PACIFIC REGION Returns to Positive

Growth in the Pacific is expected to resume at an average of 3.9% in 2022 and 5.4% in 2023.

With increased vaccination rates and the reopening of borders positive economic growth will return. However, high cost of living and the impact of the Ukraine situation also effect the region on the other side of the world.

In 2021, growth in Papua New Guinea (PNG), the biggest economy in the Pacific, was slowed by two COVID-19 surges, as well as a very low vaccination rate.

Fiji, the subregion’s 2nd largest economy, is projected to record 7.1% growth in 2022 and 8.5% in 2023. The opening of the country’s borders in December 2021 gives hope for a revival in tourism; key to a quick economic turnaround and rises in employment. However, international competition is going to be strong.

In the Solomon Islands in January this year saw covid spread for the first time. The Solomon Islands economy is expected to contract by 3% in 2022 because of restrictions on mobility and domestic transportation, and associated health impacts of the pandemic.

Vatatu’s economic growth is forecast at 1% in 2022, with growth in public services as well as a recovery in agriculture and construction offset by the domestic transmission of COVID-19. Growth is forecast at 4% in 2023 as the tourism sector revives. The South Pacific economies of the Cook Islands, Niue, Samoa, and Tonga were almost untouched by the pandemic giving time for almost total vaccination of the population. Growth in the Cook Islands is expected to be 9.1% in 2022 and 11.2% in 2023. The economic recovery in Niue will similarly depend on safely easing restrictions and reopening to tourists.

Papua New Guinea

gradual return to pre-pandemic levels of international arrivals. With no clear sign of borders reopening in Samoa, growth in 2022 is expected to be just 0.4% and with growth of 2.2% for 2023. The biggest risk to the economic outlook would be any escalation in the community transmission of COVID-19 and a delay in restoring tourism. The delayed reopening of borders in Tonga due to the recent volcanic eruption and community transmission of COVID-19 are likely to slow its long-term tourism recovery with an economic contraction of 1.2% for 2022 and a return to positive growth of 2.9% in 2023 assuming borders reopen.

The North Pacific economies contracted in 2021, as travel and mobility restrictions continued to suppress tourism in Palau and trade in the Federated States of Micronesia (FSM) and the Marshall Islands. Economic growth of 2.2% is expected in the FSM in 2022, increasing to 4.2% in 2023, while the Marshall Islands economy is projected to see growth of 1.2% in 2022, and up to 2.2% in 2023. Growth in the Palau is expected to reach 9.4% in 2022 before accelerating to 18.3% in 2023, allowing for a

Finally, the report sees growth in the Central Pacific economies of Kiribati and Tuvalu and slower growth in Nauru in 2022. Rises in global oil prices is bad news for these import-dependent economies. Growth of 1.8% is expected in Kiribati in 2022, picking up to 2.3% in 2023. Nauru’s economic growth will slow to 1% in 2022 and rise to 2.4% in 2023. Tuvalu will experience 3% growth in 2022 and again in 2023.

PREFERRED HOTELS & RESORTS TAPPED BY VIRGIN HOTELS TO BE ITS GLOBAL BRAND PARTNER

From the flagship in Chicago to upcoming openings, Virgin Hotels Becomes the Newest Additions to the Preferred Hotels & Resorts L.V.X. Collection.

Preferred Hotels & Resorts – the world’s largest provider of sales, marketing, and distribution to independent hotels – is pleased to announce a new agreement with Virgin Hotels that encompasses Virgin Hotels properties in key U.S. cities. With immediate effect, Virgin Hotels Chicago, Virgin Hotels Dallas, Virgin Hotels New Orleans, and Virgin Hotels Nashville are the newest additions to the Preferred Hotels & Resorts L.V.X. Collection, which represents worldly and illustrious hotels located in vibrant city centres or destination escapes, providing guests with memorable dining, entertainment, and wellness experiences. As Virgin Hotels continues to grow, more hotels will join the brand portfolio. Inspired by a shared passion for personalised, heartfelt service along with dynamic, authentic programming, this alliance is designed to create greater global awareness of the Virgin Hotels brand and its growing portfolio, leveraging Preferred’s global infrastructure and its vast influence in sparking demand and action among key audiences worldwide.