Friday, 11 September 2009 3:01 PM
Solomons Economy Slips
Solomon Islands economic performance has dropped ten places in the latest assessment by the International Finance Corporation of the world Bank.
A press conference held via satellite yesterday afternoon, with the World Bank headquarters in Washington DC, revealed that the Solomon Islands slipped to 104 among 183 countries. Last year Solomon Islands was ranked 94th.
The high costs in construction fees had been blamed as one of the main key factors in the decline in business performance.
On the other hand other Pacific nations such as Papua New Guinea, Tonga, Vanuatu, Samoa and Timor-Leste have made striding improvements.
The world Bank says much of the success was achieved through economic reforms in terms of strengthening business regulations and efficient operational conditions for local firms.
Singapore, New Zealand and Hong Kong in China have maintained the lead as the top three performers in the order of first, second and third positions respectively.