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    Country Economic Review: Micronesia

    Asian Development Bank | November 2000
    Abstract
    During the current Compact of Free Association with the United States (US) that dates from 1987, economic growth in the Federated States of Micronesia (FSM) has averaged a 1.9 percent rate of annual increase in gross domestic product (GDP). Taking into account the population growth of 2.0 percent, GDP per capita declined during this period. At the beginning of the Compact, the FSM was endowed with a weak policy environment, which was inward looking, not conducive for private sector development, and supported a large Government. Supported by large external transfers, the economy initially boomed and grew by over 4 percent annually between fiscal year (FY)1987-FY1995, with the private sector growing by 7.1 percent as a modern cash economy established itself in nontraded activities. However, this period was not to be long-lived.
    Citation
    Asian Development Bank. 2000. Country Economic Review: Micronesia. © Asian Development Bank. http://hdl.handle.net/11540/6338.
    Keywords
    Economic Crisis
    Economic Efficiency
    Economic Policies
    Regional Economic Development
    Public Sector Wages
    Crisis
    Unemployment
    Economic cooperation
    Gross domestic product
    Employment
    Wage payment systems
    Wages
    Financial crisis
    Labor economics
    Regional economics
    Guaranteed annual wage
    Wage differentials
    Wages and labor productivity
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    Citable URI
    http://hdl.handle.net/11540/6338
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    Author
    Asian Development Bank
    Theme
    Economics
    Public Sector
    Labor Migration
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise