Asia Regional Integration Center
Tracking Asian Integration
Among Pacific member countries, Cook Islands suffered the largest contraction in FY2021 (ended 30 June 2021). GDP contracted by 29.1% with accommodation falling by 81.3% and travel by 65.1%. After these large declines, economic recovery will begin in FY2022 with GDP growth expected to rise by 9.1% as tourism resumes. This will accelerate further to 11.2% in FY2023. Inflation increased to 2.2% in FY2021 largely on higher fuel prices, which raised costs for transportation and imported food and beverages. Prices are forecast to accelerate to 4.3% in FY2022 before easing to 4.0% in FY2023. The current account deficit doubled to 12.5% of GDP in FY2021 largely due the decline in tourism—it is forecast to drop to 7.0% of GDP in FY2022 and revert to a surplus of 5.1% in FY2023 as tourism receipts recover.
Latest | Month-Ago | Year-Ago | |
---|---|---|---|
Headline Inflation Rate 1 | 0.2 (Sep15) | 2.7 | |
Exchange Rate Index 2 | 90.3 (Apr23) | 90.2 | 98.2 |
1 y-o-y, %. 2 Monthly average, January 2006 = 100, $/local currency. | |||
Source: . |
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