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Apia, Samoa – July 25, 2024 – Samoa’s economic outlook remains positive due to strong visitor numbers in 2023, with the country set to host its biggest event in decades later this year, according to a report from ANZ Bank.
The report, written by ANZ International Economist for the Pacific, Kishti Sen, shows that the Philippine economy is gradually recovering after the COVID-19 pandemic.
Inflation is falling, reserves are strong, and interest rates are moving into a more neutral range. GDP growth is 10.2% in 2023 and is expected to grow further by 7.4% in 2024.
Samoa’s economy usually gets a boost from major events, and this October the country will host the Commonwealth Heads of Government Meeting (CHOGM), the most significant event in 60 years.
ANZ Samoa Country Head Sucharu Tandon said it was an exciting time for Samoa and ANZ was well positioned to support Samoa’s growth.
“ANZ has been operating in Samoa for over 30 years. With a positive economic outlook, steady remittance contributions, increased formal employment for women and increased private sector project work, Samoa is well placed to continue its growth momentum,” he said.
“We have a deep understanding of the Samoan market and culture and can help local and international businesses start, operate, grow in Samoa and move goods and capital around the region.”
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