The Marshall Islands’ economy has been significantly impacted by global trends, particularly the COVID-19 pandemic. After experiencing steady economic growth in recent years, the country’s GDP growth turned negative in 2020, contracting by 1.6%. The pandemic’s impact on the economy was less severe than initially feared, with the construction sector being the only area to experience a minor decline. The Marshall Islands’ vulnerability to climate change, rising sea levels, and extreme weather events also poses a significant threat to its economic activities, particularly copra production and fisheries, which are the country’s primary sources of income. The government’s debt-to-GDP ratio increased to 20.8% in 2022, and it is expected to continue rising in the coming years, despite grant assistance from development partners. The Marshall Islands’ economy is closely linked to that of the United States, and the U.S. also controls the security and defense of the islands. The country’s debt-to-GDP ratio increased to 20.8% in 2022 from 19.8% one year earlier, and is expected to follow an upward trend in coming years, despite grant assistance from development partners. The Marshall Islands’ National Strategic Plan provides a clear pathway for the country’s development, and the government can work with private sector partners to develop sustainable business models that promote economic growth while minimizing environmental impact.
The Republic of the Marshall Islands can achieve higher household incomes, increased employment, and economic growth by focusing on the health and education of its people, improving the quality of government spending, and maximizing the benefits of key sectors like fisheries, according to new World Bank economic analysis. The Marshall Islands’ Country Economic Memorandum and Public Expenditure Review has examined the opportunities, risks, and reforms that can help deliver sustainable long-term growth and outlines reforms that can help deliver sustainable long-term growth. The Marshall Islands’ greatest resource is its people, and by investing in people and fiscal systems, and making the most of its fisheries resources, the country can chart a course towards greater economic independence. The government is also working to strengthen its investment climate and promote economic growth. The Marshall Islands’ National Strategic Plan provides a clear pathway for the country’s development, and the government can work with private sector partners to develop sustainable business models that promote economic growth while minimizing environmental impact. The country’s greatest resource is its people, and by investing in people and fiscal systems, and making the most of its fisheries resources, the Marshall Islands can chart a course towards greater economic independence.
The Marshall Islands’ economy contracted by 1.6 percent during COVID less than originally had been feared. Following five years of pre-COVID economic growth, the country’s debt-to-GDP ratio increased to 20.8% in 2022 from 19.8% one year earlier, and is expected to follow an upward trend in coming years, despite grant assistance from development partners. The Marshall Islands’ National Strategic Plan provides a clear pathway for the country’s development, and the government can work with private sector partners to develop sustainable business models that promote economic growth while minimizing environmental impact. The country’s greatest resource is its people, and by investing in people and fiscal systems, and making the most of its fisheries resources, the Marshall Islands can chart a course towards greater economic independence. The government is also working to strengthen its investment climate and promote economic growth. The Marshall Islands’ National Strategic Plan provides a clear pathway for the country’s development, and the government can work with private sector partners to develop sustainable business models that promote economic growth while minimizing environmental impact. The country’s greatest resource is its people, and by investing in people and fiscal systems, and making the most of its fisheries resources, the Marshall Islands can chart a course towards greater economic independence.