such as inflationary pressures, accommodation and labour constraints, and international price volatility persist, requiring careful management and strategic planning to sustain the momentum of economic growth, said the report.<\/p>\n Looking ahead, tourism and construction are expected to remain key drivers of growth in the near term.<\/p>\n Projections suggest GDP growth of 4.2 per cent in 2024, moderating slightly to 4.0 per cent in 2025.<\/p>\n Hosting international events such as the Commonwealth Heads of Government Meeting (CHOGM) in October 2024 is anticipated to further stimulate economic activity and bolster visitor arrivals.<\/p>\n However, ADB warns challenges such as accommodation and labour constraints pose potential limitations to realizing the full economic potential of these sectors.<\/p>\n In regards to inflation dynamics and fiscal position, ADB data shows that inflation spiked to 12.0 per cent in 2023, the highest in decades, presents a notable concern.<\/p>\n On the fiscal front, Samoa maintains a surplus position, with government revenues rising by 10 per cent in 2023, driven primarily by a spike in value-added tax (VAT).<\/p>\n Moreover, public external debt continues to decline, reaching 42.2 per cent of GDP at the end of 2023, and is expected to further decrease to 31.6 per cent by the end of 2025.<\/p>\n","protected":false},"excerpt":{"rendered":" Staff Reporters\/ Apia, SAMOA \u2013 19 April 2024 – The resurgence of Samoa\u2019s tourism sector post Covid is projects GDP growth of 4.2 per cent in 2024, moderating slightly to 4.0 per cent in 2025. According to the Asian Development Bank, the tourism sector, a vital component of Samoa\u2019s economy, is showing signs of resilience […]<\/p>\n","protected":false},"author":6,"featured_media":23174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1484,210],"tags":[59,3761,3762,3760],"class_list":["post-23172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-tourism","tag-featured","tag-post-pandemic","tag-public-external-debt-decline","tag-samoa-tourism-resurgence"],"yoast_head":"\n