WB forecasts bright future for Solomon Islands

The World Bank published a report on Wednesday suggesting that Solomon Islands can achieve upper-middle-income status by 2040 by focusing on digitalisation, transport connectivity, and urban planning.

The report, in collaboration with the Ministry of Finance and Treasury, recommends increasing private-sector investment in tourism, agriculture, and fisheries to accelerate economic growth.

Stephen N. Ndegwa, World Bank Country Director for Papua New Guinea and the Pacific, stressed the importance of this analysis in recognising Solomon Islands’ challenges and identifying opportunities for change.

Solomon Islands’ Minister of Finance, Manasseh Sogavare, acknowledged the challenges facing the country but expressed a commitment to implementing necessary reforms.

He emphasised the importance of diversifying the economy, improving infrastructure, and supporting the private sector to secure a better future for Solomon Islanders, according to the report.

The report warns that without reforms, Solomon Islands is unlikely to meet its growth goals or reach upper-middle-income status by 2050. The country faces a pressing need to find new sources of economic growth to offset the decline in its forestry industry, a traditional driver of growth.

The World Bank report recommends a series of reforms and investments to overcome economic geography constraints, stimulate private sector investment, and unlock new sources of economic growth.

Attribution: World Bank report

Subediting: M. S. Salama