International Trade in the F.S. of Micronesia

International Trade in F.S. of Micronesia

During the last recent years, the Micronesian economy's performance has been poor. Due to an increase in the price of goods, an unfavorable business climite and difficulties in disbursing the funds of the American help, Micronesia has gone through five years of recession. An growth rate... Read more

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  • Heritage Destination Consulting Ltd

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    Tourism Consulting, the F.S. of Micronesia

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    CFP International

    Trade Finance, the F.S. of Micronesia

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Overview About International Trade in the F.S. of Micronesia

Economic Overview

During the last recent years, the Micronesian economy's performance has been poor. Due to an increase in the price of goods, an unfavorable business climite and difficulties in disbursing the funds of the American help, Micronesia has gone through five years of recession. An growth rate of  0.5% is expected in 2010 and the medium term perspectives are not favorable. 

The priorities of the Micronesian government are to control the effects of the global economic crisis, to establish the required measures to reduce its budget deficit and to try to set free from its dependence on American aid which will expire in 2023. Structural reforms to stimulate the private sector and to improve the business environment are currently taking place. 

Unemployment affects more than one fifth of the population and more than 20% of the population is living below the poverty line.

 

FDI in Figures

The foreign investments into the country have been increasing, although at a very slow rhythm. Nevertheless, the slowdown of the global economy has posed a limit their strenght. 

 

The tourism sector offers good business potential. The usage of the US dollar as the national currency protects the i...

News Related to International Trade in the F.S. of Micronesia

  • Gov??t monitoring economy: FS - Aug 08, 2019

    (To watch the video with sign language interpretation, click here.)Financial Secretary Paul Chan today said the Government is closely monitoring Hong Kong??s economic situation and livelihood issues.Speaking to the media after the Financial Leaders Forum meeting in the afternoon, Mr Chan said: ??Our second quarter economic data indicates that on a quarter-to-quarter basis, the GDP has decelerated in the second quarter and in fact there is a downward adjustment of about 0.3%.?He noted the economic situation was challenging domestically and externally in July.??Domestically, we are still struggling with our own social issues and externally, there are increasing external uncertainties caused by the escalating US-China trade conflict, as well as other geopolitical situations.?He added the city??s economy would be in a technical recessionary period if the third quarter sees negative growth."We just like to highlight the risks to our people so that we all stay vigilant and bring our attention more to our economic and livelihood issues."

    Source: HONG KONG

  • FS to attend forum in SZ - Aug 02, 2019

    Financial Secretary Paul Chan will depart for Shenzhen tomorrow to attend and address the 2019 Qianhai Co-operation Forum.The event is jointly organised by the Authority of Qianhai and Chinese Association of Hong Kong & Macao Studies.Mr Chan will return to Hong Kong on the same day.

    Source: HONG KONG

  • FS to visit Beijing - Jul 17, 2019

    Financial Secretary Paul Chan will depart for Beijing on July 18 to attend the signing ceremony of a tax arrangement which will be held the next day.Mr Chan will witness the signing of theFifth Protocol to the Arrangement between the Mainland of China & the Hong Kong Special Administrative Region for the Avoidance of Double Taxation & the Prevention of Fiscal Evasion with respect to Taxes on Income.Secretary for Financial Services & the Treasury James Lau will act as Financial Secretary during Mr Chan??s absence.

    Source: HONG KONG