SI economy is at a turning point says Finance Minister
The country’s (Solomon Islands) economy is at a turning point says the Minister for the Ministry of Finance and Treasury Honourable Harry Kuma.
Mr. Kuma was speaking in Parliament when presenting the 2020 National Budget for its second reading recently.
“…The Solomon Islands economy is at a turning point, Gross Domestic Product (GDP) growth has significantly slowed down since 2012,”he said.
He said between 2015 and 2018, real GDP grew at an average of 3.2 per cent, but, in 2019 real GDP is expected to fall to 2.7 per cent as logging and agriculture have weakened.
However, the Finance Minister said that in recognizing these challenges, the Democratic Coalition Government for Advancement (DCGA) Strategic Policy Statement set its direction and priority on two major streams of reform, the Fundamental and Sectoral Reform which will pave the way for the Government to rebuild the economy.
“The DCGA is under no illusion that a robust economy must be the paramount priority that can turn and reinforce real change in the lives of the people of Solomon Islands.”
He said the Government sees the 2019 Budget as the beginning of a series of budget that will refocus its resources on the economic potential of Solomon Islands, as the nation is at the crossroads of its development challenges and opportunities.
The theme of the 2020 Budget is, “Together, Towards Growing Our Economy”.
“The theme is built on the lessons learnt from the past and present, and calls for refocusing of resources to develop Solomon Islands into a nation, one that is economically strong, fair and sustainable.
“The theme also calls for a collective support and participation from the government, civil society organisations, development partners and the general populace of the Solomon Islands.”