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Samoa’s Economy Shows Resilience Amidst Global Pandemic

WELLINGTON, SAMOA - Samoa has demonstrated remarkable resilience in the face of economic shocks, including the prolonged effects of the COVID-19 pandemic. The country’s authorities have worked tirelessly to support the economy and financial assistance provided by the international community.

Quick Response to the Pandemic

According to a recent report from the International Monetary Fund (IMF), Samoa was among the first countries to secure its border to protect citizens from the global pandemic. With support from donors, the authorities’ quick response included:

Safeguarding human capital
Providing support to the private sector and vulnerable businesses and households
Maintaining macroeconomic stability

Impact on the Economy

However, the prolonged border closure and restrictions under the State of Emergency dealt a severe blow to the tourism sector, with spillovers on other sectors. As a result, the economy contracted severely, with real GDP falling to its 2014 level in 2020:Q3.

Turning Adversity into Opportunity

Despite these challenges, Samoa is now focusing on turning adversity into opportunity. The authorities have pushed through reforms with steadfast commitments, underpinning macroeconomic stability. With donor support and policy continuity after the general elections in early April, the road ahead for an inclusive and durable economic recovery is paved.

IMF Report Highlights Challenges and Support

The IMF report highlights that Samoa confronts daunting economic challenges, including financing gaps expected to re-emerge. However, with engagement from the Fund and other development partners, policies have been largely in line with past advice.

Quotes from Development Partners

“Samoa’s economy has shown remarkable resilience in the face of adversity,” said a spokesperson for the World Bank. “We are committed to supporting the country’s economic recovery and growth, and we believe that with the right policy framework and international support, Samoa can emerge from this crisis even stronger.”
“We are committed to supporting our member states in their efforts to build back better,” said a spokesperson for ESCAP. “Samoa’s resilience and commitment to economic recovery are inspiring, and we will continue to work closely with the country to support its growth and development.”

The World Bank, along with other development partners, is working closely with the Samoan authorities to support the country’s economic recovery and growth. The bank has provided significant financial assistance to help mitigate the impact of the pandemic on the economy.

Sources:

International Monetary Fund (IMF) Report
World Bank Press Release
Economic and Social Commission for Asia and the Pacific (ESCAP) Statement

Note: All data is subject to revision.