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Cover Departmental Papers
Tourism in the Post-Pandemic World: Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere
Ms. Manuela Goretti, Mr. Lamin Y Leigh, Aleksandra Babii, Mr. Serhan Cevik, Stella Kaendera, Mr. Dirk V Muir, Sanaa Nadeem, and Mr. Gonzalo Salinas
This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.
Keywords:
Tourism; Jobs; Diversification; COVID-19; Growth; Spillovers; tourism industry; tourism sector; tourism flow; tourism export; tourism model; tourism dominance; economies will; Communicable diseases; Exports; Global; Pacific Islands; Caribbean; Asia and Pacific; Western Hemisphere
Cover Departmental Papers
Tourism in the Post-Pandemic World
Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere
Ms. Manuela Goretti, Mr. Lamin Y Leigh, Aleksandra Babii, Mr. Serhan Cevik, Stella Kaendera, Mr. Dirk V Muir, Sanaa Nadeem, and Mr. Gonzalo Salinas

the pandemic with limited fiscal space and weak public sector balance sheets, together with inadequate external buffers and foreign exchange revenues highly concentrated in tourism, particularly small states in the Pacific and the Caribbean ( Figure 5 ). Several also face longstanding structural challenges, such as rising inequality, infrastructure gaps (for example, Cambodia, Lao PDR, Myanmar, and Vietnam), high private debt (Thailand) and limited access to financing for SMEs, pervasive informality, and capacity constraints (small island states). Figure 5

Keywords:
Tourism; Jobs; Diversification; COVID-19; Growth; Spillovers; tourism spending; health tourism; tourism service; viable tourism SME; yellow fever
Cover IMF Working Papers
Small Island States in the Pacific: the Tyranny of Distance
Mr. Chris Becker
This paper seeks to document key characteristics of small island states in the Pacific. It restricts itself to a limited number of indicators which are macro-orientated - population, fertility of land, ability to tap into economies of scale, income, and geographic isolation. It leaves aside equally important but more micro-orientated variables and development indicators. We show that small island states in the Pacific are different from countries in other regional groupings in that they are extremely isolated and have limited scope to tap economies of scale due to small populations. They often have little arable land. There is empirical evidence to suggest that these factors are related to income growth.
Keywords:
WP; arable land; gross national income; small state sample; small states; growth rate; microstate; economies of scale; geographic isolation; a number of small states; small states in the Pacific; Personal income; National income; Pacific Islands; Caribbean
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. Asia and Pacific Dept

with the authorities, in restoring law and order and re-establishing public institutions. However, Solomon Islands faces numerous challenges common to many small states in the Pacific—it is remote, highly vulnerable to natural disasters and climate change, has a narrow production base, a large infrastructure gap, and administrative capacity constraints. The government is gearing up for elections in early 2019 and the fiscal position has deteriorated. Article IV Consultation . The consultation focused on steps to place the fiscal position on a firmer footing and

Keywords:
ISCR; CR; center; government; debt; Solomon Islands government economic reform priority
Cover IMF Working Papers
Challenges in Correspondent Banking in the Small States of the Pacific
Jihad Alwazir, Mr. Fazurin Jamaludin, Dongyeol Lee, Niamh Sheridan, and Ms. Patrizia Tumbarello
Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.
Keywords:
WP; remittance sector; respondent bank; average cost; bank Pacific; central bank; Pacific islands; small states; correspondent banking; remittances; AML/CFT; digital economy; bank South Pacific; Marshall Island bank; small states of the Pacific; due diligence; money transfer operators; MTO bank accounts; KYC remittance recipient; Anti-money laundering and combating the financing of terrorism (AML/CFT); Fiscal accounting and reporting; Money laundering; Global; Australia and New Zealand; Asia and Pacific