Vila Times

Solomon Islands’ economy shows positive signs: PM

Solomon Islands’  economy shows positive signs: PM
Solomon Islands’ economy shows positive signs: PM
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Solomon Islands economy has been enjoying positive growth for the past several years, said Solomons’ Prime Minister Rick Hou.

The Prime Minister highlighted this, when speaking at the country’s 40th Independence celebration in Honiara, Solomon Star reports.

He said that would have enhanced opportunities for business in areas such as infrastructure services, tourism development, sustainable forestry, agri-industry and fisheries.

“In recent years, except for a contraction in 2014 caused by devastating floods and the closure of Gold Ridge mine, it grew by 2.9% in 2015, 3.2% in 2016 and in 2017 of growth of 3.0% has been recorded.

“However, the strong momentum in 2017 is not expected to carry into 2018 and 2019, with GDP growth projected to be 3.5 percent in 2018 and 3.4 per cent in 2019.

“This is primarily due to the expected fall in the value of log exports and fishing activities,” said the Prime Minister.

He added, the Government is addressing this simmering risk to revenues and foreign exchange earnings.

Prime Minister Hou said that, given the impact from the closure of Gold Ridge Mine, it is one of the main policy drivers of the Government to reopen Gold Ridge.

“After much discussion, I am more than hopeful that this will eventuate with the first gold pour in 2019,” he said.

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