Tuvalu: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tuvalu

Author: International Monetary Fund. Asia and Pacific Dept

2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Tuvalu

Volume/Issue: Volume 2021 Issue 176

Publication date: August 2021

ISBN: 9781513591476

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Topics covered in this book

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Business and Financial , Environmental Economics , International - Economics , Business and Economics - Statistics , Public Finance , Money and Monetary Policy , Exports and Imports , Tuvaluan authorities , government travel , AIV consultation , CPI expenditure weight , budget preparation process , PFTAC assistance , Debt sustainability analysis , Budget planning and preparation , Pacific Islands , Global , Australia and New Zealand , Asia and Pacific

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Summary

Swift implementation of containment measures, limited spillovers from tourism, and COVID-related fiscal spending financed by buoyant fishing revenues and donor grants have allowed Tuvalu—a fragile Pacific micro-state—avoid a recession in 2020. The economy is expected to expand by 2.5 percent in 2021, supported by fiscal expenditures and resumption of infrastructure projects. But significant challenges remain: Tuvalu is vulnerable to the effects of climate change, its economy is dominated by the public sector, and its revenue base is narrow. Uncertainty around donor commitments complicates fiscal planning.