Pacific Islands face greatest economic contraction in four decades, according to a new report from the Lowy Institute
Countries in the Pacific risk a “lost decade” following the Covid pandemic, with the region facing its greatest economic contraction in four decades, according to a new report into foreign aid.
The latest Lowy Institute Pacific Aid Map, which sets out aid spending and donations to the Pacific Islands region, shows US$2.44bn in foreign aid reached the Pacific in 2019, which is about 8% of the region’s GDP.
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