Asian Development Bank and the Federated States of Micronesia: Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on the Federated States of Micronesia as well as concise information on ADB's operations in the country and contact information. The Federated States of Micronesia (FSM) is a loose federation of four states, each with its own government and identity. The physical isolation of the country, coupled with the remoteness of the four states, poses particular development challenges, as does coordination between the national and four state governments. The FSM economy is dominated by the public sector, which is largely funded by sector grants under the United States (US) Compact of Free Association. Despite significant levels of development assistance, the FSM gross domestic product contracted by 0.1% over 2000–2007. It is estimated that the economy contracted by 1.5% in 2009 and it is expected to emerge from recession in 2010 and grow by 0.5%.