1 Jun 2004

Samoa's Finance Minister predicts an economic lift next year

9:29 pm on 1 June 2004

The Samoan Finance Minister Misa Telefoni says the country's economy is increasingly vulnerable to forces beyond its control.

In tabling the 2004 Budget, he stressed the threat Samoa faced from a surge in oil prices, and the impact this could have on its airline, Polynesian Airlines.

Samoa is also still counting the cost of Cyclone Heta earlier this year - both in the impact on infrastructure such as roads and seawalls, and the destruction to commercial crops.

Meanwhile, there was also a 46 percent drop in fresh fish exports last year.

Misa Telefoni is forecasting economic growth of up to three percent in the coming year, on the back of stronger returns from agriculture and the construction of SamoaTel's new headquarters and the Aggie Grey's Hotel Resort near Faleolo Airport.