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Pacific economies resilient despite euro crisis: ADB


PACIFIC ECONOMIES WILL REMAIN RESILIENT despite economic woes in Europe thanks mostly to increased government spending on public infrastructure, according to the Asian Development Bank (ADB).

The Manila-based lender also expects growth in the Pacific region to expand 6% in 2012, Xinhua news agency reports.

"Economic troubles in the eurozone continue to have only modest and indirect effects on Pacific economies, owing to the relatively greater importance of economic developments in Australia, Japan, New Zealand, and the United States in driving Pacific growth," ADB said in its report.

Agricultural, petroleum and metal exports from Papua New Guinea and Timor-Leste, the two biggest economies in the region, were hit by lower international commodity prices.

But growth projections for these two resource-based economies are unchanged because their near-term growth is more dependent on ongoing infrastructure projects.

The ADB, however, has mixed views on the economic performance of smaller Pacific islands.


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