Samoa: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Samoa

International Monetary Fund

No 2023/110, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2023 Article IV Consultation highlights that the Samoan economy has begun recovering after a three-year recession driven by the coronavirus disease 2019 (COVID-19) pandemic. A rebound in economic activity has followed the lifting of domestic COVID-19restrictions in July and the pickup in visitor inflows when borders reopened in August. Economic growth is projected to remain above trend in FY2024 and FY2025 as tourism inflows and the domestic economy normalize. Higher tourism receipts and resilient remittances are also projected to narrow the current account deficit. The central government has maintained surpluses despite the pandemic, helped by buoyant tax revenue—including due to improvements in tax administration—and grant inflows. Credit growth has slowed after accelerating early in the pandemic, with lending to businesses declining and modest growth in household borrowing driven by the lending of public financial institutions. Private sector advantage has increased in recent years, with financial system credit to the private sector reaching 94.6 percent of gross domestic product.

Keywords: APG follow-up assessment; policy area; U.S. dollar; inflation development; development opportunity; Natural disasters; Stress testing; Credit; Global; Asia and Pacific; Australia and New Zealand; Pacific Islands (search for similar items in EconPapers)
Pages: 95
Date: 2023-03-15
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