Economy development in danger

THE former governor of the Solomon Islands Central Bank, has warned that progressive economic development for the Pacific region is in danger of being seriously thwarted by widespread corruption, poverty and lost opportunities.
Tony Hughes said people affected by the process of economic development in the Pacific were in reality becoming poorer and going backwards instead and this was very much unfair and an unsustainable trend to Pacific communities.
Speaking to journalists and media executives at the Pina convention in Honiara, Mr Hughes said being economically sound meant people are engaged in producing and exchanging goods and services earning income and accumulating wealth while development denotes growth and improvement in a country’s economy.
“But growing inequity in Pacific economies fosters a sense that the rich are getting richer and the poor are getting the mushroom treatment,” he said.
Mr Hughes said some of the stumbling blocks to economic development in the region were created by more and more young people with more education and high aspirations, pressure on limited land areas, crowding into towns, demanding services and seeking employment, and in the absence of employment, the become the foot soldiers of urban warfare.

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