Monday, January 10, 2011

UN sounds warning on Pacific economies

[ABC Pacific News, 10 January 2011] - The United Nations Children's Fund (UNICEF) is warning Pacific Nations will take many more years to recover from the Global Financial Crisis, than other countries.

It says Pacific economies will continue to struggle to feed people as incomes fall and unemployment rises, possibly for the next five years or more.

UNICEF's New Zealand Executive Director, Dennis McKinlay, says the problem is very serious because many islanders rely soley on funds from overseas family members.

"One of the key problems for Pacific states is their heavy dependence on remittances from workers in Australia and New Zealand and because of the recession, many of those people who are low skilled have lost their jobs," he said.

"Therefore (they are) not in a position to send remittances back to their home country."

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