Federated States of Micronesia: Asian Development Bank Member Fact Sheet 2018

Abstract

The economy of the Federated States of Micronesia (FSM) continued to grow in 2018, driven largely by the fishing industry, which has attracted substantial increases in domestic revenues from fishing licenses sold to foreign fleets. The FSM’s economy has otherwise been stagnant, and significant development challenges remain. Development partner support has focused on achieving medium-term fiscal sustainability to ensure that sufficient resources are available when grants from the Compact of Free Association with the United States (the Compact) expire in 2023. Investments are also being made to stimulate the FSM’s private sector.