ADB downgrades 2017 economic outlook growth for Palau

BY BERNADETTE H. CARREON

Palau Correspondent

KOROR, Palau — The “Asian Development Outlook 2016 Update,” released on Sept. 27, reported revised estimates of the Palau economy’s growth in fiscal 2015 — showing growth of 9.4% from its earlier estimate of 6.7%.

However, the report downgraded the gross domestic product forecast for Palau in 2017 to 5% from its March projection of 7%. The downgrade is a result of the drought that hit the country in March and reductions in charter flights.

The projection stated, “Tourist arrivals were 21% lower in the first five months of fiscal 2016 than in . . .

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